.

©Deeper Life High School. 2023

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 SCHEME OF WORK

WEEKS TOPICS CONTENT

1 COMMUNICATION (a) Satellite, Nigeria SATI and SATII, Global
system of mobile telecommunication (f) Courier
services. (g) computer appreciation (h) internet
(d) e-mail
2 ADVERTISING (a) Meaning and role (b) Types of advertising:
informative; Persuasive; Competitive; Mass and
specific (c ) Method of advertising: Direct and
Indirect

3 ADVERTISING (d) Media of advertising: cinema; Windows

display; catalogues; Hoarding (bill boards), etc.
(e) Advertising advantages and Disadvantages (f)
Reason forConsumer protection in advertising.

4 TOURISM (a) Definition and meaning of tourism (b) Forms

of tourism (c) Advantages and Disadvantages of
tourism.

5 TOURISM (d) Tourist centers (i) in the locality (ii)in Nigeria

and (iii) other places

6 INSURANCE (a) Definition (b) History (c) Basic principles (i)

insurable interest (ii) indemnity (iii) Utmost good
faith (iv) subrogation.

7 MID-TERM BREAK

INSURANCE (d)Types of insurance(i) Life insurance: Whole

8

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 life assurance; Endowment(ii) Non-life
insurance:-Motor vehicle; Fire; Fidelity;
Burglary/robbery/theft; Accidents;
consequential loss; Marine; Exporter.

INSURANCE (e) Underwriting- (i) Reinsurance Corporation of

9 Nigeria (f) Types of risks: (i)Fundamental risks

(ii)particular risks (iii)Speculation risks (vi) Pure
risk

10 BANKING (a) Central bank of Nigeria (CBN): Origin and

Functions.

11 REVISION

12 EXAMINATIONB

13 EXAMINATION

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WEEK: ONE

TOPIC: COMMUNICATION

LESSON OBJECTIVES: By the end of the lesson, the students should be able to:
1. Define satellite and its functions
2. Explain Nigerian SATI, SAT II, Nigerian SAT-X, Global system for telecommunication
3. Differentiate between Computer appreciation, Internet and Email.

ENTRY BEHAVIOUR: The students have heard about satellite

SUB-TOPIC 1: satellite and its functions

CONTENT:
A satellite is an object that orbits or moves round another object. Satellites may be
natural (such as planets and moons) or artificial such as the communication satellite
(COMSAT). A satellite is a communication equipment which is deployed and stationed
in the space to send signals to different countries of the world. Satellites are systems
of global transmission of signals from one place to another. With the satellite, it is now
possible for live telecast of an event in Lagos to be viewed in America, e. g. an
international football match. Satellite enhances the work of NITEL as messages are
sent and received in many countries of the world, especially those that are members of
International Satellite Communication.
Functions of Satellites
1. Satellite provides telephone and television links among nations of the world.
2. It ensures international or global transmission of messages.
3. It ensures that live events are covered and watched simultaneously all over the
world.
4. Video conferencing meetings are made possible by satellite television
transmission.
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 5. It helps in international cooperation and interaction.

PRACTICE EXERCISE:
1. ------------- Is an object that moves round another object
2. COMSAT stands for ----------------
3. With --------- it is possible to get global transmission
4. Satellite provides ------ and ------- links among Nations
5. Live events are watched simultaneously with the help of --------------

ESSAY
1. Define a satellite
2. What is the full meaning of COMSAT ?
3. List three functions of satellites.

SUB-TOPIC 2: Nigerian SATI, SAT II, Nigerian SAT-X, Global system for
telecommunication

CONTENT:
NIGERIA SAT-1, NIGERIA SAT-2 AND NIGERIA SAT-X
The Nigerian Satellites are known as Nigeria Sat-1, Nigeria Sat-2, and Nigeria Sat-X.
In September 27 2003, Nigeria launched into space, a satellite named Sat-1. It had a 5
year lifespan, so that it was to last till 2008. However, Nigeria Sat-2 and Nigeria Sat-X
were launched into orbit form Russia on the August !8, 2011. The Nigerian satellites
are part of the world-wide Disaster Monitoring Constellation System which is a fleet of
separately owned small satellites coordinated by DMC International Imaging Limited
for daily global monitoring. Nigeria sat-2 and X, have five years lifespan as well.
Nigeria Sat-2 is more advanced in technology and is the most advanced satellite of its
kind in the global community.

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 The main objective of Nigeria Sat-1, and Nigeria Sat-2 and Nigeria Sat-x is
disaster monitoring. Data from the satellites are used within Nigeria to monitor
pollution, land use and other medium-scale phenomena. Images of the country
obtained from the satellites are beamed back to the control station for use by the
government.
PURPOSE OF NIGERIA SAT-1, NIGERIA SAT-2 AND NIGERIA SAT-X
❖ To give advance warnings of natural disasters like floods, earthquakes, volcanic
eruptions and storms.
❖ To prevent or manage the occurrence of man-made disasters like oil pollution,
desertification, erosion etc.
❖ It is used for mapping, land use planning and management of sustainable
grazing etc.
❖ Information from these satellites is used in solid mineral exploration and
exploitation, including general geological mapping and map update or revision.
❖ To provide the technology needed to bring education to all parts of the country
via distant learning.
❖ They could be used in public health delivery
❖ For local and regional planning for tourism and its potentials.

GLOBAL SYSTEM FOR MOBILE TELECOMMUNICATION (GSM)

Global system for Mobile Communication is the most popular telephone globally. It is a
globally accepted standard for digital cellular communication. Mobile services based on
GSM technology were first launched in Finland in 1991 and it is said to differ from its
predecessor technologies in the sense that both signaling and speech channels are
digital. Its technology operates in such a way that, when a call is made, the sound and
information are digitized and compressed into data packets. When the data packets
get to the receiving end, they are reassembled into usable sound and data. In other
words, voice is digitally encoded via and encoder that emulates the features of human
speech. It operates at either the 900 MHz or 1800 MHz frequency band. GSM uses a
variation of time division multiple access of the three digital wireless telephone
technologies (TDMA, GSM, and CDMA).
Today, more than 690 mobile networks provide GSM services across 213 countries
and GSM represents 82.4% of all global mobile connections.
COURIER SERVICES

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Courier services are services rendered by corporate bodies to collect, transport and
deliver important documents safely, securely, and efficiently in any part of the world by
land or air. The courier industry has well qualified and efficient personnel to cope with
the expanding business. The main objective of courier companies is to ensure that
sensitive documents get to their destination safely and on time. Examples of courier
companies in Nigeria are DHL, EMS, IAS, ETC.,
Functions of courier services
1. Some of the courier companies offer a 24 hour or next-day delivery of important
documents. These services suit many organizations that place premium on the
urgent delivery of their messages , documents and materials
2. Courier service ensures that important documents are delivered safely and on
time.
3. Courier services are more reliable compared to postal services.
4. Courier services are more personal and cordial compared to the post office.
5. It ensures that tender documents are delivered safely and on time.
6. It reduces the issues of pilferage, mishandling, misplacement, and damage
associated with the post office.
7. Most courier firms are involved in the transporting of cargoes either through the
air or sea.
8. It facilitate the movement of data for oil companies between drilling rigs and
analysis centres so that decisions involving huge amounts of money can be
made quickly and with all evidence available.

DIFFERENCES BETWEEN COURIER SERVICES AND PUBLIC POSTAL SERVICES

COURIER SERVICES PUBLIC POSTAL SERVICES

1. Service is faster and reliable Service is not as fast and reliable

2. Higher charges for service Lower charges for service
3. Longer hours of service Shorter hours of service
4. Provide insurance cover for Documents are not insured
documents
5. Provide door-to-services Do not provide such services
6. Services are rendered by Services are rendered by
private individuals government enterprises
7. Documents are safe and Documents are not as safe and
secured. secured as courier.

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PRACTICE EXERCISE:
1. The Nigerian satellite is known as -------------
2. In --------- year Nigeria launched her satellites into the space
3. The main purpose of Nigeria SATs is to ---------------
4. GSM stands for ---------------
5. ------------- are services rendered by corporate bodies

ESSAY

1. State five functions of courier services.

2. Briefly explain Global System for Mobile Telecommunication.
3. Give five functions of courier services.

SUB-TOPIC 3: Differentiate between Computer appreciation, Internet and Email.

CONTENT:
A computer is an electronic device that accepts data as input, processes it, and gives
the required information as output. From the definition, the four components,
peripherals, devices or accessories of a computer can be identified. They are input,
processor, memory and output unit.
In our world today, computers have, in many ways, affected our lives. Computer has
made life much easier in education, banking, journalism, accounting,
telecommunications etc.
BRIEF HISTORY OF COMPUTERS
Computers were first made in the 20th century. The history of the modern computers is
classified into four generations.

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 1. First generation (1945-1955): it is characterized by the vacuum tube (thermionic
valve) as its major functional electronic component.
2. Second generation (1955-early1960s): characterized by the transistor which
replaced the vacuum tubes as they were faster, smaller and emitted less heat.
3. Third generation (19560s-1970s): was a major breakthrough in computing
research with the advent of the IC (integrated Circuit) where hundreds of
transistors could be integrated into a tiny silicon chip.
4. Fourth generation: (1970s-till date): was a further development on the IC with
a very large scale integration of thousands of transistors on a single chip. (The
Personal Computer is a fourth generation computer).

Types of computers
Computers today are categorized based on size, cost and performance.
Supercomputers: These are the largest computers in terms of size, memory, data
processing capability, speed as well as price. Scientists in weather forecasting, oil
exploration, etc use super computers to make complex calculations.
Mainframe computers: Mainframe computers are the next largest, although most
mainframes are a group of computers working together as a family rather than a single
computer. The memory capacity is very high as well as processing capacity and
capability. Large organizations like airports, power stations, population commission
make use of mainframe computers.
Mini computers: They are the third largest. Minicomputers were developed for
handling specialized tasks. They are special purpose computers that are not for
general application.
Micro-computers: they are designed for personal use at home or in the office. It is
often referred to as a PC (personal Computer). Examples are desktops, lap-
tops/notebooks, palm-tops, Ipad, Android, organizers and calculator.
Uses of computer.
i. To do word processing
ii. To do data processing which involves: calculating, sorting, classifying,
summarizing.
iii. To provide information needed for decision making
iv. To store information.
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 v. In banks, it is used to keep record of customer accounts and for dispensing
money.
vi. To do weather forecasting etc.

