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THE CONCEPT OF UNEMPLOYMENT AND SELF

EMPLOYMENT
CONTENT

1. Unemployment
2. Self Employment

Unemployment
Definition of Unemployment

It is defined as a situation in which persons of working age, able and willing to work are unable
to find paid employment. Unemployment is the stock of all those individuals who are not
engaged in any productive activity and who are either unable to find work at the prevailing real
wage or which are in the process of switching to a new job.

Unemployment rate = Number of unemployed persons / Total number of working

population × 100/1

Example: A country has a working population or labour force of ₦4.8 million of which ₦3.6
million people are employed, calculate the unemployment rate of the country.

Solution:

Labour force = 4.8 million

No of employed = 3.6 million

No of unemployed = 4.8m – 3.6m = 1.2m

Unemployment rate = Number of unemployed persons / Total number of working population ×

100/1

= 1.2m4.8m×1001

= 25%

Types of Unemployment

The following are the types of unemployment:

1. Frictional Unemployment: People are unemployed because they have no information of

employment opportunities elsewhere. It is a time lag between losing one job and getting
another one.

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2. Structural Unemployment: Arises as a result of changes in the pattern of demand of

certain commodity leading to changes in industrial structures. This calls for readjustment
in production pattern. It takes time for readjustment and some workers will be asked to
leave.
3. Cyclical Unemployment: Occurs during the depression or recession stage of the
business or trade cycle. During this time, demand is very low so business wants to adjust
to decrease in demand and lay off some workers.
4. Seasonal Unemployment: People are employed in one season and unemployed I another
season.
5. Residual Unemployment: Arises as a result of physical or mental disabilities some
could not get job.
6. Disguised Unemployment: This is the same as under-employment i.e. when a worker is
not working in his full capacity.
7. Voluntary Unemployment: Arises from the deliberate refusal of labour to work, even
though employment opportunities exist.
8. Casual Unemployment: Involves jobs that are not permanent. This is common with the
unskilled type of labour, e.g. part time jobs.
9. Open Unemployment: People who want to work but cannot find job

Causes of Unemployment

The following are the causes of unemployment:

1. Inadequate educational system: The educational system inherited from our colonial
master is faulty in the sense that it does not equip young school leavers with those
practical skills required for earning a living.
2. Lack of industrial growth: This makes majority who were trained and skillful to be
unemployed because they could not get the job suited for their skills.
3. More people than available jobs: People are more than the available jobs, so majority is
unemployed.
4. Immobility of labour: Some because of family ties, political unrest or religion
disparities could not move to where jobs are available.
5. Wage rate: Wage rate is very low in Nigeria so some workers do not want to release
themselves for work.
6. Seasonal changes: Many workers will be laid off in the work that goes with seasonal
changes during low production
7. Choice of technology: The use of automated machine replaces people and makes
workers to be unemployed.
8. Inadequate demand for goods services (deficiency in demand): The higher the demand
the larger the production and the more the factors of production employed. If the demand
is small, many workers will be unemployed.

Consequences of Unemployment

The consequences of unemployment are as follows:

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1. Increase in crime rate: Those who are unemployed tend to become nuisance and be
involved in different kinds of crimes like armed robbery, drug trafficking, petty thefts,
prostitution, etc.
2. Threat to peace and stability: Increase in crime rate is a threat to peace and stability of
the environment.
3. Reduction in investment: People will not be able to get initial capital for investment
because the level of saving will be very low.
4. Emigration: People tend to migrate to another country where they know the existence of
job and where their lives will be secured.
5. Waste of human resources: Since trained workers could not get job, their skill and
abilities are in waste.
6. High rate of dependency: Those who are not working will be depending on those who
are working and government.
7. Loss of potential output: Since many are unemployed, their contribution to total output
is lost.

Solutions to the Problem of Unemployment

1. Industrialization: Government and private individuals should go into real

industrialization to absorb those who are unemployed.
2. Population control: This would decrease the number of people in the potential labour
force who have no jobs.
3. Encouraging geographical mobility of labour: Government should encourage workers
to move from their places to where the job is available. They can do that by providing
enabling environment like provision of enough infrastructural facilities such as
electricity, good road, housing facilities, etc.
4. Re-designing educational system: Pursuit of vocational, technical and practically
oriented curriculum would build up those skills which are highly demanded in labour
market.
5. Proper development plans: The policy-makers should incorporate programmes which
will give people incentives to set up small and medium scale business.
6. Expansionary fiscal policy: Government should use a favourable taxation policy will
reduce the cost of production and thereby encourages people to invest into different
businesses.
7. Diversifying the economy: Both government and private individuals should invest in
diverse sectors instead of depending on few sectors.
8. Improvement in the provision of high standard infrastructure: Provision of standard
infrastructural facilities will encourage the development of small and medium scale
enterprises which will improve employment.
9. Creating an enabling investment environment: Government should encourage the
development of banks that will be able to give credit facilities to the investors with little
or no interest rate.
10. Encouraging self-employment: People should be encouraged to develop entrepreneurial
skills which will give rise to self-employment.

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Self Employment
The Meaning of Self Employment

Self-employment refers to the status of an individual who instead of accepting a position as an

employee of another person or organization, chooses to go into business for himself or herself

Advantages of Self Employment

1. Freedom to work without supervision

2. Flexibility in working hours

Disadvantages of Self Employment

1. Uncertain levels of income

2. Long working hours
3. Isolation
4. They need to fund one’s own retirement plans

Reasons Why People Choose Self Employment

1. Change in lifestyle
2. Unable to find employment
3. Desire to work at home in order to care for small children
4. Retirees seeking additional income.

