{"id":3756,"date":"2023-10-05T18:45:44","date_gmt":"2023-10-05T18:45:44","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=3756"},"modified":"2023-10-05T18:48:41","modified_gmt":"2023-10-05T18:48:41","slug":"week-3-ss3-first-term-economics-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-3-ss3-first-term-economics-notes\/","title":{"rendered":"Week 3 – SS3 First Term Economics Notes"},"content":{"rendered":"

WEEK THREE
\n<\/strong>PETROLEUM AND THE NIGERIAN ECONOMY
\n<\/strong>CONTENT
\n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Historical development of petroleum in Nigeria.
\n2.\u00a0\u00a0\u00a0\u00a0Positive Contributions of petroleum to Nigeria Economy.
\n3.\u00a0\u00a0\u00a0\u00a0Negative Contributions of Petroleum to Nigeria’s Economy.
\n4.\u00a0\u00a0\u00a0\u00a0NNPC \u2013 Formation and roles in production refining and marketing of oil.
\nPetroleum was discovered in commercial quantity in 1956 by shell BP at Oloibiri in the present River State. Ever since 1976 till date, petroleum has remained the major source of government revenue in Nigeria.<\/p>\n

\u00a0POSITIVE CONTRIBUTIONS OF PETROLEUM TO NIGERIA ECONOMY
\n1.\u00a0\u00a0\u00a0\u00a0Petroleum serves as sources of revenue to the country.
\n2.\u00a0\u00a0\u00a0\u00a0Employment generation e.g. petroleum engineers, geologists, chemical engineers etc.
\n3.\u00a0\u00a0\u00a0\u00a0Improvement in the infrastructure of the country e.g. flyovers, airports roads development are linked to earning from petroleum.
\n4.\u00a0\u00a0\u00a0\u00a0The major foreign exchange earnings in the country is crude oil. Therefore petroleum serves as source of foreign exchange.
\n5.\u00a0\u00a0\u00a0\u00a0Development of oil related industries e.g. oil servicing firm, petro chemical industry.
\n6.\u00a0\u00a0\u00a0\u00a0Improvement of the living standard of the citizens of the country.
\n7.\u00a0\u00a0\u00a0\u00a0Provision of wide range of products.
\n8.\u00a0\u00a0\u00a0\u00a0Major source of fuel e.g. petrol, diesel, kerosene etc.
\n9.\u00a0\u00a0\u00a0\u00a0Repositioning of the country in the global politics.<\/p>\n

\u00a0NEGATIVE EFFECTS OF PETROLEUM IN NIGERIA
\n1.\u00a0\u00a0\u00a0\u00a0Environment pollution e.g. Niger Delta area with land and air pollution.
\n2.\u00a0\u00a0\u00a0\u00a0Inflation \u2013 since the discovery of oil in Nigeria prices of goods and services have been Skyrocketing.
\n3.\u00a0\u00a0\u00a0\u00a0Neglect of Agriculture \u2013 prices of food stuff in the market are so dear due to neglect of agricultural sector which used to be the major source of revenue for the government.
\n4.\u00a0\u00a0\u00a0\u00a0Increase in crime rate \u2013 emergence of advance fee fraud known as 419, Cybercrime, Armed robbery, pen robbery are traceable to emergence of oil.
\n5.\u00a0\u00a0\u00a0\u00a0Civil Unrest \u2013 Breakdown of law and order in Niger Delta, coupled with kidnapping of oil workers for ransom had turned the country to a no go area.<\/p>\n

\u00a0EVALUATION
\n<\/strong><\/p>\n

    \n
  1. List four positive contributions of crude oil to the development of the Nigeria’s Economy.
    \n\t\t\t\t<\/strong><\/li>\n
  2. Discuss seven negative contributions of crude oil in the Nigerian Economy. \u00a0\u00a0\u00a0\u00a0\n<\/li>\n<\/ol>\n

    \u00a0Other mineral resources in Nigeria<\/p>\n

      \n
    1. Coal\n<\/li>\n
    2. Iron Ore\n<\/li>\n
    3. Tin and Columbite\n<\/li>\n
    4. Limestone\n<\/li>\n
    5. \n
      Lead and Zinc\n<\/div>\n

      \u00a0NIGERIA NATIONAL PETROLEUM CORPORATION\n<\/li>\n<\/ol>\n

      The Nigerian National Petroleum Corporation (NNPC) was established in 1977 and was saddled with the responsibility of exploration production\u00a0\u00a0\u00a0\u00a0and refining of petroleum as well as distributing i.e. marketing of crude oil and petroleum products.<\/p>\n