INTERNET
The internet is a networking infrastructure that connects millions of computers and
computer network all over the world, thereby forming a network through which any
computer can communicate with any other computer that is connected to the internet.
Internet is a global network of computer which communicates, using a common
language. It is similar to the international telephone system, except that no one owns
or controls the network. Information can be retrieve from millions of sources, e. g.
schools, governments. The purpose of the internet is to share information either by
sending or receiving of particular information. The internet can only be accessed
through a computer connected to the internet or by means of a modem linked to a
telephone line (Mtn, Glo and Etisalat modems) or through a satellite network(VSAT).
There are a number of services offered on the internet. These services are: e-
mail, chat, search engine, e-commerce to e-learning.
E-MAIL
E-mail which means electronic mail is one of the services rendered on the internet. It is
a method of exchanging digital messages. Messages can be sent to another person,
electronically through the internet. The sender must know the e-mail. There are a
number of electronic mail organizations on the internet that render e-mail services.
Examples are Google, Yahoo, Hotmail, etc.

PRACTICE EXERCISE:
1. Computer is ------------------------------
2. The first generation of computer existed for which year to which year ?
3. Computer is used to process ----------------
4. --------------- is a networking infrastructure
5. An electronic means of sending messages refers to --------------------

ESSAY
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 1. What is computer?
2. List four types of computer
3. Differentiate between internet and e-mail.

CONCLUSION
TOPICAL TEST:
1. One of these is Not the Nigerian traditional means of communication A. letter writing b.
metal gong c. fire smoke d. battle sword e. sign posts
2. Which of the following may not be a use of geo-satellite stations like Sat-2, to Nigeria?
A. electoral reform b. boost to tourism c. environment al monitoring and management d.
transportation e. population and urban development.
3. The regulatory authority for Nigerian telecommunications is the a. central bank of
Nigeria. B. Federal Ministry of Finance. C. Nigerian Communications Commission d.
Securities and Exchange Commissions. E. Nigerian Communications Regulation and
Monitoring Agency
4. The history of the modern postal system in Nigeria, dates back to ………….. when the
first post office was established by the British Colonial masters. A. 1590 b. 1950 c.1600
d. 1852 e. 1962
5. ……………….. is a method of exchanging digital messages. A. air mail b. e-mail c. mail
d. telegram e. post.
6. Computer is a device that ------------- A. store information B. expose data C. Build
D. cause problems E. all is correct.
7. The first generation of computer existed for which year to which year ? A. 1945 –
1955 B.1934 -1943 C. 1899 – 1913 D. 1814 – 1840 E. 1950 – 1960.
8. Computer is used to process ---------------- A. food B. data C. growth D. driving E.
the brain
9. --------------- is a networking infrastructure that connect millions of computers A.
robotic B. network C. internet D. computer E. cleverboard.
10.--------- is an electronic means of sending messages A. letter writing B. computer C.
e-mail D. laptop E. communication.

ESSAY
1. Write out five importance of Nigeria SAT-1, Nigeria SAT-2 and Nigeria SAT-X
2. List five functions of courier services.
3. List and describe five ways by which the post office aid business
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GLOSSARY OF TERMS / KEY WORDS / VOCABULARY:

PUZZLES / BRAIN TEASER:

(Each topic should be enriched with worked examples, images, past WAEC SSCE/NECO
SSCE / BECE JSCE questions.)

INSPIRATIONAL QUOTES:

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WEEK: TWO
TOPIC: ADVERTISING
LESSON OBJECTIVES: By the end of the lesson, the students should be able to:
4. Define advertising and role
5. Explain the types of advertising
6. Differentiate between direct and indirect advertising.

ENTRY BEHAVIOUR: The students have heard about advertising

SUB-TOPIC 1: Advertising and role

CONTENT:
Meaning of advertising.
Advertising means calling the attention of members of the public (audience) to a product, service or
an idea in order to induce them to buy. Advertising can also be defined as any paid from of non-
personal communication of ideas, goods or services conveyed through media channels. It is non-
personal because it is targeted to a group of individuals and not at a named individual.
Roles of advertising
The aims, roles, objectives or purpose of advertising are outlined below.
1. Advertising makes potential consumers to be aware of the existence of a new product, service
or idea and the continued existence of older ones.
2. Advertising compels producers to improve the quality of their goods and services in order to
hold their grounds in a stiff, competitive market.
3. It educates the public on the benefits derivable from the use of a particular product.
4. It creates and increases the demand for goods and services: advertising stimulates demand by
constantly reminding potential consumers about the availability of the product in the market.
5. It influences wholesalers and retailers to stock the advertised goods.
6. It increases the Firm’s turnover: advertising facilitates sales for a firm, and as a result the
turnover and profit of a business may be enhanced.
7. Development of large Market: advertising creates large market segment which leads to the
development of larger markets.
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 8. Provision of technical information about a product: advertising provides information that is
needed by the consumers. Such information as quality, price, changes and special offers are
provided by advertising.
9. It helps to improve the quality of goods: research can be embarked upon to improve quality of
products in order to outplay competitors.
10. It create brand Loyalty: the demand of the customers can be maintained by constantly
arousing their interest on a particular product and this will no doubt create brand loyalty.

Basic Concepts of Advertising

i. Theme: The message the advertiser wishes to communicate
ii. Target: The target audience
iii. Advertising Medium: Medium through which the message is passed. Eg. Radio, television
and newspaper
iv. Frequency: The number of times an advert is delivered
v. Reach: The size of the audience that has seen or heard advert.

Role of Advertising
i. To introduce new products
ii. To persuade customers to buy
iii. Creation of demand
iv. To educate the people on the uses of a product
v. It promotes the image of the firm
vi. It increases the firm’s turnover
vii. Development of large markets
viii. Provision of technical information about a product

PRACTICE EXERCISE:
1. ------------- Is a means through which goods are made known to the society
2. Audience refers to ----------------
3. With --------- people will be aware of a new product in the market
4. ------ and ------- are basic concepts of advertising
5. Customers are simultaneously attracted with the help of --------------

ESSAY
1. What is advertising
2. State 5 roles of advertising.
3. Mention three concepts of advertising.

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 SUB-TOPIC 2: Types of advertising
There are five types of advertising. They are:
1. Informative advertising.
2. Persuasive advertising.
3. Competitive advertising.
4. Mass advertising.
5. Specific advertising.

Informative Advertising
This is a kind of advertising which is aimed at disseminating information that will make consumers
know about the availability of goods and services. Informative advertising gives detailed information
about the goods or services available and leaves the buyer to decide, without persuasion, whether or
not they wish to buy. An informative advertisement contains useful information such a specification,
sizes, colour and material. This type of approach can also be used in public relations and image
creation.
Informative advertising is used in government and public services information, for example, bus
services information, changes in postal charges, or the dangers of smoking tobacco. This kind of
advertising still uses some aspects of persuasion. It is good for introducing new products or job
vacancies.
Persuasive Advertising
Persuasive advertising aims to encourage consumers to purchase. The advertiser uses
advertisement that are visually attractive and which appeal to the customers’ feelings and emotions.
Persuasive advertising invites the public to buy or patronize a product or services irrespective of what
their attitude may be towards such a product or service. It is directed to audience to influence them to
take an action that will lead to an instant result. The major aim of persuasive advertising is to create
more market for a particular product.
Competitive Advertising
Competitive advertising aims to encourage the buyers to purchase the goods or services of the
advertiser in preference to their competitors. It is to stimulate interest of the audience in a particular
brand or brands of products or service than others. This type of advertising is used to fight a
competitor, that is, to persuade customers to buy a manufacturer’s products or service rather than
buy a similar product mad by another manufacturer. An example is an advertisement urging
consumers to buy Milo instead of Ovaltine.
Mass advertising

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Mass advertising is designed to reach large numbers of people, for example, through mass media
such as television and newspapers. Sometimes a group of advertisers (or a whole industry) will
combine together to advertise a common product and create a combined advertising campaign, for
example, an advertisement to the public to buy iodized salt to prevent deformities in the body. Mass
advertising is meant to minimize cost of advertising. This type of persuasive advertising is sometimes
referred to as generic advertising.
Specific advertising
Specific advertising is about advertising a product, service or idea to a specific target audience. For
example, a company selling fishing equipment will focus their advertisements in fishing-related
magazines and journals.

PRACTICE EXERCISE:
• There are ---------- types of advertising
• --------- gives customers information about a new product
• A group of advertisers of goods and services refers to --------- type of advertising
• --------------- type of advertising encourage customers to buy
• An advertising type that have a target audience is -------------

ESSAY
1. State five types of advertising and explain.
2. Differentiate between persuasive and informative advertising
3. Explain specific advertising

SUB-TOPIC 3: Methods: Direct and Indirect advertising.

CONTENT:
Method of advertising
1. Direct advertising is a method of advertising that is directed to a particular target audience or
a particular market. This method of advertising is directed to a group of class of people who
make use of a particular product. This process of advertising calls for using various sales and
marketing tools to present consumers with the opportunity to do business directly with the
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 company. This includes the mass distribution of promotional messages, for example, through
direct mail shots, telephone sales and internet. E-mail advertising, point-of-sale advertising,
word of mouth, and circulation of leaflets, are examples of direst advertising.
2. Indirect advertising is the opposite of direct advertising that is aimed at members of the
public or the generality of audience and not at any particular section or class of people. Indirect
advertising is mostly used to pass across general information to the people. For example, the
advertisement to buy locally made goods

PRACTICE EXERCISE:
1. Another word for ways of advertising is ------------------------------
2. There are ------------- methods of advertising
3. ----------------- directed to a group of class people
4. A marketing tool that attract attention of customers is ------------
5. Lack of direct advertising can result to -------------

ESSAY
1. Mention the methods of advertising
2. Explain the methods of advertising
3. Explain five roles of advertising.