GENERAL EVALUATION

1. What are the factors that affect the demand of labour?

2. What are the determinants of wages in non-competitive labour market?
3. Explain at least five causes of unemployment
4. Give at least five solution to unemployment in Nigeria

ELEMENTARY TREATMENT OF THE

UTILITY THEORY
CONTENT

1. The Concept of Utility Theory

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2. Meaning of Utility
3. Total Utility
4. Average Utility
5. Marginal Utility
6. Law of Diminishing Marginal Utility
7. Utility Maximization and Derivation of Demand Curve
8. Derivation of Demand Curve from the Utility Theory

The Concept of Utility Theory

Utility theory is based on the fact that satisfaction which consumers derived from consumption
of goods and services can be measure quantitative.

Meaning of Utility
Utility is the amount of satisfaction that a consumer derives from the consumption of goods and
services at a particular time.

Since we have assumed that utility can be measured, we should be able to determine such facts:
what is the Total Utility a consumer derives from the consumption of a commodity; or what are
the marginal utilities derived from consuming several units of a commodity? As we said earlier,
this is premised on the assumption that consumption can be measured. Let’s examine these in
detail

Total Utility
This is the total amount of satisfaction a consumer derives from the consumption of several
quantities of a commodity. For, if a consumer consumes an egg per every two days, then the
total of number of eggs consumed in a month will be 15. This is expressed in the function
below:

TUx=f(q) meaning that Total Utility is a function of quantity

Average Utility
This refers to the total utility divided by the amount of the goods consumed. This can be
expressed as

TUxqx

Marginal Utility
This refers to the change in total satisfaction derived as a result of a unit change in the
consumption of a commodity. This is expressed as follows

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MUx=ΔTUxΔqx
Where MU stands for Marginal utility, ∆TU stands for Change in total utility, ∆Q stands for
change in quantity, and x stands for that particular commodity.

Law of Diminishing Marginal Utility

The law states that as more units of a commodity are consumed, the additional (i.e. marginal)
utility derived decreases. This continues until a saturation point is reached where the consumer
can take no more of that commodity.

Let’s take an example from the table below:

Ade trecked several kilometers in the hot sun, as result of traffic jam that has become common
place in heart of Lagos. He eventually came by kiosk worn-out and fagged out. He quickly
requested for a chilled bottled of Fanta drink. The schedule of utilities derived is shown below.

Number of Bottles
Total Utility Marginal Utility
of Fanta consumed
0 0 0
1 30 30
2 50 20
3 62 12
4 65 3

This is graphically illustrated below

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And here’s the Marginal Utility Curve

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In the above diagrams, it is clearly seen that as Ade consumed more bottles of Fanta, though his
total Utility increases, his Marginal Utility decreases up to zero point –the saturation point

Utility Maximization and Derivation of Demand Curve

Utility Maximization is based on the fact that humans’ beings are rational beings who would not
want to waste or misuse their resources. Or of what value is spending on what you get little or no
satisfaction from? Having established that marginal utility diminishes as more of a commodity is
consumed, a consumer will organize his consumption in such a way that he will reduce his
expenditure on certain commodities whose increased consumption yield low satisfaction and
increase expenditure on others that will give him a higher level of satisfaction. This will do in
such a way that the marginal utility derives from commodity X will be equal to the Marginal
Utility derived from commodity Y, and so on.

This is expressed in the equation below:

MUxPx=MUyPy=MUzPz etc.

Therefore,

MUxMUy=PxPy

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MUx, MUy and MUz represent the marginal utility of Comodities x, y and z while Px, Py and Pz
are their respective prices. The above formula for utility maximization works for two or more
goods.

For a single product, consumer maximizes his utility when MUx = Px

For example,

Oranges Total Utility Mangoes Total Utility

1 100 1 50
2 190 2 95
3 270 3 135
4 340 4 170
5 400 5 200
6 450 6 225
7 490 7 245
8 520 8 260

1. The table above shows Mr. Y’s schedule of total utility for oranges and mangoes. The prices
of oranges and mangoes. The prices of oranges and mangoes are at $1.00 each. Mr. Y has $10.00
to spend on the goods. Use the information contained in the table to answer the questions that
follow:

(a) Calculate the marginal utility for all the levels on consumption for the goods.

(b) At equilibrium, how many (i) oranges (ii) mangoes, will the consumer buy?

(c) (i) State the law of diminishing marginal utility (ii) State the marginal condition for utility
maximization.

Solution:

Marginal Utility = ΔTUΔq

(a)

Total Marginal Total Marginal

Oranges Mangoes
Utility Utility Utility Utility
1 100 100−01−0=100 1 50 50−01−0=50
2 190 190−1002−1=90 2 95 95−502−1=45
3 270 270−1903−2=80 3 135 135−953−2=40
4 340 340−2704−3=70 4 170 170−1354−3=35

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5 400 400−3405−4=60 5 200 200−1705−4=30

6 450 450−4006−5=50 6 225 225−2006−5=25
7 490 490−4507−6=40 7 245 245−2257−6=20
8 520 520−4908−7=30 8 260 260−2458−7=15

(b) Consumer reaches equilibrium at MUOPO=MUmPm when price for both mangoes and oranges
is $1

501=501 at 1 mango and 6 oranges.

or 401=401 at 3 mangoes and 7 oranges

or 301=301 at 5 mangoes and 8 oranges

Mr. Y was given constraint of $10.00. This means that he cannot spend more than $10.00 and he
will not maximize his utility if he spends less than $10.00.

Mr. Y maximizes his utility where

Income =0×PO+M×Pm

=7×1+3×1=10=6×1+1×1=7=8×1+5×1=13
The combination of mangoes and oranges that gives Mr. Y $10.00 is 7 oranges and 3 mangoes.

