GONZAGA JESUIT COLLEGE

FIRST TERM LESSON NOTE 2024/2025

ACADEMIC SESSION

SOCIAL STUDIES
JSS3
Cargo ships Refrigerator ship

Passenger Ships

Oil and Gas Tanker ships

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 SCHEME OF WORK FOR FIRST TERM SOCIAL STUDIES JSS3
WK TOPIC SPECIFIC OBJECTIVE
1 Individual 1. Define individual development
development: 2. Define human emotion
3. Explain the different types of human emotions
Emotions & Self-
4. State the qualities of love
Esteem 5. Describe behaviours that enhance loving relationship.
6. Define self esteem
7. List and explain types of self esteem
8. Discuss the factors that influence self esteem
Explain how to improve self esteem
9. Discuss the importance of self esteem
2 Globalization 1. Define globalization
2. List the causes of globalization
3. Explain the role of multinational cooperation in nation building
4. State the positive are negative globalization
3 Transportation 1. Define transportation
2. List and explain the different types of transportation
3. Explain the importance of transportation
4. State the advantage and disadvantage of air, sea, road and pipeline transport
4 Media 1. Define media expression
Expressions/Influence 2. Identify types of media expression
3. State how mass media influence values and attitudes
4. Explain the advantages and disadvantages of mass media

5. Goal setting 1. Define goal setting

2. Describe Types of goal setting
3. Explain the Characteristics of goal setting
4. List the Importance of goal setting
5. State the effects of achieving set goals and obstacle
6 Economic institutions 1. Explain the concept of banking/banking institutions
in Nigeria: Banking 2. State briefly the origin of banking
& Insurance 3. Explain the function of banks
4. Identify the different types of banks and their functions
5. Define insurance
6. Give brief history of insurance in Nigeria
7. Explain principles of insurance/insurable risk
8. List the types of insurance/policies
9. Explain the reasons for/ importance of insurance
7 Nigerian stock 1. Define stock exchange
exchange 2. Explain the functions/ importance of stock exchange
3. Explain the procedures of transaction/organisation at the exchange
4. Explain the types of securities
5. Define securities and exchange commission (sec)
6. State the types/classification of shares
7. Explain the rights and liabilities attached to a Shareholder.
8 International 1. Define global/international cooperation
economic 2. Explain the need for global/international cooperation
3. Describe the strategies of achieving global/international cooperation
corporation.
4. Discuss the consequences of global/international cooperation
5. Identify the problems/challenges of global/international cooperation

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WEEK 1: INDIVIDUAL DEVELOPMENT: EMOTION & SELF-ESTEEM

Specific Objectives: At the end of the lessons the students should be able to:

1. Define individual development

2. Define human emotion
3. Explain the different types of human emotions
4. State the qualities of love
5. Describe behaviours that enhance loving relationship.
6. Define self esteem
7. List and explain types of self esteem
8. Discuss the factors that influence self esteem
9. Explain how to improve self esteem
10. Discuss the importance of self esteem

WHAT IS INDIVIDUAL DEVELOPMENT?

Individual or Personal development is looking inward and focusing on ways to better yourself.
Personal development increases your self-awareness, your self-esteem, increases your skills, and
fulfills your aspirations.

It also refers to activities that develop a person's capabilities and potential, build human capital,
facilitate employability, enhance quality of life, and facilitate the realization of dreams and
aspirations. Emotions and positive self-esteem are critical ingredients to individual development.

MEANING OF HUMAN EMOTION

Human emotion is the expression of our feelings about the things we experience.

TYPES OF HUMAN EMOTION

There are two major types of emotions. They are Judgmental and Spontaneous emotions.
Judgmental emotions are expressions of good or bad regarding a particular thing, such as a person’s
or group behaviour. Spontaneous emotion on the other hand is our immediate expression of feeling
on something that has just happened. Such spontaneous emotions can be expressed in varied ways
such as: Love, Hatred, Joy, Sorrow, Fear, Anxiety, Surprise, Anger etc.

One of man’s strongest emotions is that of love. The feeling is always very strong and deep and the
expression of it is intense. That explains why love takes time to heal when it is hurt so much.

QUALITIES OF LOVE

For love to be strong and intensely expressed, it should have the following qualities:

 Long lasting, Active, Endurance, Optimism, Care, Forgiveness, Loyalty

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BEHAVIOURS THAT ENHANCE LOVING RELATIONSHIP
For emotion or feeling of love to be strong, passionate, long lasting and happy especially for people
in a relationship, the people involved must consistently demonstrate the following behaviours:
1. Truthfulness 4. Patience 8. Discipline
2. Trust 5. Selflessness 9. Devotion
3. Openness/effective 6. Respect
communication 7. Mutual Assistance

DEFINITION OF SELF ESTEEM

Self-esteem is the worth or value a person generally places on himself regardless of his or her
abilities, skills and qualifications.

TYPES OF SELF ESTEEM

There are broadly two types of self-esteem. They are high self-esteem and low self-esteem.

1. High self-esteem: This is a feeling of placing a good worth about oneself. It is a feeling of
confidence about oneself, and feeling deserving of the respect of others especially one’s peers.
This is regarded as a positive self-esteem and those that have it always feel happy and strive to
accomplish great things. People with this feeling are largely confident of their own abilities and
optimistic about their capacity to achieve desired result. As such they do not show envy or
jealousy about others or try to benchmark themselves with others.

2. Low self-esteem: Low self-esteem is negative and exist where one lacks self-worth and
confidence of one’s ability. This feeling drives one to be fearful, pessimistic and unwilling to
explore new things. Those that suffer from this feeling complain and criticise a lot. They are
always afraid to show their skills and talents because they fear being ridiculed if they fail to live
up to expectations. They run away from leadership responsibilities because they feel inadequate.
As students, they are easily influenced by their peers and obtain poor grades in school.

FACTORS THAT INFLUENCE SELF ESTEEM

1. Parent-child relationship 5. People’s attitude
2. Feeling of rejection 6. Gender
3. Acceptance of fate 7. Social position or peer group
4. Mass media 8. Critical personal experience

HOW TO IMPROVE SELF ESTEEM

1. Accept yourself as you are: We must always accept and like ourselves and never feel we could be
better. When you love yourself, you hold your own and would always accomplish great things
and be liked by others.

2. Set realistic goals: At all times we must set for ourselves realistic and achievable goals. This will
enable us make incremental success that would bolster our self-esteem.

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3. Develop your abilities and be proud of them: Whatever abilities, skills or talents we have, we
must endeavour to develop them. For therein lies our blessing, recognition and happiness and
with them a good self-esteem.

4. Right parenting: Parents must foster friendly relationship with their children founded on
openness, effective communication and love. They should desist from shouting and yelling at
their children in a bid to correct them.

5. Self-encouragement: Our greatest strength lies within us. Our ability to always encourage
ourselves no matter the vicissitudes of life will help us develop good image about ourselves. This
is called positive thinking. Always see more and work on your strength than bemoaning your
weaknesses.

6. Cultivate positive/right relationship: If one relates with people that are always critical of him or
her or people that easily derogate him, he is bound to start losing confidence of himself and
unwittingly develop low self-esteem. However, if one associates with people who acknowledges
one’s little efforts and praise it, he is bound to develop a good image and self-worth of self.

7. Diligence: Failure they say is an orphan while success has many relations. We need to understand
this wise saying and as such work very hard at what we do. Hard work and success that come
with it tears down every wall of low self-esteem.

8. Moral uprightness and personal integrity: Living a life of honesty, truthfulness and personal
integrity would make people respect you so much that you cannot but have a great feeling of self-
worth.

9. Decent and neat appearance: Perception they say is everything. The way people see and judge us
ultimately affect our feelings. A decent and neat appearance brings good perception and
recognition to us. Somebody says, ‘dress the way you want to be addressed’.

10. Proper socialisation /education: Sometimes, Ignorance can work a great deal to people
developing a feeling of low self-worth. A proper socialization and good education as we are
offering is panacea for correcting that. In fact, no student of GJC has any reason whatsoever to
have low self-esteem. You are a carefully chosen generation of tomorrow’s leaders and change
makers.

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IMPORTANCE OF SELF ESTEEM
1. Self-actualisation: A good and positive self-esteem would help one actualise one’s dream. In fact,
success and greatness are open only to those who dream and believe. They are destinations that
can only be reached by those who can do and dare to do. It take high self-esteem to develop this
can do spirit and penchant for risk.

2. Making right decisions: A good and positive self-image is a critical ingredient for making right
decisions. Barack Obama is an African American with a great dose of self-worth. He believed, in
the face of daunting obstacles, that what united the American races was stronger than what
divided them. Guided by this uncommon optimism he took a shot at the American top job and on
his very first shot at it was elected as the first African American President of the United States
(POTUS).

3. Right relationship: A good self-esteem would always guide us to choosing friends who
complement us to a growth trajectory and avoid those that have the tendency to pull us down.