CONCLUSION
TOPICAL TEST:
1. Branding is a good example of a. informative advertising b. marketing mix c. persuasive
advertising d. consumerism e. competitive advertising.
2. Information about new goods is passed on to buyers through a. wholesale trade b. retail trade
c. market research d. advertising e. the manufacturer.
3. All advertising campaigns for consumer goods must pay attention to a. cinema advertising b.
radio advertising c. point of sale d. door to door sale e. neon sign.
4. Which of the following advertising media combines the advantages of sound and motion? A.
radio b. neon signs c. press d. hoarding e. television.
5. The main criticism of advertising is that it a. leads to increase in the size of the market. B.
leads to war of brands c. increases the price of products d. decreases employment
opportunities e. uses bad language.
6. The form of advertising which aims at winning the market for one particular brand is known as
a. informative advertisement b. generic advertisement c. persuasive advertisement d.
competitive advertisement e. direct advertisement.

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ESSAY
1. List and explain four types of advertising.
2. List and explain 2 methods of advertising

GLOSSARY OF TERMS / KEY WORDS / VOCABULARY:

PUZZLES / BRAIN TEASER:

(Each topic should be enriched with worked examples, images, past WAEC SSCE/NECO
SSCE / BECE JSCE questions.)

INSPIRATIONAL QUOTES:

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WEEK: THREE

TOPIC: ADVERTISING
LESSON OBJECTIVES: By the end of the lesson, the students should be able to:
1. Explain the Media, of Advantages and Disadvantages of
advertising
2. List Reasons for protecting the consumer

ENTRY BEHAVIOUR: The students have heard about advertising

SUB-TOPIC 1: Media, of Advantages and Disadvantages of advertising

CONTENT:
Media or Means of Advertising
Advertising media are means through which information concerning goods and services are
conveyed to the audience, target market or the general public. The following are the available
advertising media:
1. The press, (newspapers, magazines, journals and books)
2. Television
3. Radio
4. Cinema
5. Hoarding(billboards)
6. Catalogue
7. window display
8. Exhibitions and trade fairs
9. Free samples
10. Posters and handbills.

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The press/print Media: the press (newspaper, magazines/journals and books) as advertising media
appeal to a general audience because of the extent of circulation which is usually throughout a
country and beyond.
I. NEWSPAPERS: These exist on daily and weekly basis. There are various types which
have national and local coverage and can be bought at cheap prices. They are good for
goods and services which are in general use. In Nigeria, The Guardian and The Punch
are some of the newspapers.
II. MAGAZINES/JOURNALS: These are on weekly, monthly or quarterly basis. They can
be read by any one or certain classed of people or readers in a particular profession.
Magazines appeal to the general audience as well as special groups-men, women,
sports lovers, etc. Nigerian magazines include: Ovation, Newswatch, and Christian
Women Mirror etc.
III. Books: These provide an excellent medium for product advertising as they are widely
circulated and it has a long lifespan. They could be targeted at special or general
audience, depending on the subject matter of the book.

Advantages of print/press media

1. They appeal to general audience as well as special groups.
2. They have a wide range of coverage.
3. Pictures of the product are displayed in an attractive way thereby appealing to the viewers.
4. They provide opportunity for daily and continuous advertising.
5. Print media can be read as many times as possible
6. The print media provide opportunity for multiple readership

Disadvantages of print/press media

1. Print media appeal to only the literate in the society. This means that advertising can only
cover a limited number of people.
2. They are expensive because of the high cost of advertising.
3. Magazines and journals have low frequency.
4. They cannot be used to get urgent result from consumers.
5. Their flexibility is limited

Television Advertising
This is an advertising medium which is audio-visual in nature attracting the largest audience.
Television advertising is a very effective way to reach people who have access to television sets.
Advertisers study the television programmes that attract the largest number of viewers and place the
advertisement during such programmes. Thus television advertising is effective for manufacturers
whose products are distributed and used nationally.
Advantages of television advertising
1. People are able to see the actual shape, form and colour of the products.
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 2. Television advertising appeals to two senses i.e. sight and hearing. Thus the audience sees
the product and listens to its uses.
3. The television has a wide coverage.
4. Viewers pay no extra cost to watch television advertisement as in the case of newspapers.
5. Effectiveness: This means of advertising is very effective because the viewers can see and
hear the advertisement.
6. Audience convenience: Audience can sit at the comfort of their homes to watch television
advertisement.

Disadvantages of television advertising.

1. Expensive: The cost incurred in placing adverts on television programmes is high
2. The range of coverage is limited to only the literate audience that is those who can read and
write.
3. Power outage: Irregular power supply can hinder viewers from seeing and hearing about the
advertisement.
4. Pictures and demonstration in television adverts are too brief to pass the message across.
5. Dishonest or unscrupulous advertisers use electronic techniques to play photo tricks to give
undue credits and exaggerate the performance of the product

Radio advertising
Radio is about the most effective medium of advertising because of its wide coverage. Radio
advertising can be done in local dialects and languages and also in English Language. Advertisement
on the radio can be done in many slots, i.e., many times depending on how much is paid by the
advertiser and the number of times the advertiser wants it to be aired.
Advantages of radio advertising.
1. Wide coverage: Radio advertising has wider coverage because many people in the urban and
rural areas have access to this means of advertising.
2. It is cheap in terms of cost: it is cheaper to advertise on the radio, compared with other media
of advertising.
3. Flexibility: Due to its mobility, radio advertising is suitable for travelers and driver. Workers can
also listen to radio in their offices and workplaces.
4. Advertising can be made in local languages for the benefit of uneducated people.
5. Radio advertising is not faced with the problem of power outage because batteries can be
used to power radios.

Disadvantages of Radio Advertising

1. Illustration/demonstration: In radio advertising; pictures and demonstrations on how the
product is used cannot be seen.
2. It gives short message which may be too brief to have any effect on the audience.
3. There is lack of excitement

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 4. Radio advertising has only audio effect as it appeals only the sense of hearing.

Cinema Advertising.
Cinema advertising is done on the cinema screen before the beginning of the film show or at
intervals. Cinema form of entertainment in Nigeria attracts large audience among the youths and as
such is good for reaching the young adult market with products and services like soft drinks and
cosmetics. It has the following features: colour, sound, large screen etc.
Advantages of Cinema Advertising
1. Cinema makes it possible to see and hear information about the product at the same time
2. Advertisement on cinema is more sensitive and captivating.
3. Since youths constitute the audience, advertisement can be directed to a target market.
4. The advertisement appears in distinctive colours.
5. The benefit of large screen with magnified images makes the advertised messages more real.

Disadvantages of Cinema
1. There is low audience reach since many people do not attend cinema house.
2. When there is a power failure, advertisement cannot be watched
3. Photo tricks and exaggerations about a product can also mislead the viewers.
4. They are not common in rural area.

Hoarding (billboard) advertising

Hoarding is a form of outdoor advertising in which large posters painted bulletins that use bright and
flashy colours are mounted on special structures called hoarding or billboards located at suitable
places by the road, market place, roundabout and motor parks, e.g. Afro media erect structures and
leases the space out to advertisers. This provides the advertiser with the largest colorful2 display of
its product.
Advantages of Hoarding
1. It provides very large colourful display of a product.
2. It has good reach and frequency.
3. It is good for creating awareness.
4. It is effective for illiterates as large pictures can transmit the message.
5. There is geographical selectivity

Disadvantages of Hoarding
1. There is limit to the message.
2. There is legal restriction.
3. It is expensive.
4. It is not possible to get reliable data on the number of people reached by the advertisement.

Window Display Advertising

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Window display is a form of advertising in which goods are carefully arranged and displayed on
window shelves in a shop. The goods displayed behind transparent glassed attract customers which
may lead to impulse buying.
Advantages of Window Display Advertising
1. It is appealing and persuasive.
2. It can bring about impulse buying.

Disadvantages of Window Display advertising

1. It is expensive
2. It has a limited reach.

Catalogues
Catalogues are booklets containing a range of wide products and services provided by a company. It
also contains coloured photographs, features, descriptions and prices of goods produced by a
particular company. This kind of advertising is ideal for producers in distant countries and town who
deal mostly in mail order business. The catalogues are placed in showrooms where goods are
displayed or are sent to customers for them to make choice of goods.
Advantages of catalogue Advertising
1. Catalogues are always colourful and attractive. This will definitely stimulate buyers’ interest on
the product.
2. Catalogues gives information about a product to customers.
3. Catalogues are movable. It can be sent to customers. It can be sent to customers. It can be
moved from one place to another unlike other means of advertising.
4. It is persuasive in nature.

Disadvantages of catalogue advertising.

1. Catalogues are expensive to produce and circulate because of the weight and increasing
postal rates.
2. Circulation of catalogues is limited because only customers in the firm’s list and whose
addresses are known are sent catalogues, and potential customers who apply for catalogue to
be sent to them.

Exhibition and Trade fair Advertising

Exhibitions and trade fairs are avenues for displaying goods to promote sales. They can be held
annually and they normally attract national and international exhibitors. Different countries and firms
display their goods in their stand. A good example is the Lagos International Trade Fair. They attract a
very large audience and enable the product to be displayed, tested, dismantled and adjusted.
Advantages of Exhibition and Trade Fair Advertising
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 1. It is good for industrial marketing
2. It enables the product to be displayed, tested and operated.
3. It attracts a very large audience.
4. It attracts a wide range of producers and customers from home and abroad.

Disadvantages of Exhibition and Trade Fair Advertising

1. They are doubly expensive to organize since it employs other media such as print and
electronic media in the course of organizing the trade fair and exhibition.
2. Potential customers spend both time and money to attend the trade fair and exhibition
3. They are organized only occasionally.

Free Sample Advertising

Free sample is a medium of advertising in which the manufacturer distributes samples of its product
to members of the public so as to test the products. This is the most effective way of advertising a
new product, but it is very expensive.
Direct mail Advertising
It consists of any advert sent through the mail to specific people. It includes cards, letters, circulars
and booklets. Direct mail advertising becomes handy when the advertisement is to be directed to a
limited number of people falling into certain defined group. The cheapest medium is often the circular
distributed by post. The people to receive the message are selected and communicated to directly.
Advantages of Direct Mail Advertising
1. More information is conveyed.
2. There is high selectivity since the persons to receive the message are selected and
communicated to directly.
3. It is the most flexible of all the media of advertising.
4. It is very effective as there is always higher percentage of response.
5. The needs of consumers can be conceived and personalized.