Therefore, at equilibrium, Mr. Y will buy 7 oranges and 3 mangoes.

(c)(i). The law of diminishing marginal utility states that as a consumer consumes successive
units of a commodity, a point is eventually reached where consumption of an additional unit
yields less satisfaction.

(c)(ii). MUOPO=MUmPm

Where MUo is marginal utility of oranges, MUm is marginal utility of mangoes, Po is the price of
oranges and Pm is the price of mangoes.

Derivation of Demand Curve from the Utility Theory

The demand curve can be derived from the Utility Theory through the law of the Diminishing
Marginal utility. Since consumers derive less and less satisfaction from each successive unit of
consumption, this means that they will be willing to offer less and less in terms of price for the
less and less satisfaction they derive. This is the basis of the downward slope of the demand

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curve. Therefore, Marginal utility curve (the positive side) is identical to the demand curve. It
can be explained diagrammatically below:

1. Let us equate price with marginal utility. i.e. P = MU

2. Let us equate quantity consumed with quantity demanded.

Figure 1 shows the marginal utility curve while Figure 2 shows demand curve. The slope of
marginal utility is negative. If we measure it in monetary terms, the demand curve in figure 2
will be identical to the marginal utility curve. For example, when Q1 is consumed, the marginal
utility is MU1 and this will be equal to P1. Also at Q1, the marginal utility is MU2 which is equal to P2 and so on.

EVALUATION

1. The table below shows the amount of utility derived by Mr. A by consuming water

Number of Total Average Marginal

Cups Taken Utility Utility Utility
1 20 — —
2 — 22.5 —
3 75 — —
4 — 28 —
5 173 — —
6 227 — —
7 287 — —

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8 — 44 —
9 422 — —
10 422 — —

From the table,

 Calculate the missing total, average and marginal utilities

 Can the nature of demand curve be derived from this table? Explain

2. Use Utility Schedule below to answer the questions that follow:

Quantity of Total Marginal

goods consumed Utility Utility
0 0 0
1 10 10
2 16 —
3 — 4
4 — —
5 23 —
6 23 —

(a) Complete the above utility schedule

(b) Using the complete table, draw the marginal utility curve

 At what quantity does TU equal MU?

 What is the value of MU when TU reaches the maximum?
 What happens to the value of TU as the quantity increases
 What happens to the value of MU as the quantity consumed increases.
 Explain how Demand curve is derived from Marginal Utility

MARKET STRUCTURE: PERFECT,

IMPERFECT AND MONOPOLY MARKET
CONTENT

1. The Concept of Market

2. Types of Market

The Concept of Market

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In everyday speech, market refers to a fixed place where people meet to buy and sell. But in
relation to Economics, market does not necessarily refer to a fixed place. It is defined as any
arrangement, system or organization whereby buyers and sellers of goods and services are
brought into contact and can transact business with one another. The means of contact could be
through internet, phone, letter or telegraphic system or a fixed place like the regular marketplace.

Types of Market
Market could be classified based on the types of commodities bought and sold (i.e. consumer
goods market, labour market and capital and money market), or on the basis of channel of
distribution (resale and wholesale market), or the bases of prices.

Under this discussion, we shall look at the type of market on the basis of prices.

Types of Market (On the Basis of Prices)

1. Perfect Competition/Market
2. Imperfect Competition/Market

1. Perfect Competition/Market

A perfect market is a market structure in which prices are determined by the forces of demand
and supply. It is a market without government intervention. It should be noted that in the real
world a perfect market does not exist in its pure form.

Features of a Perfect Market

1. Free entry and free exit of buyers and sellers

2. Homogenous commodity so there will be no room for consumer to prefer one to another
3. Uniformity of prices. Each single competitor cannot influence price.
4. Large number of buyers and sellers
5. There are a large number of buyers and sellers such that no single person can influence price.
6. Perfect knowledge of the market transactions available to everyone.

Advantages of Perfect Competition

1. Since there are large numbers of buyers and sellers, it becomes impossible for a single buyer or
seller to influence price.This helps to prevent consumer exploitation
2. The freedom of entry and exit of producers/sellers enhances competition and results in
production of high quality products
3. Normal profits are earned by firms in the long run. Since there is no room to make abnormal
profits, this brings about efficient allocation of resources.
4. Consumers benefit maximally since there is no room to make abnormal profit

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Disadvantages of Perfect Market

1. It leads to waste of resources. There is capacity underutilization under perfect competition since
each firm produces an insignificant proportion of the total output and therefore may not enjoy
economies of scale.
2. Capacity under-utilization may lead to lying off workers and unemployment of labour.

2. Imperfect Competition/Market

An imperfect market is a market in which the forces of demand and supply are not allowed to
operate freely. There are different degrees of regulations of the market forces. In practical terms,
it is imperfect competition that operates in most markets

Types of Imperfect Markets

1. Monopolistic competition
2. Oligopoly
3. Duopoly
4. Monopsony
5. Oligopsony
6. Monopoly

1. Monopolistic Competition

This is a market situation in which there are many producers or sellers producing or selling
identical but non-homogenous commodity. Goods arenon-homogenous because of the branding
of the commodity. Examples include daily newspapers from different publishing houses,
producers of several bottled non-alcoholic drinks, etc.

2. Oligopoly

An Oligolistic market is one in which there are few producers or sellers but many buyers. Large
capital requirement may limit the buyers. Examples are network owners like MTN, Glo
Network, etc. Oligopoly is more competitive that monopoly but it is less competitive than
monopolistic competition

3. Duopoly

This is a market in which there are only two sellers or producers of a commodity but there are
many buyers.

