ECN 003—17-7-2021 (Online Discussion Quiz 1—-Public and Private sector Issues)

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A:The Primary Sector:
This refers to that sector of the economy which uses natural resources to produce goods.this sectors is concerned with the extraction of raw materials natural factors play crucial role in the production process.Agriculture and allied activities like mining,fishery,forestry,dairy and poultry are included in this sector.primary sector dominates in under developed countries.
B:The Secondary Sector:
Secondary Sector is also refered as manufacturing sector or industry sector.the primary sector can not satisfy all human requirements.we need certain industrial goods to make our lives comfortable.the sector which transforms one physical good into another called secondary sector.the manufacturing,electrical,gas ,water supply. etc.
C:The Tertiary Sector:
The service sector of the economy is called Tertiary Sector, services of various kinds like education,health, banking, insurance,trade and transport are included in this Sector.
2; Difference between private and public sector:
A;In private sector shares are not easily transferable, except with the consent of their member while public shares are easily transferable
B; private sector shares are not quote in the stock exchange while public shares quoted in the stock exchange
C; private sector it has a minimum of two people as shares while in public sector is has minimum number of seven shareholders
D;in private sector it has a maximum number of 50 owners while in public sector there are no maximum number of people as owners.
3; the historical contribution of agriculture, industry and service sector;
Agricultural sector accounts 65% of employment and 35% of gross domestic product GDP,but poverty is highest in rural areas where most of the population depends on agriculture for subsistence.
The Industrial sector contributed to the scramble for Africa,as well as imperialism more broadly,in several different ways.first,the Industrial sector created an almost insatiable demand for raw materials, including metals,timber,rubber and many others
Service sector base on official statistics at world bank database (2018,) continues to dominate the economy,accounting for 42% of GDP on average during 200-2016 for the ECOWAS countries,followed by agriculture’s 36% and industry’s 23%.the share of the services sector is higher then that seen in other developing regions,taking into account differences in per capita income.
4; the missing link is the secondary sector because it don’t link the primary and the tertiary sector.e.g like Nigeria now has all the natural resources but Don’t have the refinery’s to transform it to finished goods and service

ASSIGNMENT ON ECONOMICS 003.
Name: Oyi Tochukwu Praise.
Reg. No: UNN/J20/SOCS/023.
Class: JUPEB.
Course: Economics 003.
TOPIC: Public and Private sector.
QUESTIONS;
1. write short notes on; (i) Primary sector
(ii) secondary sector (iii) tertiary sector.
Answers;
a) primary sector: The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry and fishing, mining, and extraction of oil and gas. … The primary sector is usually most important in less developed countries, and typically less important in industrial countries.
b) secondary sector:In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction. … Examples include textile production, car manufacturing, and handicraft.
c) tertiary sector: The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors of the three-sector theory. The others are the secondary sector, and the primary sector. The service sector consists of the production of services instead of end products.

2. Distinguish between the public and private sectors, stating their advantages and disadvantages.
Answers:
>PUBLIC SECTOR
In general terms, the public sector consists of governments and all publicly controlled or publicly funded agencies, enterprises, and other entities that deliver public programs, goods, or services. It is not, however, always clear whether any particular organization should be included under that umbrella.

>> ADVANTAGES
Some of the many advantages of a public corporation include the following:
>Economies of scale
>Easier planning and coordination
>Autonomous set-up
>Protection of public interest
>Quicker decisions
>Raising funds through private sourcing.

>> DISADVANTAGES
Some of the disadvantages of operating a public corporation include:
>Difficult to manage
>Risk of producing inefficient products
>Financial burden
>Political interference
>Misuse of power
>Consumer interests ignored
>Expensive to maintain and operate
>Anti-social activities, i.e., charging too much for a product.

>PRIVATE SECTOR
The private sector is the part of the economy that is run by individuals and companies for profit and is not state controlled. … Companies and corporations that are government run are part of what is known as the public sector, while charities and other nonprofit organizations are part of the voluntary sector.

