The SS3 Scheme of Work for the second term is designed to provide students with an in-depth understanding of key economic concepts that are vital for comprehending both local and global markets. With a focus on Nigerian economic structures, such as business documentation, privatization, and economic groupings, the curriculum aims to prepare students for advanced economic discussions, critical thinking, and real-world applications. This scheme explores topics like the history of the Nigerian capital market, stock exchanges, second-tier securities markets, and much more.
Scheme of Work Overview
| Week(s) | Topic(s) | Content |
|---|---|---|
| Week 1 | Business Documents | Definition, types of business documents, examples, and their importance. |
| Week 2 | Commercialization | Explanation of commercialization, its significance in the economy, examples. |
| Week 3 | Privatization | Understanding privatization, its impact on the economy, real-world examples. |
| Week 4 | Deregulation | The concept of deregulation and its effects on markets and industries. |
| Week 5 | History of the Nigerian Capital Market | Key developments and milestones in the Nigerian capital market. |
| Week 6 | History of the Nigerian Capital Market (cont’d) | Continuing exploration of the Nigerian capital market’s evolution. |
| Week 7 | Stock Exchange (SE) | Definition, functions, and operations of the Nigerian Stock Exchange. |
| Week 8 | Second Tier Securities Market (SSM) | Role and function of the SSM in Nigeria’s financial market. |
| Week 9 | Economic Groupings in West Africa | Key economic groupings in West Africa and their importance. |
| Week 10 | Economic Groupings in West Africa (cont’d) | Further exploration of West African economic groupings. |
| Week 11 | Revision | Recap of all topics covered, exercises, and practice questions. |
| Week 12 | Exams | Final examination and assessment of students’ understanding. |
Week 1: Business Documents
Business documents are an essential part of any organization or enterprise. These documents serve as a formal record of various activities, transactions, and agreements. Understanding these documents is crucial for students in comprehending how businesses operate legally and financially.
Examples of Business Documents:
- Invoice: A document that requests payment for goods or services provided.
- Contract: A written agreement between two or more parties to undertake specific obligations.
- Receipt: A document that confirms payment has been made for goods or services.
- Purchase Order: A document that authorizes a purchase from a supplier.
- Business Letter: Formal written communication used for correspondence in business.
- Memorandum: A note or communication used within a business to inform or direct actions.
Week 2: Commercialization
Commercialization refers to the process of managing and operating a product or service with the goal of making it available for profit in the marketplace. This concept focuses on bringing innovations or ideas into the commercial sector to be sold or utilized.
Examples of Commercialization:
- Opening a Coffee Shop: Turning a brewing idea into a profitable café.
- Franchising: A popular method of commercialization where businesses expand through a franchise model.
- Technology Startups: Turning a tech idea into a commercially viable product or service.
- Sports Merchandising: Turning sports events or teams into products for sale (e.g., jerseys, tickets).
- E-commerce: Converting products into a digital marketplace available to a wide audience.
- Renewable Energy Projects: Turning sustainable energy technologies into marketable products.
Week 3: Privatization
Privatization involves the transfer of ownership or control of a business, service, or industry from the public sector (government) to private investors or businesses. This is often done to improve efficiency, promote investment, and reduce government spending.
Examples of Privatization:
- NITEL (Nigerian Telecommunications Limited): The privatization of NITEL led to the emergence of multiple private telecom companies in Nigeria.
- Power Sector: The Nigerian government privatized the power sector to encourage investment and improve infrastructure.
- Airlines: Privatizing government-run airlines to allow for better management and competitive pricing.
- Oil Industry: The sale of government-controlled oil companies to private investors.
- Steel Plants: Privatizing steel production companies to improve manufacturing efficiency.
- Public Transport: Privatizing transportation services to enhance service delivery and profitability.
Week 4: Deregulation
Deregulation refers to the reduction or elimination of government control or regulation in certain sectors of the economy, such as energy, telecommunications, or banking. This process aims to encourage competition and improve efficiency within these sectors.
Examples of Deregulation:
- Telecommunication Sector: The liberalization of Nigeria’s telecommunications industry led to the emergence of private telecom companies.
- Fuel Prices: Deregulating fuel prices to allow market forces to determine the cost of fuel.
- Airlines: Deregulation of the airline industry to promote competition and lower prices for consumers.
- Banking: Deregulating the banking sector to encourage the entry of more private banks.
- Electricity Supply: Deregulation of electricity markets to encourage competition among power providers.