4. Monopsony

A monopsony is market situation in which there is a single buyer but there are many buyers.

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5. Oligopsony

This is a market situation is which there are few buyers and many sellers of a commodity.

6. Monopoly

Monopoly is a market situation in which a producer is the only seller of a particular good that has
no close substitute. By implication, a monopolist can charge whatever price it wants and
consumers are left with no choice than to purchase the product even at high prices.

Features of Imperfect Market

1. Heterogeneous commodity
2. There is only one or very few buyers and/or sellers
3. There is an imperfect knowledge of market
4. There is no free entry into or exit from the market
5. Preferential treatment exists since there is no uniform prices

EVALUATION

1. Define market.
2. What is a perfect market?
3. Explain the meaning of imperfect competition.

List and explain five (5) types of imperfect

competition. MARKET STRUCTURE
CONTENT

1. Review of Cost and Revenue Curves

2. Price and Quantity Determination Under Perfect Competition
3. Price and Quantity Determination under Monopoly
4. Price Discrimination
5. Causes of Monopoly
6. Advantages and Disadvantages of Monopoly
7. Control of Monopoly

Review of Cost and Revenue Curves

The Concept of Cost

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Costs are expenses incurred during production. We shall examine the following types of cost
incurred during process of production.

Total Cost

This is made up of total fixed cost and total variable cost, i.e. TC = TFC + TVC, where TFC is
total fixed cost and TVC is total variable cost

Total Fixed Cost

These are the costs that do not change with the level of production. They remain constant
whether the firm is working at full capacity or not. Examples are rent, purchase of equipment and
machinery, top management salary. These expenses are usually fixed in the short run.

Mathematically, TFC = TC – TVC

Total Variable Cost

These are expenses that vary as output increases or decreases. Example of variable costs include
money spent on raw materials, wages, fuel, maintenance of machinery and vehicle, etc

Average Cost or Average Total Cost

This is total cost divided by output. It is referred to as unit cost of output. Average cost can be
divided into Average Fixed Cost (AFC) and Average Variable Cost (AVC).

Mathematically, AC = TC/Q

Where Q is the level of output

Or AC = AFC + AVC

Marginal Cost (MC)

This is the change in total cost as a result of a unit change in output. Marginal cost is influenced
by variable cost but not fixed cost.

Mathematically, MC = Change in total cost/Change in quantity Or: TCn – TCn-1

Concept of Revenue

We shall consider three revenue concepts

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1. Total Revenue

This is the total amount of income a firm or producer receives from the sale of its product. Total
revenue can be derived by multiplying output by unit price

TR = QP, where Q is level of output and P is price

2. Average Revenue

This is the total revenue divided by the number of units sold. It is the price per unit. It is derived
thus:

AR = TR/Q, where TR is Total Revenue and Q is level of output

3. Marginal Revenue

This is the increase in revenue resulting from one unit increase in sales.

Price and Quantity Determination Under Perfect

Competition
Price Determination

Under perfect competition, price is determined by the forces of demand and supply since no
single firm can dictate the price of its good. Firms in perfect competitive market are price takers.
Therefore firm’s individual demand curve has a horizontal Price line. The demand curve is
perfectly elastic. This is illustrated in the diagram below:

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Quantity Determination

Under perfect competition, profit is maximized at the level of output where marginal cost equals
marginal revenue (MC = MR). However, it is possible for the firm to make abnormal profit in
the short run. Since the firm’s marginal and average costs fall with increasing output, he can sell
at a price higher than the marginal cost of production, thereby earning abnormal profit. This is
shown in the diagram below:

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In the diagram above, while the MC and AC are falling, the firm makes an abnormal profit of
PMST. OPMQ is the total revenue while OTSQ is the total cost of production, hence the profit
PMST.

However, in the long run, the abnormal profits of perfect competition firms are wiped off. He is
in equilibrium and makes normal profit. Equilibrium is achieved when the firm produces the
level of output at which: MC = MR = AC = AR = MR = D = P. The slope of MC must be
greater than the slope of MR at equilibrium (i.e. MC must cut MR from below).

This is shown in the diagram below:

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Price and Quantity Determination under Monopoly

A monopoly has the power to determine either price or output but not both at the same time.

Unlike an individual firm under perfect competition, who faces a horizontal demand curve, a
monopolist faces a downward sloping average revenue or demand curve. This means that the
monopolist can sell more only by reducing his price. His demand curve is price inelastic.

Monopoly Price Determination

Like the perfectly competitive firm, a monopolist will maximize his profit by producing the
quantity that equates marginal cost with marginal revenue (MC = MR). This means that the
monopolist will continue to expand his output as long as marginal cost does not exceed marginal
revenue. He can therefore make abnormal profits both in the short run and in the long run. This
is illustrated in the diagram below:

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In the diagram above, the monopolist maximizes his profit at point of output where his marginal
cost is equal to marginal revenue but not to the point where marginal cost is equal to price. Thus
he makes abnormal or supernormal profit by the excess of price (Pm) over marginal cost. In the
diagram, above, the monopolist makes a supernormal profit of shaded area.

Price Discrimination
Sometimes, a monopolist can charge two or more different prices for the same commodity. The
process of selling a particular commodity at different prices (in different markets) is called price
discrimination. Such price discrimination may be possible and profitable under certain
conditions:

1. Market segmentation

If there are separate market or if he is able to create different markets, it will be possible to sell at
different prices in the different markets. The ability to create separate market is called
differentiation or segmentation. An example is the different markets existing in different
countries because of the use of tariffs.

2. Different price elasticities of demand in the different markets

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If there are different elasticities’ of demand, the seller will sell at a higher price in the market
with an elastic demand. He may sell at a lower price in the market with an inelastic demand.
These lead to profit maximization.