>> ADVANTAGES:
1. Improved efficiency:
The main argument for privatisation is that private companies have a profit incentive to cut costs and be more efficient. If you work for a government run industry managers do not usually share in any profits. However, a private firm is interested in making a profit, and so it is more likely to cut costs and be efficient. Since privatisation, companies such as BT, and British Airways have shown degrees of improved efficiency and higher profitability.

2. Lack of political interference:
It is argued governments make poor economic managers. They are motivated by political pressures rather than sound economic and business sense. For example, a state enterprise may employ surplus workers which is inefficient. The government may be reluctant to get rid of the workers because of the negative publicity involved in job losses. Therefore, state-owned enterprises often employ too many workers increasing inefficiency.

3. Short term view:
A government many think only in terms of the next election. Therefore, they may be unwilling to invest in infrastructure improvements which will benefit the firm in the long term because they are more concerned about projects that give a benefit before the election. It is easier to cut public sector investment than frontline services like healthcare.

4. Shareholders:
It is argued that a private firm has pressure from shareholders to perform efficiently. If the firm is inefficient then the firm could be subject to a takeover. A state-owned firm doesn’t have this pressure and so it is easier for them to be inefficient.

5. Increased competition:
Often privatisation of state-owned monopolies occurs alongside deregulation – i.e. policies to allow more firms to enter the industry and increase the competitiveness of the market. It is this increase in competition that can be the greatest spur to improvements in efficiency. For example, there is now more competition in telecoms and distribution of gas and electricity.

6. Government will raise revenue from the sale:
Selling state-owned assets to the private sector raised significant sums for the UK government in the 1980s. However, this is a one-off benefit. It also means we lose out on future dividends from the profits of public companies.

>> DISADVANTAGES
1. Natural monopoly:
A natural monopoly occurs when the most efficient number of firms in an industry is one. For example, tap water has very significant fixed costs. Therefore there is no scope for having competition amongst several firms. Therefore, in this case, privatisation would just create a private monopoly which might seek to set higher prices which exploit consumers. Therefore it is better to have a public monopoly rather than a private monopoly which can exploit the consumer.

2. Public interest:
There are many industries which perform an important public service, e.g., health care, education and public transport. In these industries, the profit motive shouldn’t be the primary objective of firms and the industry. For example, in the case of health care, it is feared privatising health care would mean a greater priority is given to profit rather than patient care. Also, in an industry like health care, arguably we don’t need a profit motive to improve standards. When doctors treat patients, they are unlikely to try harder if they get a bonus.

3. Government loses out on potential dividends:
Many of the privatised companies in the UK are quite profitable. This means the government misses out on their dividends, instead going to wealthy shareholders.

4. Problem of regulating private monopolies:
Privatisation creates private monopolies, such as the water companies and rail companies. These need regulating to prevent abuse of monopoly power. Therefore, there is still need for government regulation, similar to under state ownership.

5. Fragmentation of industries:
In the UK, rail privatisation led to breaking up the rail network into infrastructure and train operating companies. This led to areas where it was unclear who had responsibility. For example, the Hatfield rail crash was blamed on no one taking responsibility for safety. Different rail companies has increased the complexity of rail tickets.

6. Short-termism of firms:
As well as the government being motivated by short term pressures, this is something private firms may do as well. To please shareholders they may seek to increase short term profits and avoid investing in long term projects. For example, the UK is suffering from a lack of investment in new energy sources; the privatised companies are trying to make use of existing plants rather than invest in new ones.

3. Discuss the historical contribution of the following sectors to GNP and growth of the economy of West Africa. (i) Agriculture
(ii) Industry (iii) service.
>> ANSWERS
1. Agriculture:
Nigeria’s agricultural sector contributes to a significant part of the country’s GDP. Between January and March 2021, the agriculture contributed to 22.35 percent of the total GDP, an increase by almost one percentage point compared to the same period of 2020.
Agriculture is a key activity for Nigeria’s economy after oil. Nevertheless, agricultural activities provide livelihood for many Nigerians, whereas the wealth generated by oil reach a restricted share of people.