- Retail: Deregulating retail prices to enable businesses to compete more effectively.
Week 5: History of the Nigerian Capital Market
The Nigerian capital market is a critical aspect of the nation’s financial system. It involves the buying and selling of long-term financial instruments like bonds, stocks, and other securities. This week covers the history and evolution of the Nigerian capital market.
Examples from Nigerian Capital Market History:
- Establishment of the Nigerian Stock Exchange (NSE): The NSE was established in 1960 to provide a platform for trading securities.
- Privatization of Government-owned Companies: Many Nigerian government-owned companies were privatized, resulting in the introduction of shares in the market.
- Stock Market Crash of 2008: The Nigerian stock market experienced a crash due to global economic factors.
- Introduction of Mutual Funds: The growth of collective investment schemes in the Nigerian market.
- Bond Market Development: The issuance of government bonds to raise capital for infrastructure development.
- Market Regulation by SEC: The role of the Securities and Exchange Commission in regulating market activities.
Week 6: History of the Nigerian Capital Market (cont’d)
This continuation explores further developments in the Nigerian capital market, such as the expansion of market products, the introduction of regulations, and the role of foreign investments in shaping the market.
Further Examples:
- Initial Public Offerings (IPOs): The role of IPOs in bringing companies into the public sphere.
- Financial Market Integration: Integration of the Nigerian capital market with international financial markets.
- Economic Reforms: Government policies that impacted market activities and foreign investments.
- Development of Derivative Markets: The introduction of derivative trading to enhance market liquidity.
- Corporate Governance Reforms: The efforts to improve transparency in financial reporting.
- Development of Investment Funds: The rise of investment funds and pension schemes in Nigeria.
Week 7: Stock Exchange (SE)
The stock exchange is a critical part of the financial market, providing a regulated platform for the buying and selling of stocks and other securities. This week’s focus is on understanding how the Nigerian Stock Exchange (NSE) operates.
Examples of Stock Exchange Activities:
- Listing of Companies: Companies list their shares on the NSE to raise capital and provide liquidity.
- Trading of Shares: Investors buy and sell shares through brokers.
- Market Indices: Tracking the performance of listed stocks using indices such as the All Share Index.
- Initial Public Offering (IPO): A company offering its shares to the public for the first time.
- Bond Trading: Investors buying and selling government and corporate bonds.
- Regulatory Oversight: The NSE ensuring that market activities are in compliance with legal frameworks.
Week 8: Second Tier Securities Market (SSM)
The Second Tier Securities Market (SSM) allows for the trading of smaller and less liquid securities. This week covers the purpose and function of the SSM in Nigeria.
Examples of SSM Activities:
- Listing of Small Enterprises: Small businesses can list their securities on the SSM to raise capital.
- Private Placement: Companies raising funds privately through the SSM.
- Bond Issues: Smaller corporations issuing bonds in the SSM to fund operations.
- Growth of Small and Medium Enterprises (SMEs): The role of the SSM in supporting the growth of SMEs in Nigeria.
- Investor Participation: Encouraging retail investors to participate in the SSM.
- Stock Trading: Trading of stocks that are not listed on the main market.
Week 9: Economic Groupings in West Africa
Economic groupings in West Africa promote regional cooperation and development. This week explores the significance of these groupings, focusing on their roles in improving trade, infrastructure, and economic growth.
Examples of Economic Groupings:
- ECOWAS (Economic Community of West African States): Promotes regional economic integration and peacekeeping.
- WAEMU (West African Economic and Monetary Union): A group of eight West African countries that share a common currency and economic policies.
- CILSS (Inter-State Committee on Drought Control): Focuses on food security and drought control in the Sahel region.
- UEMOA (West African Economic and Monetary Union): Promotes economic and monetary stability within its member states.
- ECOSOCC (Economic and Social Council): The body that represents civil society organizations within ECOWAS.
- West African Development Bank (BOAD): A financial institution that supports development projects in West Africa.
Week 10: Economic Groupings in West Africa (cont’d)
This week continues the exploration of economic groupings in West Africa, delving deeper into their impact on regional trade and economic development.
Week 11: Revision
The revision week provides an opportunity to consolidate knowledge and prepare for exams. Students will review key topics, engage in group discussions, and complete practice exercises.
Week 12: Exams
The final week involves exams where students will be tested on all topics covered throughout the term, providing an opportunity to assess their understanding and knowledge.