4. Correct placement: Positive self-image would always mark us out for excellence and appropriate
placing anywhere we find ourselves.

WEEK 2: GLOBALIZATION

Specific Objectives: At the end of the lessons the students should be able to:

1. Define Globalization
2. Explain the Causes Of Globalisation
3. Identify the positive and negative effect of globalization
4. Explain the role of multinational corporations in nation building

MEANING OFGLOBALIZATION

Globalization is the increasing interdependence and interconnectivity of world economic, social,

cultural, technological, and other institutions as a result of the growing scale of cross-border trade of
commodities and services, the flow of international capital and the wide and rapid spread of
technologies.

It can also mean the process of interaction and integration among people, companies, and
governments worldwide

The term globalization first appeared in the early 20th century and developed its current meaning
sometime in the second half of the 20th century. It came into popular usage in the 1990s to describe
the unprecedented international connectivity of the world.

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CAUSES OF GLOBALISATION

1. Improved Transport: Improved transport making global travel easier. For example, there has been
a rapid growth in air travel, enabling greater movement of people and goods across the globe.

2. Containerization: From 1970, there was a rapid adoption of the steel transport container. This
reduced the costs of inter-modal transport, making trade cheaper and more efficient.

3. Improved technology: Massive improvement in technology has radically changed

communication and information around the world. In fact, ICT, especially the use of internet, has
reduced the world to a global village in terms of the speed and efficiency with which people
communicate across the world.

4. Growth of multinational companies: Growth of multinational companies with global presence in

different economies as well as the growth of global trading blocs (E.g. European Union, NAFTA,
ASEAN, ECOWAS, and COMESA etc.) has reduced national barriers.

5. Regulatory frameworks on ease of doing: Legislative frameworks on ease of doing business in

different countries have reduced tariff barriers across nations. Such reductions have allowed
investible capitals to move freely with good profits in tow. This often has occurred through the
support of the WTO.

6. Global trade cycle: Global trade cycle and Economic growth is global in nature. This means
countries are increasingly interconnected. (e.g. recession in one country affects global trade and
invariably causes an economic downturn in major trading partners.)

7. Financial system: Financial systems are becoming increasingly global in nature. When US banks
suffered losses due to the sub-prime mortgage crisis, it affected all major banks in other countries
who had bought financial derivatives from US banks and mortgage companies.

8. Improved mobility of capital: In the past few decades, there has been a general reduction in
capital barriers, making it easier for capital to flow between different economies. This has
increased the ability of firms to receive finance. It has also increased the global
interconnectedness of global financial markets.

9. Increased mobility of labour: Increased mobility of labour. People are more willing to move
between different countries in search for work. Global trade remittances now play a large role in
transfers from developed countries to developing countries.

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POSITIVE EFFECT OF GLOBALIZATION

1. It has greatly increased technical and managerial competences across the world
2. It develops economies all over the world
3. It increases cultural exchanges.
4. It also allows financial exchanges between companies
5. It enables many people nowadays to become citizens of the world i.e. global citizen
6. Through globalization geographic distance no longer is a barrier for many services to happen
7. It breaks down the barriers between the world’s financial centres
THE NEGATIVE EFFECTS OF GLOBALIZATION

1. It leads to the disappearance of cultures and their replacements

2. It leads to income inequalities
3. It can cause disproportional wealth and trades
4. It leads to environmental problems. For example massive development of transport has been
responsible for serious environmental problems such as greenhouse gas emissions, global
warming or air pollution
5. It also causes the depletion of natural resources, deforestation and the destruction of ecosystems

THE ROLE OF MULTINATIONAL CORPORATIONS IN NATION BUILDING

Multinational companies like Nike, Sony, Apple, Toyota, Coca-Cola have all invested in nation
building. Some of their roles include:
1. Inflow of capital into the developing country: E.g. the investment to build the factory is counted
as a capital flow. This capital investment helps the economy develop and increase its productive
capacity.

2. Employment: Although wages seem very low by Western standards, people in developing
countries often see these new jobs as preferable to working as a subsistence farmer with even
lower income. Economies in south-east Asia have seen rising wages in recent decades – showing
that low wage economies can develop.

3. Skills Development: Many citizens of host countries working for multinational companies get
trained and acquire a lot of technical and managerial skills necessary for nation building. For
instance, a Lawyer or an Accountant working with such a company would acquire useful skills in
international transactional legal drafting and accounting procedure skills respectively.

4. Improvement in infrastructure of host countries: Foreign investment may stimulate spending in

infrastructure such as roads and transport.

5. Multinational firms or Corporations helps to diversify the economy away from relying on
primary products and agriculture, which are often subject to unstable prices and supply.

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WEEK 3: TRANSPORTATION

Specific Objectives: At the end of the lessons the students should be able to:

1. Define transportation
2. List and explain the different types of transportation
3. Explain the importance of transportation
4. State the advantage and disadvantage of air, sea, road and pipeline transport

MEANING OF TRANSPORTATION

Transportation is the process by which people and goods are carried from one place to another.
Transportation also means the movement of people and goods from place to place for some reasons.

TYPES OF TRANSPORTATION

There are two brad categories: Traditional and Modern means of transportation. These are further
divided into types depending on the mode/means of transportation involved.

TRADITIONAL MEANS OF TRANSPORTATION: Traditional means of transportation

involves the use of the following:

a) Trekking
b) Human porterage
c) Beasts of burden or animals
d) Use of canoes

Trekking: This involved people walking with their legs from one distance to the other either to
render services or to generally socialize with others.

Use of Human Porterage: The use of human porterage was common among people living in the
forest zone. It involves trekking or walking of people along bush paths. It was very common among
the Igbo and Yoruba of southern Nigeria who carry their goods on their heads. The Gawari women
around Abuja areas of Nigeria carry their goods at their back. While most Hausa people carry their
goods on their shoulder. One common thing about human porterage is that it involves walking on
foot.

Use of Beasts of Burden/ Animals: In grassland areas like Northern Nigerian which is noted for its
flat terrain, people made use of animals like horses, camels and donkeys in moving from place to
place. In the semi desert and desert areas (Arid regions) camels were used because they can
withstand the thirst of water for a very long time.

Use of Canoes: In riverine areas like Lokoja, Lagos, Calabar, Bonny and Sokoto Rivers, etc Canoes
were used by the people in moving themselves and their goods across water bodies.

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MODERN MEANS OF TRANSPORTATION:

Modern means of transportation is divided into three:

a. Transportation by land
b. Transportation by water
c. Transportation by air

LAND TRANSPORTATION: This is the movement of people and goods from one place to another
on land. Land transportation is sub-divided into three namely: Road, Rail and Pipeline transportation.

Road transportation: Road transportation include trekking, the use of motor cars, motor cycles,
bicycles, carts etc. to move people and goods from one place to another. It is the most popular means
of transportation because of it is easily available, accessible and affordable.

Roads in Nigeria can be classified into three groups namely;

1. Trunk A roads: These consist of the major highways that connect different states in Nigeria.
Examples are: Onitsha – Owerri, Asaba – Benin, Lagos – Benin, Lagos – Ibadan, Abuja –
Lokoja, Enugu – Port Harcourt, Kano – Kaduna Expressways etc. These Inter-State roads are
built and maintained by the Federal government of Nigeria.

2. Trunk B roads: These are roads that link up towns within a state. They are built and maintained
by the state governments. Examples include Nnewi – Okija road, Owerri – Orlu Road, Woji –
Trans Amadi Road etc.

3. Trunk C roads: These are roads that link villages and communities. An example is the road that
links our College from Okija Market. They also include inner street roads in our various towns
and cities. Such roads are built and maintained by the Local Government Councils.

Rail transportation: This is the type of land transportation that runs on trains. A train consists of a
locomotive engine and wagons which carries people and goods or goods alone for cargo trains. The
railway is a means of transportation through the rail track using trains. It is the cheapest means of
transportation with capacity to carry more people and goods than any other means of transportation
by land.

Rail track A Train

Advantages of Rail Transport
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1. It is very cheap
2. It carries many people and goods at the same time
3. It moves a long distance
4. It carries bulky goods
5. It connects the hinterlands and the cities more than other means
6. It provides convenient accommodation for travelling
7. It has the lowest incidence of accident and survival possibility than any other means of
transportation

Disadvantages of Rail Transport

1. It is slow in movement
2. It waste a lot of time
3. It is a capital intensive (expensive) to establish. Many private entrepreneurs may not have the
capital to establish and operate this means of transportation. In fact, in Nigeria it is the only
means of transportation that is wholly owned by government.

Pipeline transportation: Pipeline transportation is a system of transporting gases, oil and other liquid
products from one place to another through the use of pipelines. Pipelines are laid underground and
on river and sea beds as a means of carrying gases and petroleum products from oil fields to points of
refining and consumption. For instance oil is carried from Warri (Delta State) to Kaduna Refinery
through pipeline. The same way, Liquidified Natural Gas is transported from the Nigerian Oil fields
in the Niger Delta to other West African countries of ECOWAS through the West African Gas
pipeline. Today gas pipeline are scattered in Nigeria connecting electricity generating plants and
industrial hubs in Apapa/Ikeja Lagos, kano, Aba, Trans-Amadi industrial Layout Port Harcourt etc
with the Gas production fields of the Niger Delta.