Disadvantages of Direct Mail Advertising

1. It is relatively expensive
2. It is sometimes viewed negatively.
3. There may be delay in delivery.
4. There may be the problem of selectivity.

The Internet
The internet is a global communication network. It simply means international Network which has
been shortened to internet. The internet is a fast global network that connects local, international and
wide area networks. This makes possible for millions of people to pass, send and see information
globally at any time and at any place. The internet is operated through the computers, handsets, and
other telecommunication devices.
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Advantages of Internet
1. The internet has the widest coverage as a means of advertising. It covers local, national and
international audience and users.
2. Cheap to use: The internet is about the cheapest advertising media to use and access.
3. Full information: The internet provides detailed information about goods and services.
4. The internet links people together irrespective of location, state, country and continent.
5. Goods and services are demonstrated and illustrated on the internet. This provides
opportunities for people to make choices of their purchases.

Disadvantages of Internet.
1. It is meant for educated people: the internet can only be used and accessed by the educated
and computer-literate people.
2. Congestion on the network is a major problem while using the internet. Congestion occurs
because of the large number of users at a time.
3. Low level of technology: This put a stumbling block on the number of people who can use the
internet.
4. High Cost of fixing the facility: Establishment of websites which is the platform on which the
internet services is anchored is expensive.

Posters and handbills

Advertisement are printed on A3, A4 and A5 papers and pasted at strategic places and busy areas,
politicians, Pentecostal churches, etc normally use posters to announce plans and events. Local
manufacturers use posters to advertise their products to the audience. This is done by distributing
handbills to passers-by and motorists by sales promoters and sales girl and boys.
Advantages of posters and handbills.
1. It helps to capture attention very easily and can be read involuntarily.
2. They create a good impression of the product because they are usually coloured and well
designed.
3. Posters and handbill advertising are relatively cheaper because the advertiser does not have
to pay for space or time like the newspaper.
4. Posters, leaflets and handbills can be filed or stored for future use.
5. The circulation can be wide since members of the public do not pay for the posters.

Disadvantages of posters and handbills

1. Only people who come across the posters and handbills get the message.
2. Messages on posters and handbills are usually brief. Readers are usually unable to get
enough information on the advertised products.
3. Illiterates who cannot read are unable to get information from handbills and poster.
4. Posters and handbills are easily damaged by bad weather and rain.

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Factors affecting choice of Advertising Media
1. Coverage or extent of circulation: This refers to the number of persons reached by the
medium, i.e. the percentage of a given target audience that is covered.
2. Frequency: This is the number of times the same viewer or reader may be exposed to the
same advert.
3. Communication Effectiveness: This refers to the ability of a medium to make significant impact
as desired by the advertiser to the target market.
4. The target audience: The type and social group to which an advertisement is directed and their
purchasing power must be taken into consideration.
5. Cost: The cost of using a particular media will determine the one to be chosen by the
advertiser.
6. Flexibility of a medium: This refers to the number of different things the advertiser can achieve
using the same medium, e.g. direct mail allows the enclosure of money, coupons etc.
7. Nature of the goods: The nature of the products will determine the choice of media to be used
for advertising.
8. Geographical Selectivity: This is the ability of the medium to reach out to homes in specific
geographical areas such as villages and hamlets.
9. The media used by competitors: The media used by manufacturers of competing products
must be carefully considered before making a choice of medium.

Advantages/merits of advertising
1. Creation of job opportunities: Advertising has helped to create jobs to people working with the
advertising agencies and others.
2. It provides information about features of the product: It helps the producer to explain the use,
features and gains of the product to the consumers.
3. Reduction of cost: The cost per unit of goods will be reduced thereby consumers will pay less.
4. Increase in profit: Advertising increases the profitability of an organization
5. Higher revenue: Advertising firms also gain in terms of revenue. This is because through
advertising the rate of turnover is increased.
6. Higher profit: The profitability of an organization is increased through advertising.
7. Improvement in quality of goods: It helps to improve the quality of goods produced as a result
of healthy competition.
8. Creation of awareness: Advertising help to inform and make people to know that a particular
product is available for sale.

Disadvantages/demerits of advertising.
1. False and misleading information: Some advertisement may be false and misleading as they
make exaggerated claims. About their product.
2. It leads to monopoly: Heavy advertising by a dominant supplier may restrict competition by
preventing new entries to the market.
3. High cost: The high cost of advertising is passed on to the consumer in form of higher prices.
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 4. Irrational appeal: Advertising appeals mainly to the irrational motives in people.
5. Buyers can buy unnecessarily: Advertising makes buyers to buy on impulse.
6. Unhealthy competition: It can lead to unhealthy competition if an advertiser discredits the
products of their rivals.
7. Wasteful: Advertising is wasteful in terms of resources.
8. Interference with consumer’s free choice: Consumers free choice is interfered with through
persuasive advertising.

PRACTICE EXERCISE:
1. Media of advertising refers to -------------
2. We have --------- media of advertising
3. ---------- is a way of protected consumers in advertising
4. Impulse buying refers to ----------------
5. ------------ is a merit of television
ESSAY
1. State five reasons for protecting consumers in advertising.
2. Outline three advantages and two disadvantages of internet, catalogue and direct mail
advertising.
3. What is an advertising medium?
4. Give any five advantages of advertising.

1. SUB-TOPIC 2: Reasons for protecting consumer

CONTENT:
CONSUMER PROTECTION IN ADVERTISING. An act of protecting consumers from being
exploited by manufacturers with government regulation and agencies refers to consumer
protection.
Reasons for protecting the consumer
1. Advertising employs many scientific and electrical devices which tend to over exaggerate the
quality and effectiveness of products and services.
2. Modern technology has resulted in the production of many varieties of similar goods. The
strong claims made by advertisers on these goods can be misleading.
3. Advertisers compete against one another, and so there is the tendency for them to make false
and misleading claims just to ensure that their goods sell better than their counterpart.
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 4. The packaging of products which is also an advertising device, is another factor that can
mislead the consumer who may think that the product is as good as the container.

Ways of protecting consumers in advertising.

Advertising is subject to restrictions in various media in order to protect the consumer. Ways of
protecting the consumers in advertising include:
1. Code of advertising practice: The code must be adopted by all organizations operating advertising
media, e.g. press, cinema etc. The code states that no advertisement contravening it will be
accepted. The advertising code covers the following:
i. Public decency.
ii. Exploitation of superstition
iii. Misleading descriptions and claims
2. Establishment of advertising practitioners Council of Nigeria. This is an industry-wide body
concerned with the overall regulations and proper conduct of advertising in Nigeria. The AAPN is
a member of the council.
3. Establishment of professional Group: The Association of Advertising practitioners in Nigeria
(AAPN) was established to regulate the practice of advertising. A code of conduct for members
and a code of standards relating to the advertisement of medicine and treatment have been
developed and put in place for practitioners.
4. Statutory Council: Many laws have been promulgated to regulate advertising practice and protect
the public from deceptive advertising and exploitation. These laws or legislations include:
i. Sales of goods Act 1893
ii. Copyright Act 1956
iii. Obscene Publications Act 1959

iv. Trade Descriptions Act 1968

v. Indecent Advertisement Act 1889.
vi. Advertisement Act 1967
5. Consumer Education: In order to protect the consumer against misleading advertisement, they
must be well educated about the choice of goods and services as well as their rights. This is the
reason for the formation of a consumer association

Television Act 1954: This act attempted to establish control over advertising in such a way that
advertisements would be inspected before they are shown to the public

PRACTICE EXERCISE:
1. -------- is an end user of products
2. Consumer protection is enforced by -----------
3. Advertising employs many --------- and -------- devices

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 4. AAPN stands for --------------------
5. Advertisement Act came in the year ----------

ESSAY:
4. Mention the methods of advertising
5. Explain the methods of advertising
6. Explain five roles of advertising.

CONCLUSION
TOPICAL TEST:
1. Advertising efforts geared towards a particular audience is known as a. mass advertising b.
direct advertising c. persuasive advertising d. indirect advertising.
2. Trade fairs and exhibitions are media of a. sales promotion b. customer service c. market
segmentation d. advertising.
3. The cost of advertising is ultimately borne by the a. manufacturer b. consumer c. wholesaler d.
retailer.
4. Which of the following advertising media combines the advantages of both sight and sound? A.
television b. radio c. neon sign. D. bill board.
5. One disadvantage of advertising to the consumer is that it a. brings confusion on the choice of
goods. B. increased demand. C. persuades the public to buy what they need. D. decreased
the cost of goods.
6. Possible advantages of advertisement include. A. provision of employment b. enlightenment of
buyers. C. reduction of inflation d. A and B e. all of the above
7. Disadvantages of advertisement to society can be reduced through a. diplomatic measures. B.
military strategies c. legislative measures d. all of the above e. none of the above.

ESSAY:
1. What is consumer protection (b) Explain five measures aimed at consumer protection from
possible ills of advertisement. State five advantages of advertising.
2. Give five reasons for the protection of consumers
3. State five measures taken to protect consumer.

GLOSSARY OF TERMS / KEY WORDS / VOCABULARY:

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PUZZLES / BRAIN TEASER:
(Each topic should be enriched with worked examples, images, past WAEC SSCE/NECO
SSCE / BECE JSCE questions.)