3. Little cost of separating the markets

If the cost of separating the market is small, price discrimination becomes possible. For example
it cost N.E.P.A. little or nothing to charge industrial

users. Users cannot easily change their industrial sites to residences.

4. Ignorance on the part of consumers

If the consumer is not aware of prices being paid by others (or the ruling market price) it will be
possible for the monopolist to charge him a different price, which in most cases will be higher.

5. High transportation costs

It becomes possible for the monopolist to charge difference prices if transportation costs are
high. The consumer may find it uneconomical to incur a high transport cost to go to another
place to purchase a commodity because of a little difference in price and so he may buy at higher
price even if he knows that the monopolist is selling the same commodity at a cheaper price
somewhere else.

Causes of Monopoly
1. Act of parliament: This is a legal instrument by government conferring special monopoly of
some organizations to produce or supply certain goods or services e.g. public corporations

2. Patent law: This law confers on a firm special privilege to protect it new invention and it
tends to scare away other competitors

3. Level of technology: When a firm develops high level of technology, which makes goods
cheaper, this may force other competitors out of production.

4. Effective advertising: The success of a firm in effective advertising may force other
competitors out of business

5. Protection of public interest: Deliberate effort to protect public interest by government may
confer certain monopoly or some firms e.g. N.E.P.A.

6. Natural cause: Certain areas may enjoy the production or supply of certain goods due to
natural endowment e.g. crude oil in the Niger Delta

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7. Merging of producers: The merging of producers will make them stronger to be able to
eliminate other competitors in business.

Advantages of Monopoly
1. Standardization: They produce quality and standardized product

2. Centralized management: They have centralized body which determines the price or the
output since they cannot determine both price and output at the same time.

3. Economies of large scale production: This serves as advantage to the firm and the public.

4. Greater efficiency: They make research in order to produce at reduced cost so as to maximize
their profit.

5. It avoids wastage: People carry out researches which may lead to the discovery of new
product in order to enjoy patent right

6. Better use of resources: The type of wastages experienced in a competitive market is greatly
avoided.

7. Increase in supply: Increase in production leads to increase in the quantity of goods supplied
to the market.

8. Greater opportunity to expand operations: More profit made by the firm makes them to
expand their production.

9. It avoids wastage: The type of wastage experienced under perfect competition is greatly
avoided under monopoly.

Disadvantages of Monopoly
1. Danger of exploitation: Monopoly can charge high price to exploit consumers since they
have control over the price of their commodity.

2. It leads to hoarding: They may hoard their products in order to create artificial scarcity in a
bid to charge high price.

3. Decline in efficiency: Since there is no competition, there may not be efficiency in their
operation

4. Overproduction and waste: They may waste resources especially if the firm is a public
corporation.

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5. Loss of freedom of choice: Consumer cannot choose and they cannot control the quality of
the products. They are forced to consume whatever is produced by monopolist.

Control of Monopoly
1. Provision of substitute products

2. Privatization

3. Stoppage of issuance of patent law

4. Discouraging merging of firms

5. Reduction of tariffs

EVALUATION

1. Mathematically define the following: (i) Total cost (ii) Total fixed cost (iii) Total variable cost (iv)
Average cost (v) Marginal cost
2. What is price determination?
3. Explain the meaning of quantity determination.
4. State five (5) advantages and five (5) disadvantages of monopoly.

INDUSTRIES IN NIGERIA
CONTENT

1. Definition of Concepts
2. Location of Industry
3. Localization of Industries
4. The Role of Industrialization in Economic Development
5. How the Government Encourages Industrialization
6. Strategies of Industrialization
7. Problems of Industrialization in West Africa
8. Infant Industries
9. Nigeria’s Indigenization Policy
10. Nationalization

Definition of Concepts

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Industry

Industry can be defined as commercial production and sale of goods or a specific branch of
production and trade. In these sense, industry refers to a collective term for a group of activities
directed to the production of a given class of commodities or a group of firms engaged in the
same area of production, example, all firms producing textiles belong to the textile industry.

Firm

This refers to a single unit or entity that carries out production of goods or services. It is a single
independently administered business unit of an industry.

Factory and Plant

Factory is an industrial building where laborers manufacture goods or supervise machines

processing one product into another. Typically, factories gather and concentrate resources such
as labour and capital, e.g. shoe factory, whereas plant is an asset of a business which includes
land, buildings, machinery and all equipment permanently employed. Example is electric plant
or power plant.

Industrialization

This involves the establishment of as many industries as possible. It is the process of increasing
the numerical number of industries in an economy.

Industrial Estate

An industrial estate also known as industrial park is an area zoned and planned for the purpose of
industrial development.

EVALUATION

1. What is industry?
2. Different between firm, plant and factory
3. Distinguish between industrialization and industrial estate.

Location of Industry
Location of firm means the siting of firm in a particular place. It is the aim of any investor to
make maximum profit. The location chosen by the entrepreneur will have an effect on the profit
he will make. The entrepreneur will therefore locate his firm in a place which he considers the
most economical or which minimizes his total, average and marginal cost of production.

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Alfred Weber (1868-1958) pioneered the work on location of industry way back in 1910. His
theory was based on the principle that a business would seek to locate where costs could be
minimized.