Laying of such pipelines for the Oil and Gas industry is one of the business endeavours of our
benefactor, Dr Ernest Azudialu Obiejesi. He does this through his company NESTOIL.

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Advantages of Pipeline Transportation:

1. Products are automatically conveyed to their destination thereby cutting down on the use of
expert and skilled labour.
2. It is the cheapest, time saving and most efficient means of transportation of liquid products to
industrial hubs and homes.
3. Most pipelines are laid underground and as such there is low possibility of accidents.
4. It reduces the number of oil/gas carrying trucks on the road with the danger that posses to the
road and lives of road users.
5. Climate conditions do not affect pipelines easily.
6. It is most suitable for bulk and massive transportation of liquid products.

Disadvantages of Pipeline Transportation:

1. It is a very slow mode/means of transportation

2. It is suitable for liquid products only
3. It is limited in network. Only a few places are accessible through pipelines.
4. It is prone to leakages and unauthorised tapping (vandalization of pipelines) by people. In fact, in
the last two decades, this mode of transportation has witnessed unprecedented spate of vandalism
in Nigeria.
5. Pipelines can be easily damaged during road constructions which can lead to wastage.
6. It is very costly to construct and maintain. Oftentimes, this requires high technical expertise to
achieve.
7. Leakages in pipelines create serious environmental challenges. Usually such leakages cause
spillage to the farm and forest lands as well as waterways. This is dangerous to plants, animals
and aquatic lives. At other times, it can lead to serious fire disaster killing so many people. Most
communities of the Niger Delta have been battling with this ugly scenario.

WATER TRANSPORTATION: Water transportation is the system of using vessels to convey

people and goods from one place to another through different waterways. Such vessels include ships,
steamers, ferries, engine boats; canoes etc. Water transportation facilitates intra-national and
international trade. However, it is pertinent to point out that water transportation is today the greatest
facilitator of international trade.

Different kinds of ships and ocean liners are used in international water transportation. They include:
Cargo ships which carry bulky goods often packed in containers. Passenger ships carry people only
in large numbers. Tanker ships carry oil. Refrigerator ships carry only frozen foods like fish, meat,
fruits and vegetables

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 Cargo ships Refrigerator ship

Passenger Ships

Oil and Gas Tanker ships

ADVANTAGES OF WATER TRANSPORTATION

Water transportation is cheaper, economical and cost effective: Rivers are a self-contained
roadway that requires no building or maintenance. Even yet, the cost of building and maintaining
canals is much cheaper if they are utilised for purposes other than transportation, such as irrigation. It
is the least expensive method for transporting products between locations. While road and
rail transport have very high maintenance costs, water transport has relatively low maintenance costs.

Useful for Bulky Goods: Heavy and bulky goods can be transported easily at little cost through
water transport. Ships are the modes of transport that have a higher capacity for transporting a larger
amount of goods. This is particularly true when compared to other modes of travel such as rail, truck,
or aircraft. Water transport enables the transportation of large and heavy items at a low cost.

Safe Mode of Transport: Weather delays the departure or arrival of an aeroplane on a larger number
of times, while ships can operate more readily in more complex or unpredictable situations due to
their durability, resistance, and dependability.

Increased Product Diversity and Transportable Materials: This is considered one of the most
notable features of water transportation using ships. We can observe how, in contrast to air transport
(where, in several cases, dangerous or liquid cargo is not permitted), ships have the ability to
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transport all types of materials. It is the only option when it comes to oil, liquids, and dangerous
items that aeroplanes cannot transport. If land transport is capable of loading such items, it cannot
convey them through intercontinental transport.

Important for Foreign Trade: Water transport plays important role in foreign trade. In fact, it is the
major carrier of international trade between many countries of the world. Today, it is regarded as a
huge disadvantage for a country to be land-locked because of the importance of water transportation
in international trade.

Useful During Natural Calamities: During natural calamities like flood and rains, when rail and
road transport is disrupted, relief operations can be operated through water transport.

Environmentally Friendly: If we want a green world with the fewest gas emissions, water transport
will win since it typically has a lower carbon footprint. However, there are issues of oil leakage from
tankers which have very little environmental damage when compared with other modes of
transportation.

DISADVANTAGES OF WATER TRANSPORTATION

Slow and Time-Consuming: Water transport is a relatively sluggish mode of transportation.

Travelling or transporting things takes a lengthy time. Reasons are the waterways are twisting and
ships and boats do not have a near comparable speed with cars, trains and aeroplanes. Water
transport is very sluggish, making it unsuitable for situations when speed is critical. Although air and
land transit are delayed by weather conditions, they nevertheless outperform water transport in terms
of on-time arrival.

Port Accessibility: In certain instances, ports are unsuitable for receiving cargo ships, posing
logistical difficulties during disembarkation. All ships require ports and infrastructures that are
appropriate for their requirements and size; yet, in certain nations, these types of facilities do not
exist, resulting in delayed delivery.
AIR TRANSPORTATION

Air transportation is the movement of people and goods from one place to the other using flying
engines like planes. Helicopters, drones, rocket powered space ships, balloons etc.

Obviously Aeroplanes (traditional) / Airplanes (modern) or planes (short form) are the most
popularly used for air transportation. There are three types of planes namely:

 Mixed aircraft: carry passengers in the cabin and goods in the hold. The best known are
those built by Airbus and Boeing.
 Cargo planes: transport exclusively goods.
 Super transports: aircraft designed to transporting of large goods.

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It is pertinent to note that this is the fastest growing mode of transportation in the world today. This
is largely due to its efficiency, speed and increasing carrying capacity for passengers and goods.

Air transport is an important enabler to achieving economic growth and development. Air transport
facilitates integration into the global economy and provides vital connectivity on a national, regional,
and international scale. It helps generate trade, promote tourism, and create employment
opportunities. The World Bank has financed aviation-related projects for over sixty years. Today, the
World Bank Group (WBG) remains actively engaged in every region on projects related to air
transport policy and regulation, safety, infrastructure rehabilitation, institutional strengthening, and
capacity building.

ADVANTAGES OF AIR TRANSPORT

High Speed: Air is the type of freight capable of travelling long distances in short periods of time.
This makes this model an optimum choice if the client has an urgent need to ship a product or if their
freight demands special standards of protection or acclimation. It is the quickest transport mode and
is therefore ideal for long-distance transport of goods. It takes less time.

Fast Service: Air transportation offers convenient, reliable and fast services of transport. It is
considered the cheapest way to ship peregrinated goods. It offers a standard, convenient, reliable and
fast service.

3. Send almost everywhere your freight: In regions that are not readily accessible to other modes
of transport, air transport is considered to be the only means of transport. Open to all regions,
irrespective of land interference. A vast network of airlines covering nearly the whole globe is
available for many airlines. This ensures that the package can be sent almost anywhere.

4. High Standard of Security: High standard of protection with a low risk of robbery and injury.
Shipping by air has a high degree of security since airport safety restrictions on cargo are strictly
enforced. Tightly controlled airport controls also minimise cargo theft and loss.

5. Natural Route: An aircraft can fly to any location without seeing any natural obstacles or
barriers. Since customs formalities are easily compiled. It eliminates the need for more time to seek
clearance. Air travel is used for relief operations during earthquakes, floods, accidents, and famines.

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6. There is less need for heavy packaging: Air exports, in general, entail less hard packaging than
ocean shipments. This ensures you save both time and money by not having to provide extra
packaging services.

DISADVANTAGES OF AIR TRANSPORT

It is heavily affected by adverse climate conditions: Extreme weather will cause planes to be
grounded and airports to close, halting shipments for several days and rendering the service
ineffective.

Risky: Air travel is the most risky mode of transport, since there can be considerable losses to
goods, customer and crews as a result of a minor crash. Compared to other means of travel, the risks
of collisions are higher.

Costly: Air travel is considered to be the most expensive means of transportation. The cost of
maintaining aircraft is higher and the costs for the building of aerodromes and avions are much
higher. That’s why air travel is so expensive that it gets beyond ordinary people’s grasp.

Some product limitations:

There is a whole variety of materials not suitable for such products, from explosives, gases, batteries,
fired solids and liquids, which cannot be shipped by air to name but a few.

Capacity for Small Carriage: Aircrafts mostly do not have large rooms and therefore are not ideal
for carriage of voluminous and cheaper materials. As is seen for rails, the load volume is limited. Be
that as it, improved technology is changing this narrative with the development of very big cargo
airplanes.

Enormous investment: Air travel calls for enormous spending in aerodrome (Airport) building and
servicing. It also calls for professional and qualified staffs that need a significant investment.