INSPIRATIONAL QUOTES:
1. "An investment in knowledge pays the best interest." - Benjamin Franklin

2. "Education is the passport to the future, for tomorrow belongs to those who prepare for it today." - Malcolm X

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WEEK: FOUR

TOPIC: TOURISM
LESSON OBJECTIVES: By the end of the lesson, the students should be able to:
1. Define Tourism
2. Explain the forms of tourism
3. List the advantages and disadvantages of tourism/problems and
solutions

ENTRY BEHAVIOUR: The students have heard about Tourism

SUB-TOPIC 1: Definition of tourism

CONTENT:
DEFINITION OF TOURISM
The Advanced Learners Dictionary defines tourism as a business activity connected with
providing accommodation, services and entertainment for people who are visiting a place for
pleasure. Tourism is one of the facilities that aid trade. It belongs to the hospitality industry,
covering entertainments and accommodation which is aimed at providing centers for pleasure
and indirectly facilitating trade and promoting the economy.
MEANING OF TOURISM
The term tourism refers to travel for recreational leisure or business purposes. It is the
practice which involves the visiting of people to places of interest where they can relax, derive
pleasure and entertainment. Tourists are people who travel to stay in places outside their
usual environment for not more than a year.
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PRACTICE EXERCISE:

1. According to oxford dictionary, tourism means -------------

2. Places of recreation leisure is called ----------
3. Tourism covers --------- and accommodation
4. Tourism is one of the facilities that aid ----------
5. Tourists are people who ------------

ESSAY:
1. What is tourism?
2. Who are tourist ?
3. Mention places of recreational leisure in you state

1. SUB-TOPIC 2: Forms of tourism

CONTENT:

FORMS OF TOURISM
The forms of tourism include;
1. Accommodation e.g. hotels
2. Resort centers
3. National parks
4. Historical centers
5. Entertainment centers

ACCOMMODATION
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These are in the form of hotels, guest houses, motels, etc that can provide tourist, travelers,
sportsmen etc with an alternative home for rest and relaxation.
RESORT CENTERS
These are places people go for vacation or holiday. It could be at the beach, mountains, lakes,
island, and thick forest etc where one can visit himself/herself or with the members of his/her
family to have a nice time.
NATIONAL PARKS
These are areas in public land in a town or city where people go for a walk, for play or
relaxation. It could be an enclosed area with field and trees, attached to a country
house. It is called national park if it has been nationalized.
HISTORICAL CENTERES
Historical centers are places that are connected with the past history of a place or group
of people. These places become a sight for visit as a result of their creative value,
entertainment value etc.
ENTERTAINMENT CENTERS
These are places where people visit to be entertained with varieties of music, local
foods, songs etc. People who visit entertainment centers are sometimes entertained by
folk band local entertainers etc.
All the forms of tourism mentioned above are aimed at providing high level of
hospitality with the motive of boosting commerce and trade.

PRACTICE EXERCISE:
1. The forms of tourism include ----------
2. --------- is the form tourism that involves hotels and guest houses
3. National park is --------------
4. The form tourism that concerns history is called ----------
5. Hospitality refers to -------------
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ESSAY
1. List three forms of tourism
2. Explain three forms of tourism
3. Mention three animals you can see in National
park

4. SUB-TOPIC 3: Advantages and Disadvantages of tourism/problems

and solution

CONTENT:
Advantages and of Tourism
1. Tourism facilitates trade by giving tourist the opportunity to trade at tourist centers.
2. It attracts people from other countries or places to a country or place because of the
tourist attraction.
3. It serves as a good source of revenue to the government because the tourists pay
certain fees and levies to the government.
4. Tourism promotes a country’s balance of trade and payments.
5. It can offer employment opportunities to a large number of people e.g. transporters,
retailers, wholesalers, cleaners etc.
6. Tourism can also increase the standard of living of the people in the vicinity or tourist
centers by promoting economic activities in the area.

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 7. It promotes foreign investments as tourist maybe encouraged to discover an investment
opportunity as a result of the visit to a tourist center.
8. Tourism could make a place to become very popular like Obudu cattle ranch, Tinapa etc
in Calabar where people visit during their holiday or vacation.
9. It encourages educational research.
PROBLEMS OF TOURISM
1. Inadequate funding which may lead to poor development of sub-sector
2. Lack of access roads which discourages tourists to such centres
3. Poor publicity
4. Inadequacy of competent and trained tourist personnel
5. Inadequate infrastructure
6. Security problems
7. Absence of tourist boards.
SOLUTIONS TO THE PROBLEMS OF TOURISM
1. Increase in budgetary provisions
2. Launching of tourism development trust fund
3. Establishment of more tourism boards
4. Provision of enabling and conducive environment.
FACTORS FAVOURABLE (THAT PROMOTE) FOR TOURISM
1. Favourable climate
2. Fine beaches
3. Wild life
4. Good transport network and communication
5. Cultural heritage
6. Hospitality of the people
7. Favourable government policy
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 8. Good security
9. Availability of capital etc.
Disadvantages of Tourism
1. Tourism may expose a country or a place’s historical centre to foreign interest at
expense of the people living in such a place.
2. It might not be very easy to get money to improve and make the tourist centres
attractive for tourist.
3. Tourist centres could be target for enemy country if there is any external invasion.
4. It may expose the beauty and local heritage of the place to foreign criticism and attack.
5. It may be used as a strategy to beat the security of the country or place. In terms of
immigration.
6. The people’s values, tradition and culture could be impaired and destroyed by the
influence of tourism.

PRACTICE EXERCISE:
2. Tourism creates ---------- opportunities
1. ------------- expose a country to foreign interest
2. People visit recreational centres for --------------
3. ---------- is advantage of tourism
4. One of the disadvantages of tourism include -------------
5. Culture heritage is one of ---------------that promotes tourism

ESSAY
1. What is the economic benefits of tourism?
2. State five advantages of tourism.
3. How can tourism help to improve the local economy? Give examples.

CONCLUSION:
TOPICAL TEST:
1. One of these does not aid trade a Warehouse b. transport c. Tourism. d. . retail

2. The following are examples of tourism except a. guest house b. motels c. stadium d. shrine
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3. The motive of tourism is to: a. promote peace b. promote popularity c. promote trade d. increase
revenue

4. Foreign tourists spending money in Nigeria are a/an; a. invisible import. b. invisible export. c. visible
import d. visible export

5. How many common forms of tourism do we have? a. 2 b. 5 c. 4 d. 3

6. A person who visit recreational centres is called A. tourist B. government C. security. D. visitor E. expert

7. The people’s values, tradition and culture could be impaired and destroyed by the influence
of -------- A. tourism. B. communication C. advertising D. people E. transportation

8. ------------- expose a country to foreign interest A. communication B. advertising C. people

D. transportation E. tourism
9. Poor publicity is one of the problems of A. advertising B. tourism C. trade D.
communication E. transportation
10. Tourism serves as a good source of -------- to the government A. revenue B. employment

opportunity C. relationship E. leisure

ESSAY

1. In what ways can tourism adversely affect indigenous culture?

2. Why is it unwise for any country to be heavily dependent on tourism?
3. Explain the difference between the terms ‘tourism and tourist’

GLOSSARY OF TERMS / KEY WORDS / VOCABULARY:

1. Destination: A location or place that attracts tourists due to its cultural, natural, or
historical significance.

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 2. Attraction: A feature or site that draws tourists, such as landmarks, museums,
theme parks, and natural wonders.
3. Accommodation: Places where travelers can stay overnight, including hotels,
motels, hostels, lodges, and vacation rentals.
4. Hospitality: The practice of providing warm and welcoming services to guests and
travelers, often associated with the hotel and restaurant industries.

PUZZLES / BRAIN TEASER:

Word Search: Find the names of different types of tourist attractions hidden in the grid
below.
ETCASTLENN
HGRPARKEOR
EMUSEUMTNA
BREESORTWA
EZOOOCEANB
AISGLACIER
CHURCHHOLJ
MOUNTAINAQ
INSPIRATIONAL QUOTES:
3. "Education is the most powerful weapon which you can use to change the world." - Nelson Mandela

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WEEK: FIVE

TOPIC: TOURISM
LESSON OBJECTIVES: By the end of the lesson, the students should be able to:
1. List tourist centers
2. Explain tourist centers in Nigeria
3. Mention tourist centers in other places

ENTRY BEHAVIOUR: The students have heard about Tourism

SUB-TOPIC 1: Tourist centers

CONTENT:
: Tourist centres
❖ Eko Hotel and Suite.
❖ Airport Hotel.
❖ Sheraton Hotel.
❖ Federal Palace Hotel.
❖ Southern Sun Ikoyi Hotel.
❖ African Garden Hotel
❖ B.jays Hotel
❖ Blue Sea Hotel
❖ Chelsea Suites
❖ Conform Suites
❖ Le Meriden Eko Hotel and Suites etc

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PRACTICE EXERCISE:
1. *Cultural _____________ involves travelers immersing themselves in local
traditions, arts, and customs to gain a deeper understanding of a destination's
heritage.
2. An ___________ is a person who travels for leisure, often seeking new experiences
and destinations.
3. A ___________ is a document that allows individuals to travel internationally,
serving as an official form of identification.
4. The term ____________ refers to the practice of minimizing negative
environmental, social, and cultural impacts while promoting the well-being of local
communities in the tourism industry.
5. A ___________ is a pre-arranged travel package that includes transportation,
accommodations, and often meals and activities, making planning trips more
convenient for tourists.
ESSAY:
1. What is tourist centers
2. Where is Eko Hotel located in Nigeria
3. African garden hotel is for Africans. Discuss.

2. SUB-TOPIC 2: Tourist centers in Nigeria

CONTENT:
Tourist centres in Nigeria
1. Sheraton Hotel---- Abuja.
2. Trans Corp Hilton Hotel---Abuja
3. Hamadallah Hotel---Kaduna.
4. Durbar Hotel-----Kaduna.
5. Kakanfo Hotel___Ibadan.
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 6. Meriden Ogeyi Palace Hotel---Port Harcourt.
7. Obudu Mountain Resort ----Calabar.
8. Tinapa Business Resort------Calabar.
9. New Palace Hotel Kofar Kanra----Kano.
10.Airport Hotel---Lagos
11.Sheraton Hotel----Lagos
12.Federal Palace Hotel----Lagos

13. Eko Hotel and Suit----Laos etc

PRACTICE EXERCISE:

1. The Federal palace hotel is found in ----------

2. --------- hotel is the located in airpot
3. National park contain animals like --------------
4. Lagos have hotels like -------------
5. Tinapa business resort is found in ------------- state

ESSAY:
1. List three tourist centers in Nigeria
2. Explain three tourist centers in Niger
3. Mention three this you can see in tourist centers

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 5. SUB-TOPIC 3: Tourist centers in other places

CONTENT:
Tourist centres in other places

➢ Delware Water Gap-----Pennsyslvania

➢ Navy Pier --------Chicago
➢ Universal Orlando Resort----Florida
➢ Cape Cod National Seashore---Massachusetts
➢ World Resort ------Florida
➢ Disneyland Resort ----California
➢ San Antonio River Walk---Texas
➢ Salt Lake Temple-----Utah
➢ Metropolitan Museum of Art---New York etc.