Factors that Influence the Location of Industries

1. Availability of land: Land is very crucial to industry because industry cannot be built in
the air.
2. Proximity of Raw materials: An industry tends to be located near the source of raw-
material if the material is bulky and the finished product is light. E.g. cement factories are
located at Ewekoro, Yandev(Gboko), and Nkalagu (in Nigeria) because these places have
large deposits of limestone.
3. Supply of labour: Industries tend to be located in the cities and towns where there are
surplus of both skilled and semi-skilled labour.
4. Availability of power supply: Industries are usually attracted to the source of power,
industries are located near the coal mines.
5. Nearness to large markets: Bulky or heavy goods, such as furniture, blocks and bottled
drinks are expensive to transport and are, therefore produced near the market.
6. Closeness to financial institutions: This is for easy access for safekeeping their money
and for credit facility. This is not all that important.
7. Transport cost: Availability of transport facilities at reasonable expense is also essential
since transport costs come into total cost of production.
8. Political factor: Both local and foreign investors consider siting industries in places free
from political unrest.
9. Government policy: Governments often influence the location of industries either by
direct participation in the establishment of industries or by giving firms encouragement to
set up in particular areas.
10. Climatic factor: Climate determines the type of things to be produced in particular areas
so also the siting of industries.
11. Natural factors: The location of extractive industries depends on where raw-materials
could be found. Mining, for example, is possible only where minerals could be found.

Localization of Industries
Localization of industries refers to the concentration of firms in a particular area or locality. The
essence of this is for firms to enjoy external economies of scale that have been created by
pioneer industries in the area of technology, transportation, communication, accommodation and
other facilities.

Advantages of Localization of Industries

1. It promotes division of labour and specialization among firms

2. It leads to the pooling of skilled labour and raw materials
3. It facilitates the timely acquisition of skilled labour by the new firms
4. It facilitates the springing up of subsidiary firms
5. It enhances reduction in the cost of production in different ways

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6. Common problems can be identified together and panacea can jointly be proffered for
them.

Disadvantages of Localization of Industry

1. Localization encourages uneven development

2. It is characterized by the risk of unemployment
3. It encourages concentration of industries and the resultant effects of this will be problem
of regional planning, problems of accommodation, overcrowding and high cost living.
4. There is the risk of air pollution
5. Where the firms are concentrated can be points of target during war.

The Role of Industrialization in Economic Development

1. It leads to the diversification of the economy
2. It leads to the expansion of employment opportunities
3. It can lead to the development of agro allied industries
4. It helps in developing and making use of skilled labour
5. It enhances the utilization of both human and non-human resources to the fullest

How the Government Encourages Industrialization

1. Tax incentives to industries: Government may give tax holidays to the growing firms in
order to compete favourably with the existing ones.
2. Development of infrastructure: Adequate infrastructure like good road, stable power
supply, pipe borne water, etc will attract both local and foreign investors.
3. Protection of infant industries: Infant industries are the newly established industries. They
should be protected like giving tax holidays, subsidies in order to compete with their
counterparts.
4. The establishment of financial institutions to aid private enterprise.
5. Direct government participation: Government can also be involved especially in import
substitution industries to discourage excessive importation.
6. Manpower training: People should be trained in order to develop entrepreneurial skills
that will help them start their own business.
7. Conscious development planning: The planning should incorporate industrialization.
8. The government could give assistance to private enterprises- provision of technical and
management advice, industrial research, and the provision of certain industrial inputs at
subsidized rates
9. Direct government intervention by decree and legislations.
10. Removal of administrative bottlenecks which hinder industrial growth.

Strategies of Industrialization

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1. Sectorial consideration: This advocates the development of all sectors of the economy
and areas of the country hand in hand. This strategy is aimed at discouraging
lopsidedness in the achievement of industrialization.
2. Import substitution: This is a means of replacing imported goods with domestic
production. Instead of importing certain goods, arrangements will be made to establish
industries similar to the ones abroad to produce such goods that were hitherto imported.
3. Export promotion: This strategy involves efforts of government geared towards the
promotion of industries that can produce goods that are exportable. This helps a country
to reduce its over-dependence on foreign made goods thereby saving foreign exchange
that can be used in industrial components.
4. Size of firm: Many people advocate small scale industrial development strategy while
others favour large-scale method. The proponents of small-scale method opine that since
Nigeria and other West African countries belong to the group of poor nations which lack
adequate capital and other resources, they should therefore start their process of
industrialization from the rudiment.
5. Technique of production: In Nigeria where we have abundance of labour, people
advocate for labour-intensive technique of production as against capital intensive
methods of production in order to reduce unemployment.

Problems of Industrialization in West Africa

1. Shortage of capital
2. Low level of Technology
3. Inadequate infrastructure
4. Shortage of skilled labour
5. Poor implementation of plans
6. Political instability
7. Lack of dedication on the part of leader

EVALUATION

1. What factors determine the location of firm?

2. Highlight any five strategies of industrialization
3. Distinguish between location of firms and localization of industries
4. What is industrialization
5. List five role of industrialization in economic development

Infant Industries
Infant industries are newly established industries that are at the developing stage and need
protection so that their products can effectively compete with products of long established
international businesses.

Arguments for Infant Industries

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1. Infant industries need to be protected so that the economy can become self-reliant.
2. Protection of infant industries encourages domestic production.
3. It encourages consumption of locally produced goods.
4. It conserves scarce foreign exchange which can be used for industrialization.
5. Infant industries create employment for the citizens.
6. It develops the local market by increasing the production to meet up with ever-increasing
demand.
7. Infant industries spirit develops indigenous technology and expertise.
8. It attracts more foreign investments.
9. It can also be used to prevent dumping.
10. It increases the level of domestic income, this is because, and the country is no more
depending on the imported goods again.
11. It reduces importation of goods, thereby improving the balance of payment position.
12. Protection of infant industries encourages industrialization leading to diversification of
the economy
13. If infant industries are protected, with time they will be a source of revenue to
government through tax payments.