ADVANTAGES OF MODERN MEANS OF TRANSPORTATION

The following are some of the advantages of modern means of transportation:

1. It has made movement easier: It is easier and less burdensome for people to travel with their
goods using motor vehicles, ships, aero planes and trains than trekking or using beasts of burden
like horse, donkeys and camels or using canoes.

2. It has made movement faster: Modern means of transportation has helped to make the
movement of people and goods much faster than it was in the distant past. For example, it is
faster for one to of get to his destination using motor vehicles than trekking on foot.

3. It has led to increase in the number of people and goods that move from one place to another:
Modern means of transportation has made it possible for more people and more goods to be
move from place to place.
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4. It has provided employment to people: Modern means of transportation has helped to provide
job to a large number of people. The large number of "people who are employed as vehicle
drivers, motor cycle riders, ship captains, pilots etc, would have been unemployed if not for the
modern means of transportation.

5. It has promoted the exchange of ideas among people: Modern means of transportation has
enabled people who are separated by long distance to come together to share ideas. Example,
after the swearing in ceremony of President Goodluck Jonathan, he travelled to the USA to see
and share ideas with President Barak Obama. This was made possible by the modern means of
transportation.

6. It has promoted the exchange of goods and services among people: Modern means of
transportation has helped to make available to people goods that are produced in different parts
of Nigerian and the world at large.
PROBLEMS OF MODERN MEANS OF TRANSPORTATION

The following are some of the problems facing the adequate functioning of the modern means of
transportation:

1. Poor maintenance culture: Modern means of transportation like motor vehicles require proper
maintenance for them to be in order to carry people/goods about. Unfortunately most owners and
drivers do not maintain them very well before and after using them.

2. High cost of purchase and maintenance: The cost of buying and maintaining modern means of
transportation is very expensive. This high cost of purchase and maintenance has deprived many
people the opportunity to own one.

3. It facilitates crimes: Modern means of transportation has contributed to high crime rate in
Nigeria and other places. People use motorcycles and motor vehicles to engage in armed robbery,
kidnapping etc

4. It is inadequate in circulation: There are people and areas that have not been adequately linked
up by the modern means of transportation. Rail lines, airports and even modern roads have not
really reached so many areas. Modern means of transportation is also inadequate because many
people cannot afford the high cost of buying them so people in some rural areas still make use of
traditional means of transportation.

5. Poor infrastructural facilities: Most roads, airports, seaports, rail lines in Nigeria are not
properly taken care of. This their poor conditions contribute to accidents in Nigeria.

6. Prone to accidents: All means of modern transportation are prone to accidents and mishaps in
varying degrees. Such mishaps like plane crashes and ship wrecks can be so fatal and cause great
anguish and pain in the society. Many years after the infamous ship – TITANIC wrecked in the
Atlantic Ocean, the ugly memory of its fatality still lingers.

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SOLUTIONS TO THE PROBLEMS OF MODERN MEANS OF TRANSPORTATION

The following are some suggested solutions to the problems of modern means of transportation in
Nigeria:

1. Practice of good maintenance culture: People, driver and owners of modern means of
transportation should form the habit of taking good care of the available means of transportation
like vehicles, motorcycles so that they will be in good condition before using them.

2. Effective check and supervision by law enforcement agents: Law enforcement agents like the
men of road safety should check vehicles and motorcycle thoroughly to dictate the faulty ones.
They should not let them go free until their vehicles or motorcycles are in order. They should not
fine them because it will not solve the problems.

3. Giving of reward to best drivers/riders/pilots: The problems of modern means of transportation

could be reduced if best drivers and motorcycle riders who are accident free for a specified
period of time are rewarded by the government, companies and individual owners. Punishment
should also be given to rough and careless drivers/riders.

4. The cost of purchase should be reduced: Governments should try to subsidize the cost of buying
the different modern means of transportation. This will help many people to afford the cost of
buying one.

5. Election of patriotic leaders: The numerous benefits of the modern means of transportation will
be better enjoyed if the means of transportation like roads and railways are evenly distributed.
Patriotic leaders have the interest of the whole masses at heart not that of his own ethic group or
state.

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WEEK 4: MEDIA EXPRESSION/INFLUENCE

Specific Objectives: At the end of the lessons the students should be able to:

5. Define media
6. Identify types of media
7. State how mass media influence values and attitudes
8. Explain the advantages and disadvantages of mass media
MEANING OF MEDIA EXPRESSION

Media refers to means of communicating with a large number of people spread over a wide area.
Traditionally we have print and electronic media.

The print media includes newspapers, magazine and journals. The electronic media includes radio
and television and most recently the social media through the use of internet. All these means of
communication have reduced the whole world into a global village where we can know what is
happening everywhere, real time, within a few minutes.

TYPES OF MEDIA EXPRESSION

We have two types of media expression. This includes

1. Print media

2. Electronic media.

a. The print media includes the newspapers, magazines and journals.

b. The electronic media include the radio, television and internet based social media.

INFLUENCE OF MEDIA

Media influence is the actual force exerted by a media message, resulting in either a change or
reinforcement of audience or individual beliefs. Whether a media message has an effect on any of its
audience members is contingent on many factors, including audience demographics and
psychological characteristics. These effects can be positive or negative, abrupt or gradual, short-term
or long-lasting. Not all effects result in change; some media messages reinforce an existing belief.
Mass media's role in shaping modern culture is a central issue for the study of culture.

The influences of mass media (or 'media effects') are observed in various aspects of human life, from
voting behavior to perceptions of violence; from evaluations of scientists to our understanding of
others' opinions. The overall influence of mass media has changed drastically over the years, and will
continue to do so as the media develops. In the new media environment, we have dual identities -
consumers and creators. We not only obtain information through new media, but also disseminate
information to wide audiences.

Further, the influence of the media on the psychosocial development of children is profound. Thus, it
is important for psychologists to discuss with parents their child's exposure to media and to provide
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guidance on age-appropriate use of any media, including television, radio, music, video games and
the Internet.

INFLUENCE OF THE MASS MEDIA ON VALUES AND ATTITUDES

1. The mass media enables us to make our opinions known to other people. It gives us the
opportunity to make our values and desires known to other people around us.
2. The mass media enables the producers of goods and services to make their products/services
known to the members of the public through the radio, television, newspapers, billboards etc.
3. The mass media enables the people in the country to know the activities of the government
4. The mass media is a driver of popular culture. It has greatly influenced our culture. It has
enabled us to copy and emulate the cultures and traditions of people in other countries.
5. The mass media is an outstanding and major platform of entertainment.

THE POSITIVE EFFECTS OF SOCIAL MEDIA

Social Media is a powerful marketing tool. You have probably heard about some of the negative
effects social media can have on our lives. And while they may be true, they by no means have to be
the standard or even the norm. The truth is that social media can also be beneficial to the society:

1. It can help individuals connect and deepen their relationships.

2. Social media also encourages students to learn and grow.
3. It can empower businesses to build their audiences and boost their bottom line.
The positive effects of social media are plentiful. Social media use is positively associated with
social wellbeing, self-rated health, and mental health. We just need to be careful users and keep a
healthy perspective about social media’s role in our lives. We can use it to

1. Inspire,
2. Educate,
3. Show empathy,
4. Become better communicators.
Other positive effect of media expression include

1. Building Relationships and Staying 9. Enhance the Customer Experience

Connected 10. Learning and Education
2. Finding our Voice 11. Motivate Young People
3. Showing Empathy and Kindness 12. Creativity
4. Offer Support 13. Social Media is a Powerful Marketing
5. Better Communication Tool
6. Spread News 14. Build Confidence And Self-Esteem In
7. Build Businesses Teens
8. Establish Authority

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NEGATIVE EFFECTS OF SOCIAL MEDIA

1. There are several ways in which visual media and social media use can become a source of
negative influence. Here are some scenarios that must be evaluated.
2. Might lead to health and developmental issues:
3. Extended screen time is associated with poor academic performance,
4. It leads to sleep deprivation,
5. It leads to reduced physical activity, face-to-face social interaction.
ADVANTAGES OF MASS MEDIA

1. It Can Keep Us Connected: Before mass media, you could live your entire life knowing nothing
about the world outside of your village. Now, we are all connected. And this can be a very good
thing. For instance, when a tsunami strikes, people all over the world hear about it within moments
and can mobilize immediately to help. Without mass media, we would have far less ability to
understand how we’re all connected and how we all need each another.

2. It Can Spur Businesses: Where would business be without advertising and marketing? Thanks to
the business communication made possible by mass media, businesses can reach potential consumers
faster and easier than ever before. This helps keep our economy going.

3. It Can Spread Art and Culture: On the internet, you can see all of the world’s artistic masterpieces
or learn about the particularities of a culture far removed from your own. In addition, numerous TV
and radio programs devote themselves to exploring the world, offering us the chance to discover new
things and new ideas, and enlighten ourselves in the process.