PRACTICE EXERCISE:
1. ------------- expose a country to foreign interest
2. People visit recreational centres for -------
3. ---------- is advantage of tourism
4. Tourism creates ---------- opportunities
5. One of the disadvantages of tourism include -------------

ESSAY
1. Give the names of other 15 tourist centres.
2. What is the economic benefits of tourism?
3. State five advantages of tourism.

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 CONCLUSION:
TOPICAL TEST:
1. Where is Chelsea Suit located in Nigeria? a. Port Harcourt. b. Calabar c. Lagos. d. Abeakuta.
2. The following are tourist centres in Nigeria except: a. Hamadallah Hotel.b. Sofitel the Moorhouse c.
Disneyland Resort d. Blue Sea Hotel
3. Ikogosi waterfalls is in------ a. Osun State b. Ekiti State c. Ondo State d. Cross River State
4. The first storey building in Nigeria is located in------- a. Aba b. Owerri c. Abeokuta d. Badagry
5. Olumo Rock is in------- a. Jos b. Calabar c. Abeokuta d. Ado Ekiti
6. . One of these does not aid trade a Warehouse b. transport c. Tourism. d. . retail
7. The following are examples of tourism except a. guest house b. motels c. stadium d. shrin
8. The motive of tourism is to: a. promote peace b. promote popularity c. promote trade d. increase revenue
9. Foreign tourists spending money in Nigeria are a/an; a. invisible import. b. invisible export. c. visible import d.
visible export
10. A person who visit recreational centres is called A. tourist B. government C. security. D. visitor E.

ESSAY
4. In what ways can tourism adversely affect indigenous culture?
5. Why is it unwise for any country to be heavily dependent on tourism?
6. Explain the difference between the terms ‘tourism and tourist’

GLOSSARY OF TERMS / KEY WORDS / VOCABULARY:

PUZZLES / BRAIN TEASER:
Word Search: Find the names of different tourist centers in Nigeria below.
E T C A S T L E N N
H G R P A R K E O R
E M U S E U M T N A
B R E E S O R T W A
E Z O O O C E A N B
A I S G L A C I E R
C H U R C H H O L J
M O U N T A I N A Q

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INSPIRATIONAL QUOTES:
1. The beautiful thing about learning is that no one can take it away from you." - B.B.
King
2. "Education is not preparation for life; education is life itself." - John Dewey

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WEEK: SIX

TOPIC: INSURANCE
LESSON OBJECTIVES: By the end of the lesson, the students should be able to:
1. Define insurance /History
2. Explain the basic principles in insurance

ENTRY BEHAVIOUR: The students have heard about insurance

SUB-TOPIC 1: INSURANCE

CONTENT:
Definition of insurance.
Insurance can be defined as a method of protecting a person, a business or some other form of
organization against financial loss resulting from damage to theft of personal and business
assets(general insurance) and against injury and death(accident and life insurance)
Insurance can also be defined as a legal contract in which one party undertakes to indemnify
another party against damage, loss or liability, resulting from the occurrence of uncontrollable
events. It is one of the aids to trade that relieves businesses of some risk of being in business
and releases capital in case of emergency.
There are man-made risks and natural risks. Some risks are insurable while others are not
insurable. Insurance works on the principle of pooling risks. The premium (contributions) of
many clients is pooled together and the losses of few clients are compensated from the pool.
Difference between insurance and assurance: At one time ‘insurance’ and ‘assurance’ had
different meaning but today this difference is less important but the word ‘assurance’ is still

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often used in relation to life policies. Insurance is used in terms of risk that might or might
not happen, while assurance is concerned with events that are inevitable
History of insurance
Insurance started formally in Nigeria in 1921 but before then, there existed in many
communities within Nigeria some form of organised social aid insurance scheme like extended
family systems, age-grade group and cultural affiliations. These groups collectively pooled fund
together from members and gave to the members who were in need especially those who lost
a family member or property. These social clubs still exist today. However in 1921, insurance
started in Nigeria as a formal business when a branch of the Royal Exchange Assurance
Company Limited was opened. In 1949, three other British owned insurance companies started
operation in Nigeria. At independence the number of operating insurance companies in Nigeria
increased to 25.They became 88 by 1984.In 2005, government decided to consolidate the
insurance industry by imposing recapitalization on the insurance company operating in Nigeria.
Prior to the to the recapitalization plan, Nigeria had 105 insurance companies but after the
recapitalization in 2007, the number dropped to 71.
The first major step of Nigeria in regulating the activities of insurance business was after the
report of J.C. Obande Commission of 1961.The report brought about the establishment of the
Department of Insurance in the Federal Ministry of Trade but later transferred to the Ministry
of Finance. The report also led to the enactment of the insurance Act of 1961, which came into
effect on May 4th 1967.In 1968, the Insurance Company Regulations were put in place to
facilitate the implementation of Act No 58 of 1961.
The first all embracing law for the regulation and supervision of insurance in Nigeria was the
Insurance Decree No 59 of 1976.Decree No 58 of 1991 improved on the provision of Decree
No58 of 1979 and No 40 of 1988.In 1992, the Insurance Special Supervision Fund Decree No 62
was enacted, establishing a body known as National Insurance Supervisory Board, bringing out
insurance supervision from core civil service supervision. The name of the Insurance
Supervisory Board was changed to National Insurance Commission when Decree No 1 and 2 of
1997 was enacted.
EVALUATION
1. List and explain five principles of insurance.
2. Explain with an example, the meaning of ‘insurable interest’.
3. Carry out a research on other insurance principles that is not in this e learning notes.
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PRACTICE EXERCISE:
1. ----------- is a method of protecting a person, a business or some other form of organization
against financial loss resulting from damage to theft of personal and business assets
2. To insured means -----------
3. insurance is an aid to -----------------
4. Insurance started formally in Nigeria in the year --------------
5. Premium insurance refers to –------------
ESSAY:
1. Define insurance
2. Give a brief history of insurance in Nigeria.
3. Why is insurance said to be ‘an aid to trade’?

SUB-TOPIC 2: Basic Principles of Insurance

CONTENT:

Basic principles of insurance

The principles of insurance refers to the necessary conditions that be fulfilled in insurance.
These include;
1. Principle of Insurable Interest: The principle of insurable interest implies that the insured
must have insurable interest in the subject matter of insurance. Insurable interest therefore,
means that only one person will suffer financial loss by the damage of the insured object. Put
in another way, one can only insure what he own and not what another person owns. The
presence of the insurable interest is a legal requirement for the insurance contract to be valid.
2. Principle of Indemnity: This is the insurance principle by which a policy-holder is
compensated for the loss incurred. The amount of compensations is limited to the amount
assured or the actual losses, whichever is less. The compensation must not be less or more
than the actual damage or what the insurance policy covers. Insurance contract is not

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undertaken for the purpose of profit making but to get compensated in case of any damage or
loss.
3. Principle of Uberrimae Fidei (Utmost good faith): Uberrimae Fidei means utmost good
faith, which implies that both the insurer and the insured must disclose all material facts
whether asked or not concerning the insurance contract. The law requires the insured to
disclose all important material facts about the object of insurance to enable the insurance
company determine the premium for the contract. The insurance company is also required by
law to provide the facts of the risk to be covered. Non-disclosure of the material fact will
render the contract null and void at the option of the aggrieved party. This principle applies to
all insurance contracts.
4.Subrogation: To subrogate means ‘to take the place of ‘.When an insurance company pays
out compensation on a claim, the money the payout takes the place of the article damaged, for
instance, a car insured had an accident and damaged beyond repair, it becomes the property
of the insurance company as soon the compensation is paid. The car could be sold at scrap and
the scrap value retained.
5. Principle of proximate cause: Proximate cause means there must be close connection
between risk insured and the loss actually suffered. When an insurance policy covers a
particular risk, it is quite possible that damage may be incurred which is not directly related to
the terms of the policy. Proximate cause helps to determine whether the insurance company is
liable or not. An insurance company will not be liable if the cause of damage was not insured
against.
6. Principle of the contribution: This principle states that where a person has insured a certain
risk with two or more insurance companies, he cannot claim compensation in full from each of
the insurance companies. This means that the insured cannot receive contribution from both
insurance companies with the aim of making profit. Once the insured has been settled by one
insurance company he is not entitled to receive any contribution from other insurance
companies.

PRACTICE EXERCISE:
FILL THE BLANK SPACES BELOW:

1. Principle of insurance refers to ----------

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 2. --------- is the monthly contribution by a policy holder
3. Principle of proximate cause state --------------
4. To subrogate means ‘to take the place of -----------
5. someone who signs a policy with insurance is called -------------

ESSAY:
1.Briefly describe other insurance principle apart from the ones in your e learning note.

2. In relation to insurance, briefly describe the meaning of the following terms;

i.Indemnity
ii.Utmost good faith
iii.Insurable interest.