Arguments Against Protecting Them

1. They may never grow up as a result of over-protection

2. It denies consumers in a country their freedom of choice
3. Consumers may pay higher prices for the locally produced goods as a result of no
competition.
4. Once they are protected, it becomes difficult to dismantle the array of protection. They
may continue to be protected indefinitely.

Sources of Finance Available to Infant Industries

1. Bank loan
2. Issuing of shares.
3. Sales of debentures
4. Ploughed back profit
5. Trade credit
6. Borrowing from other sources
7. Assistance from government
8. Sales of properties/assets

Nigeria’s Indigenization Policy

Definition of Indigenization

Indigenization is the transfer of ownership and control of business enterprises from foreigners to
the indigenes. It is a policy designed to ensure greater participation of indigenes in the

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ownership, control and management of business enterprises. The major aim is to reduce foreign
domination of the economy and ensure indigenous participation.

The Nigerian indigenization decree was promulgated in February, 1972. It was government
policy aimed at increasing the participation of Nigerians in commerce and industry, and reducing
foreign domination of the economy, thereby reducing the drain in foreign exchange.

The decree reserves the right to own and participate in some enterprises exclusively or partially
for the government and people of Nigeria. The decree was divided into two schedules:

Schedule 1

Under this schedule, some business enterprises that do not require much capital to set up are
reserved exclusively for the indigenes. They are mainly small scale enterprises such as cinemas,
pool betting, and candle and block manufacturing, rice milling, garment sewing, etc.

Schedule 2

Under this schedule, foreigners can participate but must reserve 40% equity participation for
Nigerians. Some of the businesses under this schedule include beer brewing, cement, soap,
bicycle manufacturing, shipping, furniture making, etc.

As a result of the shortcomings of the decree, it was revised in 1977- ‘’The Nigerian Enterprises
Promotion Decree’’. The decree this time classified enterprises into three schedules.

Schedule 1

This schedule was increased by the inclusion of some businesses like clock and jewelry
manufacturing, etc. the decree reserved 100% equity participation for indigenes.

Schedule 2

Under this schedule, the equity participation of indigenes was increased from 40% to 60%.

Schedule 3

This schedule introduced the equity participation of indigenes which must not be less than 40%

Reasons for or Objectives of Indigenization Policy

The reasons for indigenization policy are stated below:

1. To ensure that the means of production and distribution are controlled by Nigerians and
not foreigners.
2. To be able to control business enterprises in the country.

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3. To ensure that the country is self-reliant

4. For industrial development of the country.
5. So that the indigenes will have control over their resources.
6. To create greater opportunities for Nigerian indigenous businessmen.
7. To maximize the local retention of profits.
8. To create opportunity for the training of indigenous personnel in management.
9. To raise the level of production of intermediate and capital goods.

Advantages of Indigenization

1. It ensures indigenous participation: It gives room for Nigerians to be involved in

industrialization
2. Development of local technology: It helps in the development of local technology.
3. Acceleration of industrial development: It speeds up industrial development in the
country.
4. It reduces foreign control of the economy: It reduces the involvement of expatriate in
Nigeria economy.
5. Leads to local retention of profit: Profit will be retained instead of being used to develop
foreign countries.
6. Ensures self-reliance: It reduces over-dependence on other countries.
7. Provision of employment opportunities: It provides employment opportunities for people.
8. Development of private initiatives: There is room for development of initiatives because
it will be highly rewarded.
9. Industrial development: It develops industries in the country.
10. Increase in standard of living: Increase in production will increase output which will
eventually increase the living standard of people.

Disadvantages of Indigenization

1. Discouragement of foreign investment

2. It can lead to disharmony between countries
3. It can lead to capital flight
4. Inexperience and incompetence can destroy business
5. Rich people can hijack the economy.

Nationalization
Nationalization may be referred to as the taken over or transfer from private to state government
ownership of enterprises for economic, social and political reasons through the act of parliament.
Industries involved in nationalization are known as nationalized industries. Individual owners of
nationalized industries are paid compensation by the government, either in the form or cash or
gilt-edged.

Advantages of Nationalization

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1. The government uses nationalization to control or even eliminate the exploitation of

consumers
2. Nationalization eliminates competition, thereby controlling wastages
3. It enables the government to provide essential commodities to consumers at affordable
prices
4. The nationalization of key industries enables the government to have a more effective
control of the economy.
5. It ensures steady supply of essential services like electricity, water, etc.
6. It eliminates wastage of resources
7. It encourages efficient use of resources
8. It is also a plan to protect strategic industries
9. It ensures equitable distribution of resources
10. It eliminates monopoly.

Disadvantages of Nationalization

1. It discourages private investment

2. Nationalization promotes state monopoly
3. It promotes inefficiency and wastage of public funds
4. Most of the nationalized industries become unprofitable if badly managed
5. The process of decision making becomes slow
6. Resources can be misallocated
7. Corruption and mismanagement

EVALUATION

1. Explain what government has done to encourage industrialization in Nigeria. Back up

your answer with fifteen points.
2. Explain five arguments for and five arguments against infant industries.
3. Explain the objectives indigenization policy.