4.It Can Give Voice to the Voiceless: From reporters bringing us stories of people in difficult
situations to social media allowing one person’s thoughts to go viral and spread across the world,
mass media can lift up an individual voice that would otherwise have gone unheard.

DISADVANTAGES OF MASS MEDIA

1. It Can Empower the Already Powerful: While mass media can create opportunities for anyone to
share their story, the vast majority of our mass media is bought. And because it is paid for, those with
money can deeply influence what we see and hear. This gives the rich—and those connected to the
rich—a far louder voice than the poor. At its best, this is unfair. At its worst, it’s a way for a tiny
minority to seize power over the vast majority.

2. It Can Be Used for Disinformation and Hate: How do you know that what you’re seeing or
hearing from mass media is true? While some sources of information are far more trustworthy than
others, mass media as a whole is vulnerable to propaganda and lies. Totalitarian regimes have used
mass media for nearly a century to control what their people believe. With the rise of the internet,
even those in democracies can be easily exposed to media designed to drive us to hate or believe in
lies.

3. It Can Homogenize Culture: Before mass media, art and culture were more localized, so they
reflected diversity in how people spoke, dressed, and entertained themselves. Now, the entire world
21
often sees and hears the same cultural influences. While diversity still clearly exists, there is the risk
that mass media might reduce cultural variety, leaving us with less art and fewer inspirations.

4. It Can Overtake Personal Connections: We have all seen it or been a part of it: a group out to
dinner where everyone spends much of the evening staring at their phones or gazing at a TV in the
corner. As much as mass media can connect us with people all over the world, it can disconnect us
from the people right in front of us.

WEEK 5: GOAL SETTING

Specific Objectives: At the end of the lessons the students should be able to:

1. Define goal setting

2. Describe Types of goal setting
3. Explain the Characteristics of goal setting
4. List the Importance of goal setting
5. State the effects of achieving set goals and obstacle

MEANING AND DYNAMICS OF GOAL SETTING

A goal is a target point for a specific achievement. It is a desired attainment level which humans set
for themselves and make the requisite effort to reach or accomplish. Such goals could be academic,
career, financial, marital goals or personal development goals just to mention a few.

Goals are what we call dreams or ambitions. It can be linked to anything. For instance, a student's
goal may be to have better grades in Mathematics, History or Social Studies, obtain top grades in the
School Certificate or Matriculation Examinations or work harder to join the school football team.
The difference between goals and dreams are that goals are backed by plans and target dates to
achieve those goals.

Goal setting therefore is the acts of setting SMART goals to enable one achieve a desired success. It
involves setting a time or/and duration, and knowing the resources and persons required to achieve
the goal. Goal setting occurs in an individual's life, in families, in an organisation and in a nation.

Effective goal setting is one of the keys to success. This requires that you not only work hard at what
you do but pencil your goals down. Continuous review and reflection of the written goal/s help you
stay at it and eventually accomplish it. Simply put, writing your goals down strengthens your
commitment to achieving them.

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TYPES OF GOAL SETTING
There are basically two types of goals set by individuals, organisations and states. They are short
term goals and long term goals.

Short term goals: These are goals a person or an organisation plans to achieve within a short period
of time, usually in a few hours, days, weeks or within one year. Examples include: working and
completing my home work in Social Studies before our next class in two days time; wining our club
master in a Chess game on Friday during club meeting; scoring a goal in our soccer match against
Jesuit Memorial College on Saturday; making the honour roll in my First Term Examination grade
etc. These are easy and highly achievable short term goals.

Long term goals: These are goals intended to be achieved in years and sometimes decades.
Examples of long term goals for students could be to become a Lawyer in the next ten years; become
an award winning movie star in ten years; establish a shipping line company in fifteen years. Long
term goals are usually broken down to short term goals so as to evaluate progress periodically.

CHARACTERISTICS OF GOAL SETTING

For goal setting to be regarded as good, it must be SMART. This means goals should be specific,
measurable, achievable, realistic and timely.

Specific: Goals must be specific in contents. This means that they must be clear and well defined.
When goals are specific, you will easily know when you have achieved them. For instance a
student’s plan to do better next term in academic performance is not a specific goal. But if the
student aims to attain honour roll (90% average) in class, next term; that is a specific goal. This is so
because it will be easy to know whether the goal has been achieved or not.

Measurable: A goal should be ascertainable to know if it is being achieved or achieved. In other

words, measurable goals have clear criteria or evidence for measuring progress. When a goal is not
measurable, individuals will not know whether they are making progress or not, or whether they are
moving towards a successful completion of the task. For instance we can measure a student’s goal of
attaining honour roll at the end of the term with his scores in the Assignment, CA Tests, Project and
Examination scores.
Achievable/Attainable: Goals should be defined targets are achievable or realizable within a specific
time frame. It is an unattainable goal for a JSS3 student who does not have any personal income to
set a goal of buying a car in six months time. However, if the same student sets a goal of making
honour roll by the end of the term by devoting four hours every day studying, that is an achievable
goal.
Realistic/Relevant: It is important to set goals that you can achieve. Unrealistic goals will only create
frustration. We must set what can be realized or achieved, with available resources and time, as our
goal. We should not be setting goals in Nigeria as if we are in Europe or America. We should
consider the peculiarities of our environment and work within its limitations. Time-bound: Every
good goal must have a time frame of realizing it. Stipulating a time frame to our goals make them
easily measurable and provides a clear end point after which we would take stock to know if the
goals have been realized.

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IMPORTANCE OF ACHIEVING SET GOALS

Fulfillment: There is a sense of fulfillment when set goals are met. This leads to joy and happiness.
This sense of fulfillment bolsters a person’s self esteem.

Recognition: Achievement or attainment of set goals usually brings recognition to a person or

organisation beyond their immediate environment. Most of the people or organisations we celebrate
today are people or organisations that set clear goals SMART goals for themselves and achieved
same. For instance, it is not mere fluke that Barack Obama became the President of the United States
of America; that achievement and the global recognition that has come with it is a direct result of
achieving set goals. This much is clearly evident in the thesis of his book, Audacity of Hope. His
wife Michelle equally says that much of him in her memoir, Becoming Michelle Obama.

Motivation: The success of a person or a group/team that achieves set goals serve as as a source of
motivation to that person or team to accomplish more. Such people are encouraged to believe they
can do better. They set higher standards, greater goals and make steady progress .Again, it serves as
a source of inspiration to others around them or that hear their story.

Societal growth and development: When individuals and organisations set goals and achieve them, it
will translate to improvement in individual and group lives. This, concomitantly, will add up to
bringing societal growth and development.

WEEK 6: ECONOMIC INSTITUTIONS IN NIGERIA: BANKING AND INSURANCE

Specific Objectives: At the end of the lessons the students should be able to:

1. Explain the concept of banking/banking institutions

2. State briefly the origin of banking
3. Explain the function of banks
4. Identify the different types of banks and their functions
5. Define insurance
6. Give brief history of insurance in Nigeria
7. Explain principles of insurance/insurable risk
8. List the types of insurance/policies
9. Explain the reasons for/ importance of insurance

ECONOMIC INSTITUTIONS IN NIGERIA (BANK)

Economic institutions are organizations or companies that deal with finance and capital or with
managing the distribution of money, goods and services in an economy. Banks are good examples of
economic institutions.

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WHAT IS A BANK?
A Bank is a financial institution that accepts and handles deposit of its customers. It is a body of
persons, systems and processes that carry out the financial activities of accepting deposit from
customers and giving out loans to others in other to create wealth. It is also a place where money and
other valuables are kept for safe keeping.

ORIGIN OF BANKING
Banking has the same origin as money. Its origin started with the Goldsmiths in London in the 17th
century. The Goldsmiths had facilities for storing valuables. Therefore, they received gold and other
valuables from merchants for safekeeping and issued the merchants receipts in return. The merchants
soon began using these deposit receipts as a means of payment. This led the early banks to issue
banknotes of fixed denomination which were more acceptable generally.

TYPES OF BANKS/FUNCTIONS

CENTRAL BANK
The Central Bank is the highest financial institution in every country. In Nigeria we have the Central
Bank of Nigeria (CBN). It implements the monetary policy of the government. It is the sole authority
in the banking industry which acts as bankers to the government and the commercial Banks. Central
Bank controls and regulates the supply of money. Most countries have their own Central Banks
which work closely with the government in order to influence the credit policy of commercial Bank.
Its functions include:
1. It is the banker to the government
2. It is a banker's bank
1. It issues and controls currency (banknotes)
3. It is a lender-of-last-resort
4. It holds the foreign reserve of the country
5. It formulates rules and regulations guiding the banking industry.