2. Industry:
The Industrial Revolution of the nineteenth century led to the scramble for Africa primarily because it generated a growing demand for cheap raw materials that were widely available throughout the continent. The Industrial Revolution also necessitated the discovery of new markets for Western goods, and Africa provided these markets in abundance. Industrialization is the process by which an economy moves from primarily agrarian production to mass-produced and technologically advanced goods and services. This phase is characterized by exponential leaps in productivity, shifts from rural to urban labor, and increased standards of living in west Africa. By typical measurements, such as income per capita or labor productivity, industrialization can be considered the most important economic development in human history.

3. Service:
Services, with their rising importance in the west Africa economy alongside manufacturing, are becoming more vital in west Africa countries’ economic growth.The relationship between services growth and overall economic growth has become stronger in the past two decades as services’ average contribution to GDP and value added has increased. In 2015, services’ value added accounted for 74 percent of GDP in high-income countries, up from 69 percent in 1997.

4. Discuss the source of missing link of sectorial contribution to West Africa GDP..
Answers;
1. Lack of Sufficient Finance:
For a manufacturing company finance is always an important part of surviving and succeeding in your business. Many factors may necessitate the need for funding such as wanting to expand operations, increase productions or in acquiring more staffs.
Depending on what stage you are in your manufacturing business you will need some money to kickstart and continue your operations. Unfortunately, money is not readily accessible for manufacturers in Nigeria.
Even when finances are made available through loans from the bank the interest rates are very high (25% – 40%). At such rates, a good amount of the profit.
2.Poor Maximizing of Productions
To effectively run a manufacturing business as you would for any other business two things are important: maximizing your profit by increasing your revenue and minimizing your costs. So for a factory to operate efficiently would mean maximizing its production output and minimize the energy used for production. This is an issue with a lot of manufacturers in Africa.
3.High Exchange Rate
The sudden rise in exchange rate has grossly damaged the efforts of the manufacturing sector. The prices of goods or raw materials obtained have increased three or four times the usual price. This has forced manufacturing industries to reduce their product sizes or increase the price.

4. Lack of Skilled Employees
When there are no good employees then any business would suffer. A manufacturing factory is only as good as the people that run the factory.
It is hard to find properly skilled employees and managers in most manufacturing industries in Nigeria. These adversely affect the performance and efficiency of the company.In a manufacturing industry, these skills are vital to operate machinery and build high-quality products that have the same attention-to-detail as products made outside the country.The difficulty in finding properly trained staff is very common to manufacturers in Nigeria.

THE PRIMARY SECTOR (agricultural and allied sector): is related to natural resources of the country, in the sense that it makes use of natural resources for the production of raw materials and supplies which are used by the industries or households for consumption.

SECONDARY SECTOR (Industrial sector): Encompasses construction and manufacturing activities. It aims at providing finished goods and tangible products to the customers, so as to satisfy their basic needs.

TERTIARY SECTOR (service sector) concerns all the activities which involve the provision of services to the people such as medicals, banking, education ,insurance etc.

PRIVATE SECTOR:
Private limited companies (Ltd)
Companies often need to grow larger than the maximum number of 20 partners allowed in a partnership.
One way of doing this is to become a limited company. Limited companies have limited liability, meaning an investor only loses the initial stake if a company goes bust.
ADVANTAGES
–Limited companies are owned by shareholders and quite often these shareholders are supportive family members.
–Profits are only shared between shareholders. They receive this as a dividend.
–Limited companies are able to raise money by borrowing and through the share issue of ordinary shares.
If the company fails, the investors in a limited company are protected by the rules of limited liability company.
DISAVANTAGES
–Limited companies must be registered with the Registrar of Companies.
–The legal set up costs are expensive. Limited companies must use documents called Memorandum of Association and Articles of Association.
— profits are only shared with shareholders it is harder to motivate and control workers who do not hold shares.
–Owner can retain control
Must be registered with the Registrar of Companies
–More able to raise money
High set-up costs (legal and administrative)
Limited liability
Harder to motivate and control workers.