      \u00a0ROLES OF THE NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC)
      \n1.\u00a0\u00a0\u00a0\u00a0Regulating the activities of the oil companies i.e. issuance of license for oil exploration, prospecting, operation of filling stations.
      \n2.\u00a0\u00a0\u00a0\u00a0Exploration and production of petroleum products.
      \n3.\u00a0\u00a0\u00a0\u00a0Refining and distributing the products for domestic use.
      \n4.\u00a0\u00a0\u00a0\u00a0Manpower development, this led to the establishment of the Petroleum Training Institute in Warri, Delta State.
      \n5.\u00a0\u00a0\u00a0\u00a0Implementing oil policies i.e. determining the prices of petroleum products.
      \n6.\u00a0\u00a0\u00a0\u00a0Employment generation.<\/p>\n

      \u00a0EVALUATION
      \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Outline five positive effects of petroleum to the economy of Nigeria.
      \n2.\u00a0\u00a0\u00a0\u00a0Is petroleum a problem or blessing to Nigeria Economy?<\/p>\n

      \u00a0GENERAL EVALUATION
      \n<\/strong><\/p>\n

        \n
      1. Describe the methods of measuring national income.\n<\/li>\n
      2. Discuss the economic activities.\n<\/li>\n
      3. State five determinant of elasticity of demand.\n<\/li>\n
      4. What is a supply schedule?\n<\/li>\n
      5. State the reasons for holding money.\n<\/li>\n<\/ol>\n

        \u00a0READING ASSIGNMENT
        \n<\/strong>Amplified and Simplified Economics for SSS by Femi Longe page 464-470.
        \nEssential Economics for SSS by C E Ande page 351-354.<\/p>\n

        \u00a0WEEKEND ASSIGNMENT
        \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Where in Nigeria was petroleum first discovered in commercial quantity.
        \n\u00a0\u00a0\u00a0\u00a0A. Enugu B. Oloibiri C. Kaduna\u00a0\u00a0\u00a0\u00a0D.Ogoja
        \n2.\u00a0\u00a0\u00a0\u00a0Which company first discovered petroleum in commercial quantity in Nigeria.
        \n\u00a0\u00a0\u00a0\u00a0A. Shell BP B. Agip C. Gulf D. Butman
        \n3.\u00a0\u00a0\u00a0\u00a0Which of the following is not done by the NNPC?
        \n\u00a0\u00a0\u00a0\u00a0A. Production of crude oil B. Refining of crude oil \u00a0\u00a0\u00a0\u00a0C. Exportation for crude oil
        \n\u00a0\u00a0\u00a0\u00a0D. Exploitation of crude oil\u00a0\u00a0\u00a0\u00a0E. Pricing of crude oil
        \n4.\u00a0\u00a0\u00a0\u00a0The major foreign exchange earner for Nigeria is _______
        \n\u00a0\u00a0\u00a0\u00a0A. Agriculture\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0B. sports\u00a0\u00a0\u00a0\u00a0C. Tourism\u00a0\u00a0\u00a0\u00a0 D. Petroleum
        \n5.\u00a0\u00a0\u00a0\u00a0Mono product economies are those that produce _________
        \n\u00a0\u00a0\u00a0\u00a0A. only inter mediate product\u00a0\u00a0\u00a0\u00a0B. agricultural product\u00a0\u00a0\u00a0\u00a0 C. agricultural products D. one man commodity<\/p>\n

        \u00a0THEORY
        \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Explain three positive and two negative contributions of petroleum to the Nigerian economy.
        \n2.\u00a0\u00a0\u00a0\u00a0Discuss the role of the Nigerian National Petroleum Corporation (NNPC)<\/p>\n

        \u00a0
        \n\t\t\t<\/strong>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

        WEEK THREE PETROLEUM AND THE NIGERIAN ECONOMY CONTENT 1.\u00a0\u00a0\u00a0\u00a0Historical development of petroleum in Nigeria. 2.\u00a0\u00a0\u00a0\u00a0Positive…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,292],"tags":[],"class_list":["post-3756","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-ss3-economics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=3756"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3756\/revisions"}],"predecessor-version":[{"id":3757,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3756\/revisions\/3757"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=3756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=3756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=3756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}