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COMMERCIAL BANK
Commercial banks are financial institutions which accept deposits and other valuables from the
public for safekeeping with the sole aim of making profit. For receiving and keeping deposits of
customers, banks operate three types of accounts namely – Savings Account, Current Account and
Fixed Deposit Account. Examples of commercial banks in Nigeria are: First Bank of Nigeria PLC
(FBN), Union Bank of Nigeria PLC (UBN), United Bank for Africa PLC (UBA), Zenith Bank PLC,
Guaranty Trust Bank PLC (GTB), Access Bank PLC. Commercial banks perform the following
functions:
1. They accept deposit from the public
2. They lend money to customers with interest
3. They are agents for payment
4. They serve the purpose of safekeeping of valuables like certificates, documents, jewelleries
etc.
5. They issue travellers cheque
6. They perform foreign transactions
7. They create wealth for the economy
8. They provide financial advice

DEVELOPMENT BANK
Development banks are specialized banking institutions that provide long-term credit or loan to
enterprises for capital projects. They provide loans for project in the area of agriculture, commerce
and industry. Examples of development banks are: Bank of Industries, Nigeria Bank for Commerce
and Industry, Nigerian Agricultural and Co-operative Bank, etc. Development banks function in the
following capacities:
1. They provide fund for capital project
2. They enhance manpower development
3. The render special advice to customers
4. They supervise development projects
5. They undertake research to identify and fund critical areas of development

MERCHANTS BANK
Merchant Banks are institutions which perform specialized functions such as acceptance of bill of
exchange, issuance of loan for foreign trade transactions, issuance of new shares, provision of
medium and long-term loans etc. Example of a merchant bank in Nigeria is First City Merchant
Bank. The following are functions of merchant banks:
1. They give loan to traders involved in foreign trade
2. The advice companies
3. They provide long-term loans to customers
4. They issue new shares
5. They act as trust managers.

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MORTGAGE BANK
Mortgage banks specialize in granting long-term loans to individuals and corporate bodies for
building houses and estates. Such loans are repeat instrumental and can be spread over several years.
Mortgage banks accept deposits from the investing public at a rate of interest and use the fund to
lend at a higher rate of interest to people who wish to build or purchase their own houses. The major
mortgage bank in Nigeria is the Federal Mortgage Bank of Nigeria. It is government owned.
However, there are numerous private owned mortgage banks in Nigeria today. They function as
follows:
1. Acceptance of deposit
2. They provide long-term loans
3. They aid in the development of mortgage institutions
4. They give advice on housing matters
5. They provide house for people

COMMUNITY/MICRO FINANCE BANK

Micro-Finance banks (a.k.a Community banks) are set up to encourage saving habits among the
ordinary people and to help mobilize fund for financing small scale businesses. They largely function
like commercial banks with limited scope and lower interest rate for lending.

INSURANCE

MEANING OF INSURANCE
Insurance can be defined as an agreement whereby one party called the insurer, promises to
indemnify or pay another party called the insured a sum of money in the event of his suffering a
specified loss or damages.
It can also be defined as a system for providing financial compensation for the effects of losses; the
payments being made from the accumulated contributions of all parties participating in the fund or
scheme.

On the other hand assurance is the provision of cover against some eventuality which must occur at
some time in the future e.g. death of a person. It deals with events which must happen,

PRINCIPLES OF INSURANCE
The main principle of insurance is the pooling of risk. The insurer will collect premium from a group
of people who are likely to suffer similar risks; create a common fund from that and from which
compensation will be paid to anyone of the insured that suffers the anticipated loss. Insurance cannot
cancel out the risk rather it offers monetary assistance.
Insurance is also based on the following core principles:

1. Indemnity: Indemnity is the compensation given to the insured by the insurer in the event of his
suffering a loss. Under this principle, be restored to his former position before the loss occurred.

2. Insurable Interest: This is one of the principles of insurance which states that, one can only insure
properties that will bring loss or liabilities to him upon destruction. The properties of a neighbour or
friend cannot be insured by the individual.
27
3. Utmost Good Faith (Uberrimae Fides): This principle states that in any insurance contract, all
relevant information that will affect the validity of the agreement must be disclosed by the parties
involved.

4. Contribution: The principle states that where a person has insured a certain risk with many
insurance companies, he cannot claim compensation in full from each of the insurance companies.

5. Proximate Cause: This principle states that only the losses or liabilities which arise from the direct
and immediate cause of the event insured against are indemnified. There must be a link between the
loss suffered and the risk for which the insurance has been taken. For instance, Mr Ojo insured his
car against fire but the car had accident. The insurance company can only compensate if it is fire and
not accident.

6. Subrogation: Under this principle, once the insurer has given an indemnity for loss, he can take
over the subject matter of the insurance and the rights relating to it. The principle implies that the
insurance will company can take over the rights of the insured once he has been compensated. It may
the scrap of an accident car or a burnt house.

7. Abandonment: This principle states that property that has been insured may be abandoned in
certain cases if its actual loss appears to be unavoidable or if the cost of repairing the damaged
property will exceed their value. In such cases, the insured will inform the insurer that he wishes to
abandon the goods. Example is a constructive total loss under marine insurance.

HISTORY OF INSURANCE IN NIGERIA

Some forms of insurance schemes existed in Nigeria before the coming of western civilization. The
predominant system during this period was the organized social scheme which included the extended
family system, association of age grade and other unions.
The rationale behind this system was to ensure periodic contribution from members and to gathering
round any member that suffer a loss such as death, illness, etc. This form of social insurance is still in
existence in Nigeria among community groups.

In the 20th century, the British merchants introduced modern commercial insurance into West
Africa. In 1921, the Royal Exchange Insurance established the first insurance company with a branch
in Lagos. This company dominated the scene for 30 years until 1949 when other companies like
General Assurance Society and Tobacco Insurance Company Limited were established.

In 1950, indigenous participation in insurance business was enhanced with the establishment of
African Insurance. By the time Nigeria got independence, the number had risen to 25 and was mostly
owned by Nigerians. The National Insurance Corporation of Nigeria (NICON) was established in
1969 as a means by the Nigerian government to check the operators of insurance business.

Over the years, different insurance companies have emerged just as national legislations now abound
to regulate the sector. Some of these insurance companies include: Reinsurance Corporation of
Nigeria, Industrial and General Insurance (IGI), Lion of Africa Insurance, NICON, Amicable
Insurance etc.
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INSURABLE AND NON-INSURABLE RISKS

A. INSURABLE RISKS
Insurable risks are the type of risks which the insurer can make provision for or insure against
because it is possible to collect, calculate and estimate the likely future losses. Insurable risks have
previous statistics which can be used as a basis for estimating the premium. It holds out the prospect
of loss but not gain. The risks can be forecast and measured, e.g. Motor, Life, Marine, Insurance etc.

B. NON-INSURABLE RISKS
Non-insurable risks are the type of risks which the insurance company is not ready to insure against
simply because the likely future losses cannot be estimated and calculated. It holds the prospect of
gain as well as loss. The risks cannot be forecast and measured. Examples include: Loss of profit
through competition, Gambling, Launching of new product, Opening of a new shop, Change in
fashion, loss incurred as a result of bad management, Loss of profit through fall in demand etc.

TYPES OF INSURANCE
There are various types of insurance policies which an insurance company under-writes. They
include but are not limited to the following:
1. Goods in transit insurance: This is a type of insurance which covers against accidental damage
or loss to goods in transit. It provides compensation to the owner of goods if the goods are
damage or lost in transit. Goods sent by any means of transportation should be covered by this
policy Parcels, letters or luggage can also be insured under the policy.

2. Group Insurance: Group insurance is taken to cover a group of people or workers. These are
policies on collective basis, assuring members of a particular group such as a football team or a
group of employees of a firm. The insurer is liable of every one covered by the single policy.
Reduces the cost of administration and dependants will benefit if the worker is involve in an
accident. This policy also encourages employees to remain in employment.

3. Cash in Transit: Cash in transit policy provides compensation to the insured in the event of cash
being stolen either from the business premises, home or while being carried to or from the bank.
It covers cash taken outside to purchase goods and cash brought into the office for workers'
salary’ it may provide compensation to employees who may be injured during a robbery
operation.

4. Bad Debts Insurance: Bad debts are debts that are difficult to collect. Therefore, bad debts
insurance covers debts that may not be paid by the debtors to the business. The risk of non-
payment is the subject matter of this type of insurance. Here, the insurance company will
guarantee to protect the business against irrecoverable debts. This is taken by a firm to guide
against t or loss arising from misappropriation of by the employees in charge of cash, e.g.
accountants.

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5. Fidelity Guarantee Insurance: Fidelity guarantee is a type of policy undertaken by an
employer, insuring him against possibility of the dishonesty of an employee. The Object is to
provide cover against loss by reason of dishonesty of people holding positions of trust. This is
taken by a firm to guide against the risk or loss arising from misappropriation of money by the
employees in charge of cash e.g. cashier, accountants etc.

6. Export Credit Guarantee Insurance: The export credit guarantee insurance policy provides
cover for exporters against the major risks of exporting. It guarantees to cover exporters of goods
against the risk of bad debts as a result of goods sold to foreign buyers. Some uncertainties in
international trade, like bankruptcy of buyers, action of some foreign governments, e.g.
preventing performance of contract, trade restrictions, civil disturbances and exchange control
difficulties are also covered by this policy.