PUBLIC SECTOR
Public limited companies (Plc)
Unlike a private limited company, a public limited company can offer shares of the business to the public.
There are some requirements which a company must meet before they can become a Plc.
they must have share capital of at least £50,000
they must have two shareholders, two directors, and a qualified company secretary
ADVANTAGES
–Public limited companies can easily raise money because they can sell shares on the stockmarket. This increased capital means the company can grow and diversify.
DISADVANTAGES
–Shareholders own a Plc but directors control it. This means that directors may make decisions that the shareholders disagree with.
–By allowing the public to buy shares of the company, there is always the threat that someone will buy enough shares to take over the whole company.
–Shareholders generally want to make as much profit as possible so it can be difficult to pursue other objectives, such as providing a quality service or acting ethically.
–Raise more money by selling shares on the stock exchange
Disagreements over how to run the company
–Easier to growth and diversify
Threat of take over
Difficult to pursue objectives other than increasing profit.

Agriculture
“Only eight countries in Africa are investing 10 percent of national budget to agriculture development. Other countries are only doing three percent; there needs better leadership that will see the importance of agriculture to Africa’s economy. These are some of the discussions expected in the AGRF this week,” Biteye told Capital FM Business, as the sixth African Green Revolution Forum (AGRF) kicked off in Nairobi.
Statistics from the World Bank indicate that agriculture contribution to GDP has gone down from 22.9 percent in sub-Saharan Africa to 17.1 percent. It is estimated that agriculture is Africa’s largest economic sector, representing 15 percent of the continent’s total GDP, or more than $100 billion (Sh10 trillion) annually. It is highly concentrated, with Egypt and Nigeria alone accounting for one-third of total agricultural output and the top 10 countries generating 75 percentage.
“There are many opportunities for Africa to transform its agricultural agenda. The continent imports agricultural products worth $35 billion (Sh3.5 trillion), which can be produced in the continent and it’s set to hit $110 billion if nothing is done,” said Alliance for a Green Revolution in Africa (AGRA) President Agnes Kalibata.
Innovation and increased investments in agriculture are the major issues to be discussed at AGRF that runs from September 5 to September 9, 2016 in Nairobi. Agriculture Cabinet Secretary Willy Bett says the forum whose theme is “Seize the Moment: Africa Rising through Agricultural Transformation” will advance policies and secure the investments that will ensure a better life for millions of Africa’s farmers and families.
He says over 1,500 delegates from across Africa will attend the event including Rwanda President Yoweri Museveni and Ghanaian President John Dramani Mahama. “The delegates will share their insights on how to create, align and leverage financial, technical, policy and market-expanding resources to develop game-changing and inclusive agribusiness models for Africa,” he stated.
This year’s event will consist of plenary sessions, break-out sessions, B2B meetings, the Africa Food Prize and informal networking opportunities.
Agriculture takes up 15 percent ($100 billion annually) of the whole continent’s GDP and is also the largest economic sector. Two countries, Nigeria and Egypt are known to make up one-third of Africa’s total agricultural output. Africa has a potential of producing more of agricultural output but sees less than 10 percent as its total output. Even with the decline, Africa still sees an increase of 2-5 percent per year.

African Services: The numbers
In 2016, about 55% of Africa’s GDP was generated by services.
The share of services in Africa’s trade reached 22% in 2016, following a steep increase and catching up process to the global average of 24%.
In 2017, Africa accounted for only 3% of the world’s total services imports and 2% of the world’s total exports of services.
Removal of tariff barriers will increase intra-African trade by 50%.
The improvement of trade facilitation will more than double the intra-African trade