AGRICULTURE
CONTENT

1. The Problems of Agriculture

2. Solutions or Remedies to the Problems of Agriculture
3. Agricultural Policies in Nigeria
4. Marketing of Agricultural Commodities
5. Prospects for Agriculture in Nigeria

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The Problems of Agriculture

The following are the problems of agriculture in West Africa:

1. Land tenure system: Land tenure system in West Africa discourages farmers. It does not
encourage large scale farming since land is owned by the community, and as a result does not
make provision for willingness to embark on large scale farming.
2. Poor marketing facilities: There are no organized marketing channels for farm produce. There is
also lack of proper pricing for agricultural produce.
3. Inadequate storage and processing facilities: This forces farmers in Nigeria to embark on low
productivity and practice small scale farming since they do not have storage facilities where they
can store the excess products if they produce more crops.
4. Poor transportation system: This prevents the farmers from carrying their crops to areas where
they can attract prices and are therefore forced to sell them within their locality where they
attract low prices because of bad roads.
5. Natural disasters: Natural disasters like flood, drought, etc may occur and this will reduce
agricultural productivity.
6. Use of crude implement: Subsistence farmers, as a result of illiteracy, shy away from using
modern methods. It may be lack of funds to buy some of the modern agricultural inputs. They
use hoes and cutlasses because agriculture has not been mechanized in Nigeria.
7. Illiteracy of the farmers: A lot of number of farmers is illiterates and as a result they cannot
make use of modern techniques in agriculture.
8. Lack of technical know-how: Many farmers especially the illiterate ones lack requisite technical
knowledge and modern skills to raise the standard of farming and agricultural production in
their countries.
9. Lack of social or basic amenities: Lack of social amenities like electricity, pipe-borne water and
proper health care makes able body’s men and women to migrate from rural to urban areas in
search of non-existent jobs.
10. Problems of pests and diseases: Pests and diseases are not controlled by majority of the
farmers. Pests and diseases generally reduce the quantity, quality and income of the farmers.

Solutions or Remedies to the Problems of Agriculture

1. Provision of agricultural extension programmes in order to educate farmers in the modern
agriculture agricultural extension officers should be sent to various locations teaching them the
various modern techniques of improving them the various modern techniques of improving
agricultural yields.
2. Provision of medical facilities: more hospitals should be built, doctors and nurses posted to
them and more drugs should be made available.
3. Provision of credit facilities: many farmers cannot afford to buy the necessary agricultural
machines such as tractors, harvesters etc. To reduce this problem, government should help
farmers by providing this equipment for them at reduced cost so that they will be able to make
use of them.

EVALUATION

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1. There are many problems facing agriculture today – explain them.

2. In what ways can the government improve agricultural production in Nigeria?

Agricultural Policies in Nigeria

In Nigeria, the federal government decided to embark on certain agricultural policies or
programmes in order to improve the level of agriculture in the country. Some of those
agricultural programmes and their objectives are stated below:

1. Operation Feed the Nation (OFN)

Operation Feed the Nation (OFN) was launched in 1976 by the Obasanjo Military
Administration. Its aim is to mobilize Nigerians to take active part in growing their own food
which will lead to increase in food production in the country.

2. Provision of credit facilities

The role of credit facility to agricultural development was recognised to promote government to
establish the Nigerian Agricultural Development Bank with its headquarters in Kaduna. The
bank gives loans directly to farmers, individual, organisations and established institutions.

3. The River Basin Development Authorities

The eleven RBDA was established in 1976 under decree no 25 by Federal government. The aim
of River Basin Development Authorities is to develop land and water resources for the general
development of agriculture in Nigeria.

4. The Land Use Decree

This body was promulgated in 1978 and incorporated into the 1979 constitution. The decrease
was aimed at reforming the land tenure system which had constituted a bottleneck to large-scale
farming in Nigeria.

5. Green Revolution

The Second Rrepublic government of Shehu Shagari in an effort to curb shortage of food in the
country and increase food production launched green revolution in 1980. Their aim is to boost
agricultural production.

EVALUATION

1. List the policies of agriculture in West Africa with special reference to Nigeria
2. Discuss how Operation Feed the Nation has helped the agricultural sector in Nigeria.

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Marketing of Agricultural Commodities

Marketing entails the performance of all business activities involved in the flow of farm produce
from the production point until they get to the final consumers. The marketing of agricultural
commodities in Nigeria is not organized. Some farmers sell their farm produce at the farm-gate
while some take their own to local markets nearest to them. We have two broad categories of
markets in Nigeria (a) Domestic markets and (b) export marketing through marketing boards

1. Domestic Markets

Sales of farm produce in this market could be in large or small quantities. Farmers here usually
have markets they visit either on daily, weekly, monthly or quarterly basis to sell their farm
produce.

2. Export marketing through marketing boards

As a result of poor storage processing and packaging some farm produce got damaged. So
marketing boards were established part of SAP in Nigeria. Marketing boards are government
agencies established to take care of the marketing of agricultural commodities.

Functions of Marketing Boards

1. They organize the marketing of all major agricultural products. They are to gather, grade and
maintain the high quality products.
2. Their work is to stabilize farmers’ income and commodity prices.
3. They generate revenue which brings great economic value to the government.
4. They supply funds for research programmes

Merits or Advantages of Marketing Boards

1. The farmers benefit from the stability of commodityprices

2. The nation benefits from the provision of certain infrastructural facilities, as well as scholarship
schemes and enlightenment provided by the marketing boards.
3. They also benefits from the result of research findings.

EVALUATION

1. What is agricultural marketing board?

2. What are the functions of the marketing boards?

Prospects for Agriculture in Nigeria

There are future prospects for agriculture in West Africa, especially in Nigeria. This is because
of attention being given to agriculture presently by the various governments of West Africa. No
country in West Africa now wants to continue importing food which can be readily produced in

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the country. Let us take Nigeria for instance, used to spend billions of dollars in the importation
of rice under embargo. i.e. there system has encouraged the back to land campaign raging on in
the country to the extent that even graduate of other disciplines apart from agricultural science
are now in the lead. It has even become one of the greatest employers of labour now.

EVALUATION

1. Discuss what you understand by prospects for Agriculture in Nigeria.

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