7. Aviation Insurance: All risks associated with the use of aircraft as a means of transport are
covered by the aviation insurance policy. The component parts and complete jumbo jets are all
insured in the aviation insurance market. The buyers are large commercial airlines, aircraft users
and private owners. The policy also covers the aircraft and the liabilities to passengers.

8. Accident Insurance: Accident policy guarantees the payment of compensation in the event of an
accident, causing death or injury. It covers protection for death or injury arising from accidental,
violent, external and visible means. It can cover personal accident, sickness, etc.

9. Motor Vehicle Insurance: The motor vehicle insurance policy provides for liability for death or
bodily injury to any person arising from the use of vehicles on the road. Compensation will be
paid to victims injured in road accidents, i.e., injury to the body and to the vehicle.

10. Marine Insurance: Marine insurance is a branch of insurance which covers losses or liabilities
relating to ship and their cargoes against the dangers or perils of the sea. This is probably the
oldest form of insurance. The perils of the sea include storm, tempest, collision, theft and fire.
Marine insurance policy is compulsory in international trade so that all goods passing through the
sea, including the ships must be covered by marine insurance. Lloyds of London is considered as
the largest marine insurers in the whole world.

11. Life assurance: Life Assurance is one important branch of insurance which is taken as a
protection against loss caused by the death of a person. This policy covers human beings and not
properties. The risk covered here will inevitably occur but the time of occurrence is what is not
known. If the life assured was suffering from serious illness at the time of taking out a policy
unknown to the assurance company, the latter may disclaim liability.
REASONS FOR/IMPORTANCE OF INSURANCE

1. Provides Retirement Benefits: Life assurance policy provides for a lump sum of money on
retirement. It is therefore a means of saving for the future.
2. Provides for Permanent Disability: The endowment policy makes provision for permanent
disability. It is also used to provide for old age and to make provision mal for any disability that
may arise thereof.
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3. Serves as Collateral Security for loans: Life assurance policy can be used as a collateral
security to obtain loan from banks.

4. Source of Loan Repayment: In the event of death, it can provide for loan repayment. It also
makes provision for the repayment of capital on the death of a partner.

5. Provides for Dependants: Life assurance policy provides for one's dependant in the event of
death.

6. It Facilitates International Trade: Insurance stimulates and facilitates international trade. This
is because marine policy provides cover for cargoes and vessels. The export credit guarantee also
guarantees credit sales.

7. It Offers Investment Opportunities: Insurance makes funds available for investment. A large
proportion of these resources are invested in the capital market where businessmen can obtain
loan. This helps in developing the country's economy.

8. Leads to Risk Reduction/Provision of security: Insurance helps to reduce or control loss or

liabilities of a businessman. It spreads the financial losses of the insured. Some small enterprises
would have collapsed as a result of major losses, but insurance always takes care of such
uncertainty. In fact, it indemnifies an insured in the event of loss or accidents.

9. It helps in Motivating Workers: Through group insurance policy, the workers are fully aware
of a secured future, hence they will work harder which will bring about higher productivity. A
highly motivating insurance coverage which workers benefit directly from while still in service is
health insurance.

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WEEK 8: NIGERIAN STOCK EXCHANGE

Specific Objectives: At the end of the lessons the students should be able to:

8. Define stock exchange

9. Explain the functions/ importance of stock exchange
10. Explain the procedures of transaction/organisation at the stock exchange
11. Explain the types of securities
12. Define securities and exchange commission (sec)
13. State the types/classification of shares
14. Explain the Rights And Liabilities Attached To Shares Of A Shareholder.
MEANING OF STOCK EXCHANGE
Stock exchange market is a highly organized capital market where investors can buy and sell existing
securities like shares, stocks, debentures, gilt edge etc. This is a market where those who are
interested in purchase of securities are brought into contact with the sellers. It serves as a source of
raising capital as well as a forum for financial investment. The market deals in old existing shares
only. New ones are not traded in it.
Quoted companies are organisations whose shares are quoted in the stock exchange market for
buying and selling. The Nigerian stock exchange market is found in Lagos with branches in Abuja
Port-Harcourt and Onitsha. It was established in 1960 through the Act of Parliament. Some of the
companies quoted in the market are: Nestle Food Nigeria Plc., Nigeria Breweries Plc., Guinness Plc.,
Unilever Plc., First Bank Plc, Dangote Sugar Plc, ABC Transport Plc etc.

Securities are investments which are traded in the stock exchange in order to yield income. They
may carry fixed interest rate, e.g. debenture. It is a general term for investments traded on, at the
stock exchange. Examples of securities are shares, stocks, gilt-edged, bond and debenture. The
income investors in this capital market get is called – Dividend.

FUNCTIONS/IMPORTANCE OF STOCK EXCHANGE

1. An Avenue for Raising Capital: Capital can be raised by companies and government through
the stock exchange. Through the stock exchange market fund or capital can be raised or
mobilized by companies and investors.

2. Provides Employment Opportunities: The stock exchange provides employment for brokers,
jobbers, clerks and others.

3. It is a Market for Investment: The stock exchange provides an avenue for people to invest in
any sector of the economy of their choice.

4. Provides Avenue for Government to Raise Fund: Government can raise fund by selling bond
or gilt-edge in the stock market.

5. Provides Information to Investors: Investors, especially foreign investors, can obtain necessary
information about the investment situation of a country from the exchange.

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6. Facilitates Transfer of Investment: Investors who want to withdraw from one company to
another can do so without any hindrance. An investor can withdraw his investment from a
company to invest in another company by merely trading his shares.

7. Encourages Companies to be more efficient: The market ensures that companies quoted in the
exchange have good reputation; this will gear up companies to perform well so that they can be
listed.

8. It provides Yardstick for Measuring Performance of Companies: The price quoted can be
used to measure performance of a business as only sound and efficient companies are quoted on
the stock market.

9. It leads to Increase in the Standard of Living: Investment opportunities will lead to more
income, which will affect consumption, thereby increasing the standard of living of the people of
a country.
PROCEDURES OF TRANSACTION/ORGANISATION AT THE STOCK EXCHANGE
Buying and selling at the stock exchange is facilitated by the brokers and jobbers. Not everybody is
permitted to trade directly at the exchange except the members. Only quoted companies that have
received approval from the council of the exchange can trade in this market.
The actual dealers in securities are the jobbers who tend to specialize in particular types of stock
while the brokers act as agents for potential buyers. A broker working on behalf of a client will
approach the jobber with the intention of knowing available stocks their prices. The jobber will then
quote for him two prices: higher price as the selling price and lower price as the buying price. When
the broker signifies his intention to buy, the necessary documents will be prepared to validate the
purchase. There are also the Authorized and Un-Authorized clerks as members of the exchange.

Broker: This is an agent who is professionally engaged in the purchase and the sale of securities in
the stock exchange on behalf of a client in exchange for commission called, brokerage. They act as
middle men between the members of the public who want to buy and sell securities and other
members of the exchange. Formally, they go through the jobbers to find out what the prices of the
securities are.

Jobbers: A jobber is a member of the exchange who is the actual dealer in securities. He transacts
business with the broker who is acting on behalf of the investors. Jobbers specialize in a particular
type of business. They buy and sell securities on their own for a profit called, jobber's turn. They
quote two prices: buying price and selling price. Jobbers cannot deal with members of the public.
They deal strictly with brokers and their work requires high degree of experience.

Unauthorized Clerk: An unauthorized clerk is an employee of the broker who is not allowed to
deal on the floor of the exchange. They neither have access to the floor of the market, nor can they
sell or buy securities. The unauthorized clerks are only given permission to assist members of the
exchange.

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Authorized Clerk: This is a clerk of the broker who under the regulations of the exchange, is
entitled to buy and sell on behalf of their employers. They can enter the exchange and act on behalf
of their employers. They are employed to transact business on behalf of their employers when they
are absent from the exchange.

TYPES OF SECURITIES

Shares: Shares can be defined as an individual portion of the company's capital owned by
shareholders. It is the interest which a shareholder has in a company. In other words, a share is a unit
of capital measured by a sum of money. A share also represents the mechanism by which the
shareholders of a company can have limited liability. They have single indivisible units, e.g. N250,
N50 etc.

Stock: Stock can be defined as the bundle of shares or mass of capital which can be transferred in
fractional amount. They are always fully paid, e.g. it can be quoted per N100 nominal value

Debentures: A debenture is a document which acknowledges a loan generally under the company's
seal, bearing a fixed rate of interest. It usually gives security for repayment of loan as well as the
interest. It can be described as a document setting out the terms of a loan to a company, i.e.,
certificate of indebtedness. Holders of debenture certificates have no voting rights.

Bond: A bond is a security issued by a government or its agency or private institution as a means of
raising fund. Bonds are usually due to be redeemed at some future date, and they carry a fixed rate of
interest.