SHORT NOTE ON THE FOLLOWING SECTIORS:
PRIMARY SECTOR:This refers to that sector of the economy which uses natural resources to produce goods.this sectors is concerned with the extraction of raw materials natural factors play crucial role in the production process.Agriculture and allied activities like mining,fishery,forestry,dairy and poultry are included in this sector.primary sector dominates in under developed countries.
B. SECONDARY SECTOR
Secondary Sector is also refered as manufacturing sector or industry sector.the primary sector can not satisfy all human requirements.we need certain industrial goods to make our lives comfortable.the sector which transforms one physical good into another called secondary sector.the manufacturing,electrical,gas ,water supply. etc.
C: TERITARY SECTOR
The service sector of the economy is called Tertiary Sector, services of various kinds like education,health, banking, insurance,trade and transport are included in this Sector.
DISTINGUISHING BETWEEN PUBLIC AND PRIVATE SECTOR STATING THEIR ADVANTAGES AND DISADVANTAGES:
PRIVATE SECTOR: Public Sector is a sector which engages in the activities of providing government goods and services to the general public. The enterprises, agencies, and bodies are fully owned, controlled and run by the Government whether it is central government, statement government or a local government. On the contrary, the private sector is a segment of a national economy that is owned, controlled and managed by private individuals or enterprises.
ADVANTAGES OF PRIVATE SECTOR
A. PROFIT INCENTIVE: Private firms have a profit incentive to cut costs and develop products demanded by the consumers.
B. BUREAUCRACY: For political reasons, it is sometimes more difficult to get rid of surplus workers in the public sector than the private sector. Private businessmen don’t have to worry about political popularity and so are willing to make people redundant if it helps efficiency
C. CROWDING OUT: If the public sector increases, then this is reducing resources for the private sector. Therefore if government spending can be reduced, it will free up resources for more efficient private sector growth and job creation.
DISADVANTAGES OF PRIVATE SECTOR
A. INSTABILITY: A disadvantage of private sector jobs is the insecurity inherent to the sector. Failure to acquire project financing, company acquisitions or low business performance all can act against an employee.
B. INTENSE JOB COMPETITION AND LESSER JOB PERKS
Job-associated perks outside salary are lesser in private sector jobs when compared to federal jobs despite impressive insurance and retirement plans offered by some private companies. In addition, competition is intense for private sector jobs, which puts job seekers with little formal education at a disadvantage in the private sector.
C. SMALLER RESOURCES:
A private sector cannot have more than fifty members. Its credit standing is lower than that of a public sector. Therefore, the financial and managerial resources of a private company are comparatively limited.
PUBLIC SECTOR:The public sector is a part of an economic system owned and operated by the government with the aim of providing a range of governmental services including infrastructure, public transportation, public education, healthcare, police and military services e.t.c that can benefit the entire society rather than just those who are using the services.
ADVANTAGES OF PUBLIC SECTOR
A. STABLE INDUSTRY: Despite the ongoing government cuts to a lot of services, businesses in the public sector are often a lot more stable than private ones. Though they will have target to meet, they are not profit driven and have the government’s backing as an essential service to keep going.
B. ATTRACTIVE FOR EMPLOYEES: The increased job security is one of the many appealing features public sector companies possess for attracting new employees and retaining existing ones, also appealing is the attractive pension schemes workers benefit from.
C. BENEFITS THE LOCAL COMMUNITY:It benefits the local community by boosting the local economy through using labor and resources from within the community.
DISADVANTAGES OF PUBLIC SECTOR
A. INEFFICIENT MANAGEMENT: It has been found that these enterprises are managed by public savants. They are not professionally qualified nor experts in the management of industrial enterprises.
B. LACK OF EFFICIENCY: They are not run on commercial principles. Their main motto is social welfare, not profit earning. If a public enterprise in-cursed losses due to efficiency, it is overlooked. Whereas private enterprises are run for profit.
C. DELAYED DECISIONS: Delayed in decision making is one of the key problems. Lack of personal interest No one wanted to take responsibility for making decisions. The loss in public enterprises is a loss of public. It is not a personal loss.
HISTORICAL CONTRIBUTION OF THE FOLLOWING SECTIORS TO G.N.P AND GROWTH OF ECONOMY OF WEST AFRICA
(1)AGRICULTURE :The history of Agriculture in India dates back to Indus Valley Civilization.India ranks second worldwide in farm outputs. As per 2018, agriculture employed more than 50% of the Indian work force and contributed 17–18% to country’s GDP.
In 2016, agriculture and allied sectors like animal husbandry, forestry and fisheries accounted for 15.4% of the GDP (gross domestic product) with about 41.49% of the workforce in 2020. India ranks first in the world with highest net cropped area followed by US and China.The economic contribution of agriculture to India’s GDP is steadily declining with the country’s broad-based economic growth. Still, agriculture is demographically the broadest economic sector and plays a significant role in the overall socio-economic fabric of India.
(2)INDUSTRY :Industrializing West Africa is a significant challenge. The production base of West African countries is globally weak, characterized by obsolete capital and facilities, and the region is one of the least integrated into the global value chains (GVCs), particularly for processing activities as highlighted in the 2014 African Economic Outlook. This situation is a consequence of the industrial crisis that followed the tariff barriers dismantlement from the 1980s, and the wars and conflicts that occurred in several countries in the region.
(3)SERVICE :Services, with their rising importance in the global economy alongside manufacturing, are becoming more vital in many countries’ economic growth.
IT took centuries for the world’s economies to shift from agriculture to manufacturing, but the rise of the services sector is occurring more quickly. The world is in the midst of a radical shift, with the share of total output—world GDP—accounted for by services experiencing a sharp increase in almost all countries.1 Indeed, a few countries, such as India and Sri Lanka, have broken the historical convention by heading straight to services without developing a significant manufacturing sector at all.
SOURCE OF MISSING LINK OF SECTORAL CONTRIBUTION TO WEST AFRICA G.D.P
Despite the boom in services (of which contribution to the regional GDP increased from 29.3% in 2005 to 51.6% in 2017), coupled with the agricultural sector that contributed 22.6% to regional GDP in 2017, there has been an imbalance in the structure of the regional economy as manufacturing can be seen as the missing link between agricultural and services activities. This translates into a strong external dependence for manufactured goods, which represent on average 46% of the West African imports according to WTO (2017). The trade balance for these goods reports a wide deficit on a regional scale, which penalizes not only the economies but inmportantly the people, who bear the costs of importing consumer goods therefore, paving the way to the expansion of poor quality and low-cost products in the regional markets. In addition to narrowing its trade deficit, industrialization would be beneficial to the region for several reasons. First, economic diversification would help consolidate the economies within the region, which remain vulnerable to commodity price volatility. Second, low productive capacities deprive the region of spillovers resuting from industrial development, such as jobs and enterprises creation, increased foreign investment, transformation of the informal sector, technology dissemination, and increased exports. For now, the lack of manufacturing industries leads to significant losses, as shown with the case of cocoa; West Africa produces and exports 65% of cocoa beans in the world, but because it does not process it into chocolate, it only gains between 3.5% and 6% of the final price of a chocolate bar.