CONCLUSION:
TOPICAL TEST:
1. Which of the following is not a principle of insurance? a. Indenmity b. Insurable
interest c. ownership d. subrogation

2. Uberrimae fidei means? a. Utmost faith. b. Proximate cause c. Contribution. d.

Indemnity

3. A basic principle of insurance is that the insured must not fail to disclose any material fact.
This principle is known as; a. Utmost good faith b. Insurable interest c. Proximate cause
d. Subrogation

4. Which of the following risks cannot be insured against? a. fashion changes b. dishonesty
by employee c. accident to customers d. a fire in a warehouse

5. To subrogate means a. ‘Pay off’ b. ‘scrap value’ c. ‘to take the place of’ d. ‘compensation’
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ESSAY

GLOSSARY OF TERMS / KEY WORDS / VOCABULARY:

PUZZLES / BRAIN TEASER:

Word Search: Find the word INSURANCE below.
E T C A S T L E N N
H G R P A R K E O R
E M U S E U M T N A
B R E E S O R T W A
E Z O O O C E A N B
A I S G L A C I E R
C H U R C H H O L J
M O U N T A I N A Q

INSPIRATIONAL QUOTES:
1.The beautiful thing about learning is that no one can take it away from you." - B.B. King
2."Education is not preparation for life; education is life itself." - John Dewey

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WEEK: EIGHT

TOPIC: INSURANCE
LESSON OBJECTIVES: By the end of the lesson, the students should be able to:
1. Explain types of insurance/benefits
2. Mention tourist centers in other places

ENTRY BEHAVIOUR: The students have heard about insurance

SUB-TOPIC 1: Types of insurance/benefits

CONTENT:
There are different types of insurance which can be grouped into two; life insurance and non
LIFE INSURANCE.
Life Insurance: Life insurance is the type insurance policy that covers an event that is certain to
happen. This type of cover is often referred to as assurance rather than insurance. There two
major types of life assurance; whole life and endowment policy.
1. Whole life policies provide for payment after the death of the insured regardless of when
the death occurred. Premiums are usually paid quarterly or annually by the person whose life
is insured or by his spouse. The idea is that when the insured dies, someone will benefit from
the policy, for example a spouse or a dependent.
BENEFITS OF WHOLE LIFE POLICIES
I. It provide for the welfare of the dependents in the event of death.
II. It could be used as collateral for bank loan.
III. It could be used to provide for policyholder’s funeral after death.
IV. The policy has the potential of increasing valve.
V. Cash valve can be borrowed for some unexpected expenses,

2. Endowment policy: This policy provides a payment of a basic sum at a certain age or on the
death of the insured, whichever occurs first. This provides not only for the dependents, but
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also a useful sum of money for the insured if they survive the period covered by the policy. The
insured pays a monthly premium. In endowment policy, there are variations that can be built
into it such as;
Family income benefit cause: This policy provides that the family of the policy holder be paid a
stated amount at intervals until the policy is discharge in event of pre mature death.
Double- accident benefit: This provides that double the amount assured be paid to the
dependents of the policyholder in the event of accident not natural cause.
Children’s education cause: This provides that the amount assured be paid to the children for
the purpose of their education. The main purpose of this policy is that the insured is rest
assured that the family will be able to go on with life even if he is not around.
BENEFITS OF ENDOWMENT POLICY
(i).The benefit is paid at the end of the term.
(ii) It also allows the policy holder to cash a sum of money, if they survive the period covered in
the policy.
3. Annuities: This is a form of pension in which an insurance company, in return for a certain
sum of money agrees to repay this money plus the investment income that it is able to earn
over an expected period of time.
4. Term Assurance: This is the oldest form of assurance policy. In this policy, payment will be
made to the assurer if the life assured dies within the specified period.

PRACTICE EXERCISE:
FILL THE BLANK SPACES BELOW:

1, Insurance is divided into ------------

2. ----------- type of insurance that is connected to life
3. ___________ policies provide for payment after the death of the insured regardless of
when the death occurred policies provide for payment after the death of the insured
regardless of when the death occurred
4. ___________ provide for the welfare of the dependents in the event of death.
5. Annuities refers to ____________ benefit
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 ESSAY:
1. List and three types of insurance
2. Explain the following: ‘whole life’ ii. ‘Endowment’ iii.’ with profit’

SUB-TOPIC 2: NON-LIFE INSURANCE

CONTENT:
: Non Life Insurance.
1. Motor vehicle insurance: Motor vehicle insurance provides coverage for any loss the
policyholder or owner of a car may suffer through damage to car or persons as a result of an
accident. There are different forms of motor vehicle insurance. They are;
(i) Comprehensive policy: This covers damage or loss of the insured vehicle even to the third
party. It is a comprehensive cover for an insured vehicle which is lost, damaged by accident,
fire, theft and third party. This policy attracts higher premium and pays indemnity for any
justifiable damage.
(ii) Third party only: It covers liability for damage to the third party of the insurance policy and
not the owner of the insured vehicle. It covers damage to the vehicle of the third party and
liability for injuries or death to the third party. The premium for third party is low, It is
mandatory for vehicle owners to insure against third party in Nigeria.
(iii) Third party, fire and theft: It covers for all events that the third party covers for, and in
addition covers for damage or loss as a result of fire or theft. It attracts higher premium to third
party but it is lower than comprehensive.
2. Liability: This type of policy covers the risk of liability for the injury or death of someone
else. There are two main forms;
(i) Employer’s liability: It covers the employer’s legal liability for the safety of each employee.
(ii) Public liability: It covers the liability of individuals and business for the members of the
public visiting their premises.

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3. Fidelity: Fidelity insurance is used particularly by businesses to protect against loss by fraud
and stealing by employees. The policy pay for the financial loss arising from the dishonesty acts
of employee. It can only pay to the maximum amount specified for the employees. Fidelity
insurance usually falls into two categories;
(i) Money and securities coverage pays for losses of money and securities taken by burglary,
robbery, theft, disappearance and destruction.
(ii) Employee dishonesty coverage pays for losses caused by most dishonest acts of employee,
such as embezzlement and theft.
4. Fire insurance: Fire insurance provides against losses caused by fire, lightning and removed
of property from premises endangered by fire. The insured pays an amount regularly to the
insurer who will indemnify the insured in the event of damage or losses caused by fire; it
covers other perils such as explosion, riot, strike, terrorism, natural disasters etc.
5. Burglary/robbery/theft insurance: This policy covers the insured against loss of property
due to burglary/robbery/theft. An insurance company undertakes to compensate the insured
in the event of burglary/robbery/theft. Burglary has to do with forcefully entering into the
building to steal. Robbery is the act of forcefully taking a valuable from someone. Theft is
similar to burglary except that the perpetrator does not enter the building illegally.
6. Accident insurance: This is a policy that provides indemnity against hazards or injuries to
person or group of persons. Accident insurance can cover personal accidents for a particular
journey for a transport company. In some industries where hazard occurrences are high, It is
compulsory for employers to take a group accident insurance policy for their employees. Group
accident insurance is also common in team sport. Accident insurance covers for sickness and
even accident against properties such as building, equipment, machinery etc that may be
dangerous to lives and industries.
7. Consequential loss insurance: This policy covers for interruption of the smooth operation of
business. It provides protection against loss of profit in business due to an interruption in
business, especially by fire or any of its allied perils. The consequential loss insurance enables
the insured to recover profits or revenue, wages payable, income from rent, interest on
debenture etc, consequent upon an interruption which stopped business or reduced turnover.
8. Marine insurance: This covers loss and damage to ships and their cargoes. Today aircraft
insurance also falls within this category. Marine insurance is the oldest form of insurance. It is
mandatory in international trade involving wafer and sea transportation. Marine insurance is

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undertaken by Lloyd’s underwriters. There are different types of marine insurance which
includes;
(i) Hull insurance: It covers loss or damage to ship’s engine or the ship itself.
(ii) Cargo insurance: It covers loss or damage to cargos carried by the ship.
(iii) Freight insurance: It covers for charges for carriage of cargoes and indemnifies the policy-
holder against cost of freight paid in the event of non delivery of cargoes.
(iv) Ship owner’s liability insurance: It covers against loss or damage arising from the
negligence of the ship owners or their employees in the handling of cargoes placed in their
trust.

PRACTICE EXERCISE:

1. Motor vehicle insurance provides coverage for any loss ----------

2. --------- is a policy holder
3. -------------- is a third party
4. Consequential loss insurance policy covers -------------
5. ------------- covers the loss and damage to ships and their cargoes

ESSAY:
i. List three types of insurance policies
ii. Explain marine insurance
iii. Mention three benefits of Consequential loss insurance:

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 SUB-TOPIC 3: TYPES OF MARINE INSURANCE POLICIES

CONTENT:
TYPES OF MARINE INSURANCE POLICIES
There are different types of marine insurance policies which include;
(i) Time policy: It covers against risks associated with a ship for a specific period of time while
the ship is in the sea.
(ii) Valued policy: This assigns two values to goods, the real value and the insured value. It
covers for the insured value which is the amount that the insurer will indemnify the insured in
the event of total loss or proportion in the case of partial.
(iii) Unvalued policy: This policy does not assign value to goods insured and in the event of the
occurrence of risk insured against, the insured shall indemnify to the tune of the premium paid
or the assessed value of the goods whichever is lesser.
(iv) Fleet policy: This insurance policy covers for all vessels belonging to one owner.
(v) Voyage policy: this policy covers for a specific voyage on a defined route.
(vi) Honour policy: This policy covers for an insurable interest whose value cannot be
immediately ascertained.
(vii) Port risk policy: This policy covers a vessel while at the port.
(viii) Floating or opened cover policy: This is arranged to cover for all present and future
shipment of similar goods by merchants.
MARINE LOSSES
Marine insurance can be categorized into total loss and partial loss.
Total Loss: This occurs where the subject matter (goods) is completely destroyed. Total loss can
be sub divided into;
(i). Actual total loss: This is a type of loss which occurs when the goods are completely
destroyed.

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(ii). Constructive loss: This occurs where the objects have to be abandoned because the cost of
repair is more than the value.
Partial loss: This is when there is damage to a portion of the ship or its cargo. It can be sub
divided into;
(i) General average loss: This occurs when the ship master, for the interest of the parties,
deliberately and reasonably throws overboard some cargoes in order to lighten the ship.
(ii) Particular average loss: This happens when the cargo or ship suffers partial loss or damage.
9. Export credit insurance: Export credit insurance protects the exporter of goods and services
against the risk and uncertainty in foreign trade. It covers against risk of non-payment by the
importer.

PRACTICE EXERCISE:
1. ------------- covers the damage/loss of goods in the in the water
2. People visit recreational centres for -------
3. ---------- is advantage of insuring property and life
4. ------------ type of loss which occurs when the goods are completely destroyed.
5. Marine insurance can be categorized into total loss and ----------

ESSAY
1. Define the term ‘accident insurance’
2. Briefly explain motor insurance
3. What is the scope of fire insurance, and what sort of special exclusion apply to this form of
insurance?