Gilt-edge: Gilt-edge is a security sold by the government. It has a fixed rate interest. This type of
security is considered to be very safe as government cannot to pay its debts without settling it first.
Gilt-edge carries minimum risk in terms of repayment.

THE SECURITIES AND EXCHANGE COMMISSION (SEC)

The Securities and Exchange Commission (SEC) is the main regulatory institution of the Nigerian
capital market. It is supervised by the Federal Ministry of Finance. The Nigerian Stock Exchange
(NSE) is self-regulating, but the SEC maintains surveillance over it with the mandate of ensuring
orderly and equitable dealings in securities, and protecting the market against insider trading abuses.

TYPES OR CLASSIFICATION OF SHARES

Shares are classified into five (5) categories in Nigeria, which are:
Ordinary shares: These are shares that carry no special rights or obligations. The ordinary
shareholders bear the main risk in liabilities.

Preference shares: These shares have additional rights attached to them. The shareholders receive
fixed dividends every year. They benefit further from ordinary shareholders.

Deferred shares: This category of shareholders receives dividends only when all other classes of
shares have received a minimum dividend.
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Cumulative shares: In this class of shares, if the dividend is missed or not paid back in full then it
can accumulate and be paid when the company has sufficient distributable reserves.

Redeemable shares: These shares are issued only on the option that the company will buy them
back at a future date. The shareholders also have the option of selling the shares back to the
company.

RIGHTS AND LIABILITIES ATTACHED TO A SHAREHOLDER

1. The most important right of a shareholder is the right to receive a dividend (profit) whenever
dividend is declared. This is done based on the number of shares owned by the shareholder.
2. Right to attend meetings and contribute to the affairs of the company. This is possible by the
shareholders having the power to influence the management of the company, through the control
of the election of the board of directors.
3. A shareholder is entitled to vote in the proceedings of company’s annual or general meetings.
The most common voting right equates to one vote per share owned. It is an offence to issue a
share with no vote or more than one vote according to the Companies & Allied Matters Act.
4. Rights to inspect the company’s statutory books, and protect a proprietary interest in the
management of the company.
5. Rights to acquire more shares in the company. This is called pre-emptive rights. If the company
intends to issue out shares to the public, the shareholders have the right to purchase a specific
number of shares before it is offered to potential shareholders

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WEEK 9: GLOBAL/INTERNATIONAL COOPERATION

Specific Objectives: At the end of the lessons the students should be able to:

1. Define global/international cooperation

2. Explain the need for global/international cooperation
3. Describe the strategies/means of achieving global/international cooperation
4. Discuss the consequences/problems of global/international cooperation
5. Identify the problems/challenges of global/international cooperation

MEANING OF GLOBAL/ INTERNATIONAL COOPERATION

This is a system in which different countries team up or work together with the primary aim of using
their resources for the satisfaction of human needs and wants. It also means an agreement between
two or more countries to work together for the benefit of their citizens. The two major areas in which
countries of the world seem to be cooperating most are in the economic and socio-political spheres of
life.

Some international organisations which help to promote economic cooperation in the world are:

1. International Monetary Fund

2. International Bank for Reconstruction and Development- IBRD (a.k.a World Bank)
3. United Nations and its agencies like the following:
- The World Bank
- The United Nations Conference on Trade and Development (UNCTAD)
- United Nations international Development Organisation (UNIDO)
- World Trade Organisation (WTO) presently headed by Nigerian born Dr Mrs Ngozi
Okonjo-Iweala.
- United Nations Economic Commission for Africa (ECA)
4. Economic Community of West African States (ECOWAS)
5. African Union (AU)
6. European Union (EU)
7. Organisation of Petroleum Exporting Countries (OPEC)

REASONS FOR GLOBAL/INTERNATIONAL COOPERATION

1. Globalization
2. To promote commerce and trade
3. Development of social and cultural values
4. To promote international peace and security
5. Better distribution of world resources
6. Availability of products
7. World economic growth
8. Economic integration

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STRATEGIES FOR INTERNATIONAL COOPERATION
1. Signing of, agreements (Treaties) to have relationships in defined areas. Such agreements could
be bilateral or multilateral treaties. A bilateral agreement is one between one country and another.
When more than two countries are involved, it is known as a multilateral agreement. Such
agreements are usually in the areas of trade, education, culture, technology, etc.

2. Signing of Memorandum of Understanding (MOU). This is a legal agreement on a particular

subject or issue for an organization or a country.

3. Through Conventions: This is an official agreement between countries or leaders over an issue.
Example is the United Nations Conventions on the right of the child.

4. Through the use of Technical Aids Expatriates: This is the system of sending experts and
professionals from one country to go and serve in another country at the expense of their home
country.

5. Exchange programmes: This mostly happens in the education sector. In it, students from one
country go on an exchange programme to another country where they live for a period certain
(oftentimes one year) to learn the culture and way of life as well as the system in that other
country.

6. Through International Laws: Abiding to laws of the United Nations and other international
institutions is a key strategy for international cooperation.

CONSEQUENCES OF GLOBAL/INTERNATIONAL COOPERATION

1. Prevention and control of diseases: Recently, Global International Cooperation was mobilized
and utilized to the fullest to save the world of the pandemic of Corona-Virus which threatened
human existence between 2019 and 2020. The same cooperation was utilized in the past to also
check the threat of Ebola Virus, Small pox and Malaria. There also ongoing efforts through
international cooperation, championed by World Health Organisation, to contain the scourge of
HIV/AIDS.

2. It promotes economic development: The world has witnessed monumental growth and economic
development in many areas like Information Communication Technology, Education, Health care
delivery and tourism through international cooperation.

3. It helps in resolution of conflicts/disputes and avoidance of wars between nations: A typical

example is the peaceful resolution of the Bakassi Peninsular land dispute between Nigeria and
Cameroon by the International Court of Justice (a.k.a World Court)

4. It helps in the protection of fundamental human rights of citizens: (Rwanda Genocide

aftermath)

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5. It promotes educational, scientific and socio-cultural cooperation: The United Nations has been
in the fore front of achieving this goal through the activities of its numerous agencies such as
UNESCO, UNICEF etc. Such activities are ably supported by those of FIFA, UEFA, CAF,
FESTAC etc.

6. It promotes world peace and security: The UN again through its principal organs: the General
Assembly, the Security Council, the Secretariat and the World Court; have prevented many wars.
It has also intervened in many crisis or war situations through its peace keeping operations under
the blue Beret or Helmet.

7. Easy transportation and movement: Through international cooperation, people could move
easily from one country to another. This is enhanced by the airlines of each country which carry
passengers from one nation to other countries and places.

8. Better life and improved standard of living: International-trade, financial, technical and other
aids help to improve the standard of living of citizens of the nations cooperating.

9. Check on criminal activities: International cooperation also checks crime. Through the activities
of the International Police (INTERPOL), people who commit crimes and escape to other
countries are arrested anywhere in the world, regardless of where they run to. International
cooperation has helped Nigeria to get back monies siphoned by some past corrupt leaders. Some
political office holders from Nigeria and other developing countries have been arrested abroad
through international cooperation. A recent example is the Nigerian born Cyber-Crime fraudster
– Ramon Abbas (a.k.a Hushpuppi).

PROBLEMS AND CHALLENGES OF INTERNATIONAL COOPERATION

1. Forced dependence of the developing on developed countries: International economic

cooperation in the world today is skewed in favour of the developed 1st world countries against
the developing or underdeveloped countries. This scenario ultimately creates a culture of
dependence of the latter on the former especially in the areas of finance, capital and technical
expertise. This creates a Master-Servant relationship which is not good for developing countries.

2. Growth imbalance in the economy: International cooperation which encourages specialisation in

one sector of the economy may lead to growth imbalance in the economy. Excessive
specialisation in one sector of the economy may lead to the neglect of other sectors. For instance,
a country that produces agricultural products cheaply may tend to concentrate on producing

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 them, thereby neglecting the manufacturing or mineral resources sector. Therefore, there may be
an excessive development of one sector at the expense of other sectors.

3. Debt Peonage: Many developing countries have been foisted with heavy debt burdens by the
developed creditor nations. This situation has handicapped every developmental effort by these
debtor nations. Our dear country Nigeria is in this ugly web of being tied to the apron string of
developed countries through heavy debt burden.

4. Collapse of local industries: It may lead to the collapse of industries and generate
unemployment. The young industries in a country may not be able to withstand the competition
from imported foreign goods. The imported goods are usually cheaper and of higher quality than
similar commodities produced locally.

5. Dumping of Inferior, dangerous goods: Because of the way international economic cooperation
is skewed against the developing countries, many of them are now at the risk of becoming
dumping grounds for inferior and injurious sub-standard goods from the industrialized countries.

6. Difficulty of enforcement: One major challenge consistently encountered in Global/International

Cooperation is the problem of enforcing decisions reached by international organizations. This is
because such decisions are often based on persuasion.

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