1):. Write short notes on
i. Primary sector ii. Secondary sector iii. Tertiary sector

I): PRIMARY SECTOR OF ECONOMIC

The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry and fishing, mining, and extraction of oil and gas. This is contrasted with the secondary sector, producing manufactured and other processed goods, and the tertiary sector, producing services. The primary sector is usually most important in less developed countries, and typically less important in industrial countries.

II): SECONDARY SECTOR OF ECONOMIC

The secondary sector includes industries that produce a finished, usable product or are involved in construction.
This sector generally takes the output of the primary sector and manufactures finished goods. The sector is an energy-consuming sector that consists of all facilities and equipment used for producing, processing, or assembling goods.

III): TERTIARY SECTOR OF ECONOMIC

Tertiary Sector :- These are the activities that help in the development of the primary and secondary sectors. These activities, by themselves do not produce any good but they are an aid or a support for the production process. For example, any good produced in primary or secondary sector need to be transported to the market. That will be done by tertiary sector. It is also called service sector

2): Distinguish between the public sector and private sector, stating their advantages and disadvantage

I): PUBLIC SECTOR

Public Sector encompasses the companies, enterprises, or businesses wherein the Government is the owner of the business by way of a majority shareholding in the business. These businesses are controlled, managed, and operated by the Government.
Companies owned, controlled, managed, and is operated by Government/Government Bodies come under the public sector.
While

II): PRIVATE SECTOR

Private Sector includes those companies, enterprises, or businesses that are owned by Private Individuals or Private Companies. The companies in the Private Sector are controlled, managed and operated by Private Individuals/Private Entities.
Companies owned, controlled, managed, and is operated by Private Companies/Private Individuals comes under the private sector.