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 CONCLUSION:
TOPICAL TEST:
1. which of the following is insurance cover undertaken by the government for its employees?
a. endowment b. marine Insurance c. fire insurance d. pension scheme

2. The insurance cover on property being shipped from one location to another comes under--
--- a. burglary insurance. b. fire insurance c. marine insurance. d. annuity insurance

3. The principle of subrogation in insurance means that

a. The insured must be fully indemnified

b. Those insured should put their risk
c. The insurer takes the place of the insured in respect of claims due from third party.
d. Parties to the insurance contract must reveal all the relevant facts

4. Third party insurance covers damages

a. to both passengers and vehicle

b. caused by the vehicle insured
c. to all parties concerned
d. to both vehicles involved

5. An insurance policy which gives cover against claims made by employees who suffer injury at
work is

a. comprehensive insurance.
b. employers liability insurance
c. personal accident insurance.
d. consequential loss insurance

Essay Test
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 1. Write short notes on each of the following;
a. Marine insurance
b. Accident insurance
c. Group insurance
d. Export credit

e. Fire insurance.

ESSAY
1. Explain the role of underwriters

2. What do you understand by term ‘insurable risk?’

3. Briefly explain the types of risk.

GLOSSARY OF TERMS / KEY WORDS / VOCABULARY:

PUZZLES / BRAIN TEASER:

Word Search: Find INSURANCE POLICY below.
E T C A S T L E N N
H G R P A R K E O R
E M U S E U M T N A
B R E E S O R T W A
E Z O O O C E A N B
A I S G L A C I E R
C H U R C H H O L J
M O U N T A I N A Q

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INSPIRATIONAL QUOTES:
1. The only person who is educated is the one who has learned how to learn and change." - Carl Rogers

2. "Learning is not attained by chance, it must be sought for with ardor and diligence." - Abigail Adams

3. The beautiful thing about learning is that no one can take it away from you." - B.B.
King

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WEEK: TEN
TOPIC: BANKING
LESSON OBJECTIVES: By the end of the lesson, the students should be able to:
1. Define central bank/origin
2. List the functions of central bank
3. explain how central bank controls commercial banks.

ENTRY BEHAVIOUR: The students have learn about banking

SUB-TOPIC: Meaning/Origin of Central Bank of Nigeria

CONTENT:
Meaning/Origin of Central Bank Nigeria
The central bank is the monetary authority of a country, government bank and banker’s bank.
It issues legal tender, controls the volume of cash reserves with commercial banks.
Before independence, the West African Currency Board was the highest financial institution
which performed the functions of the central bank. The board controlled the issue of currency
in the member countries. After independence, the countries set up their central banks to
ensure rapid economic development.
The Central Bank of Nigeria was established by the Central Bank Act of 1958 and started
operation on July 1st 1959. However, 1892-1952, there was an enquiry by the then colonial
administration to investigate banking practice in Nigeria. The G.D. Paton Report, which
emanated from the enquiry, was the basis for the first Banking Ordinance of 1952. The
ordinance was designed to ensure orderly commercial banking and to prevent the
establishment of unviable banks. In 1957, Mr J.B. Loynes, an official of the Central Bank
England was commissioned to advice the colonial masters on the feasibility of establishing the
Central Bank of Nigeria. Following the submission of his report, a draft legislation for the
establishment of Central Bank of Nigeria was presented to the House of Representatives in
March, 1958. The Act was fully implemented on, July 1st 1959, when the Central Bank of
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Nigeria came into full operations. The Central Bank of Nigeria was statutorily independent of
the Federal Government of Nigeria until 1968. The main regulatory objectives of the Central
Bank of Nigeria as stated in the CBN Act of 19058 are to issue legal tender, maintain the
external reserves of Nigeria, promote monetary stability and a sound financial environment,
and act as lender of last resort and adviser to the government of Nigeria.
PRACTICE EXERCISE:
FILL THE BLANK SPACES BELOW:

1. The central bank is the monetary authority of ------------

2. The Central Bank of Nigeria was established by the Central Bank Act of ----------------
3. ----------- African Currency Board was the highest financial institution which performed the
functions of the central bank.
4. --------- is the meaning of CBN.
5. Central bank is owned by ____________

ESSAY:
1. Mention and explain five functions performed by the central bank of Nigeria, showing how
they facilitate commercial activities.
2. What are the functions of central bank of Nigeria?
3. List five characteristics of central bank

SUB-TOPIC 2: FUNCTIONS OF CENTRAL BANK

CONTENT:
Functions of Central Bank of Nigeria
1. The banker’s bank: The central bank is the banker to the commercial banks and other
specialized banks within the country. The central bank of Nigeria ensures that the banks open
account with it in order to facilitate clearing of cheques.
2. Issuance and control of currency: The central bank has the sole responsibility to order the
printing of currency and issuing it. It controls the circulation of money and exchange of bad
notes for new ones.
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3. Banker to the government: The central bank is the banker of the federal government of a
country. The bank collect proceeds from tax, duties and other revenue accruing to the federal
government. It receives, keeps, disburses, settle debts and transfers money on behalf of the
federal government.
4. Lender of last resort: The central bank of Nigeria has the duty to assist the commercial
banks when they are in financial difficulties, especially coping with excessive demand by their
customers.
5. Controls foreign exchange reserves: The central bank controls and issues foreign exchange
to agencies that have need for it. It controls and manages foreign exchange reserve to balance
the economy.
6. Responsible for monetary policy: The central bank is responsible for the monetary policies
of the country. It uses both expansionary and contractionary policies to control the quantity of
money in circulation.
7. Formulation of rules and regulations guiding the banking industry: The central bank
controls, regulate and supervises the components of the banking system.
8. Other functions: The central bank serves as a clearing house for bank and helps in managing
National debt.
Characteristics of Central Bank
1. Central bank is not profit oriented
2. There is only one Central bank
3. It is the highest financial institution
4. It is established by Act of Parliament
5. Central bank is owned by the government
6. There is no transaction with private individuals

HOW CENTRAL BANK CONTROLS THE COMMERCIAL BANKS

The central bank uses the following way to control the activities of commercial banks.
1. Open Market Operation (OMO): The central bank uses the Open Market Operation
to control the quantity of money in circulation by buying or selling securities to
commercial banks.

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 2. Liquidity/ Cash Ratio: The commercial banks are mandated by the government to
keep special proportion of their total deposit with central bank in order to control
credit.
3. Bank Rate: Bank rate is the minimum rate of interest charged by the central bank for
discounting bill of exchange. It is the minimum rate of interest for lending stipulated by
central bank. When the interest increases, Loan to the public reduces but if it falls, it
encourages borrowing.
4. Special directives: Central bank uses direct or specific instructions to control the
lending power of the commercial banks.
5. Special deposit: The central bank gives special deposit instruction to the commercial
banks to keep over and beyond the statutory deposit requirement.
6. Moral persuasion: The central bank can just appeal to the commercial banks to
restrict or expand the level of credit to the public.

PRACTICE EXERCISE:
Fill the blank spaces below:
1. The Central is ---------- bank
2. ---------- facilitate clearing of cheques.
3. The lender of last resort is -----------
4. --------- is of the characteristics of central bank
5. There are --------- central banks in Nigeria.
ESSAY:
1. Explain 3 functions of central bank
2. Central bank is the bankers bank; Discuss
3. List seven characteristics of Central bank of Nigeria

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 CONCLUSION:
TOPICAL TEST:
1. What is the primary function of a central bank in a country's economy? a) Fiscal policy
implementation b) Monetary policy formulation c) Industrial regulation d) Trade
promotion

2. Which of the following is NOT a function of a central bank? a) Issuing currency b)

Regulating commercial banks c) Enforcing tax collection d) Managing foreign exchange
reserves

3. Which characteristic distinguishes a central bank from other financial institutions? a)

Profit maximization b) Political independence c) Participation in international trade d)
Providing consumer loans

4. The central bank's control over the money supply and interest rates is a part of its: a)
Administrative functions b) Regulatory functions c) Developmental functions d)
Monetary functions

5. What role does a central bank play in maintaining price stability in an economy? a)
Setting up tariff barriers b) Controlling inflation and deflation c) Promoting exports d)
Subsidizing essential goods

6. Central banks often act as the "lender of last resort." What does this mean? a) They
provide loans to consumers for luxury purchases. b) They offer financial assistance to
failing banks. c) They invest in high-risk ventures. d) They fund government
infrastructure projects.

7. Which characteristic ensures the political independence of a central bank? a) Regular

government audits b) Frequent changes in leadership c) Fixed exchange rate policy d)
Fixed tenure for central bank governors

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 8. In the context of open market operations, what does a central bank do to influence the
money supply? a) Printing more currency notes b) Buying or selling government
securities c) Distributing grants to citizens d) Investing in foreign markets

9. Which function involves a central bank managing the foreign exchange reserves of a
country? a) Trade promotion b) Industrial regulation c) Exchange rate stabilization d)
Labor market oversight

10.Which characteristic supports a central bank's role in maintaining financial stability? a)

Pursuit of profit through high-risk investments b) Collaboration with commercial banks
for profit-sharing c) Adequate capitalization and reserves d) Frequent changes in
monetary policy goals

ESSAY
1. List and explain five methods used by the Central Bank to control the activities of the
commercial banks.
2. State and explain five ways by which the central bank regulates the activities of
commercial bank.
3. Explain the follow: i. Cash ratio ii. Special deposit iii. Bank rate.

GLOSSARY OF TERMS / KEY WORDS / VOCABULARY:

1. Legal tender
2. Liquidity
3. Bankers bank
4. Special deposit

PUZZLES / BRAIN TEASER:

. Central Bank Word Search:
Find the following words related to central banks in the word search grid below. Words
can be horizontal, vertical, diagonal, or even backwards!

www.deeperlifehighschool.org …leadership with distinction

Words: Currency, Reserves, Inflation, Regulation, Stability, Monetary, Independence,
Interest, Policy
SCURRENCYE
TIRESTSOVR
AMONETARYG
BRTREGULAT
ISTABILITY
HDORUCNIIN
SENEDEPEND
ESTEATLVEO
TSCLOIPART

INSPIRATIONAL QUOTES:
1. "Learning is not attained by chance, it must be sought for with ardor and diligence." - Abigail Adams

2. "Education is not the filling of a pail, but the lighting of a fire." - W.B. Yeats

3. "Education is the foundation upon which we build our future." - Christine Gregoire

www.deeperlifehighschool.org …leadership with distinction

www.deeperlifehighschool.org …leadership with distinction