ADVANTAGES

A.
* Public sector has job stability.
While
* private sector is Eaiser to growth and diversity
B.
* Public sector administration changes can have dire consequences.
On the other hand,

* private sector raise more money by selling shares on the stock exchange

DISADVANTAGES

A.
* Public sector has risk of producing inefficient product. While
* Private sector has threat of take over
B.
*. Public sector has political interference. While *
* Private sector has difficulty in pursuing objectives other than increasing profit.
C.
*. Public sector is always difficult to manage. While
*. Private sector always have disagreements over how to run the company

3): Discuss the historical contribution of the following sectors to GNP and growth of the economy of West Africa.
I. Agriculture II. Industry. III. Service

I): AGRICULTURE CONTRIBUTION

Africa’s low agricultural productivity has led to increasing food imports and the loss of competitiveness for domestic producers. Agricultural research funding has been low, but adoption of proposed technologies has been even worse, at just 10% in 2007. The West Africa Agricultural Productivity Program (WAAPP) works to bolster research and extension of agricultural technologies in Ghana, Mali, and Senegal, focusing on the top agricultural priorities of each country. As of September 2012, 253,881 individuals had benefited directly from the project, and 37 new technologies were released, improving 166,938 hectares of land.
Challenge

The Economic Community of West African States (ECOWAS) is home to 254 million people in 15 low-income countries, all of which have low United Nations Human Development Indices. Agriculture accounts for 65% of employment and 35% of gross domestic product (GDP), but poverty is highest in rural areas where most of the population depends on agriculture for subsistence. Agriculture and rural development must be prioritized if the Millennium Development Goals (MDGs) are to be achieved in Sub-Saharan Africa, so the African Union and ECOWAS formulated agriculture development plans that prioritize sustainable land and water management, access to markets, and the reduction of hunger. Nevertheless, agricultural productivity has been declining in Sub-Saharan Africa. Average worldwide cereal yields (2,676 kg/ha) more than doubled Africa’s (1,069 kg/ha) from 1994-2003, seriously damaging Africa’s competitiveness as food imports increased. Spending on agricultural research and extension in Africa, especially regional research, remains low, and linkages between research, extension, farmers, and agribusiness are weak, so that in 2007 farmers adopted less than 10% of proposed technologies.

Solution

The WAAPP works to generate and disseminate improved technologies in the top priority areas identified by the Central Africa Counsel for Agricultural Research (CORAF), including roots and tubers in Ghana, rice in Mali, and cereals in Senegal. The project targets Central Africa’s consumers affected by extreme poverty and agricultural producers as beneficiaries of the program. Researchers, extension agencies, and universities were all brought in to generate and disseminate technology supported by the program. In order to enable regional cooperation in technology generation and dissemination, common genetic material, pesticide, and crop protection product regulations were standardized at the ECOWAS level, while a regional agriculture technology and research skills information system was developed. National Centers of Specialization (NCOS) were developed to coordinate top research and development (R&D) priorities with regional priorities and share results.

Results

As of September 2012, WAAPP had achieved the following results:

There were 253,881 direct project beneficiaries
37 new technologies were released by NCOS, all of which improved yields by at least 15% compared to the control technology
166,938 hectares of land have been improved by these technologies
57,129 Ghanaian producers have adopted project technologies
20,000 Senegalese producers have adopted project technologies
53,450 Malian producers have adopted project technologies
ECOWAS has adopted regulations for the registration of genetic materials and pesticides
CORAF maintains a web-based information system on agricultural technologies and research skills that the organization collects
Each country now operates a harmonized monitoring and evaluation system for data collection, analysis, and reporting
Bank Group Contribution

II):. INDUSTRY CONTRIBUTION

The demographic boom and urbanization in West Africa, coupled with growing demand for more inclusive growth, are key drivers of economic transformation in the region. Natural resources exploitation is no longer sufficient in order to meet employment and social inclusion expectations, particularly amongst youth. On the back of such pressure, governments are compelled to foster economic diversification centred on job-creating sectors likely to entail human development. In order to achieve the latter, industrialization, in its manufacturing dimension, is one of the ways forward as detailed in Goal 9(link is external) of the Sustainable Development Goals adopted by the United Nations General Assembly in September 2015. In the same vein, the new AfDB President, Akinwumi Adesina, set down industrialization as one of his High Five priorities for Africa.

Industrializing West Africa is a significant challenge. The production base of West African countries is globally weak, characterized by obsolete capital and facilities, and the region is one of the least integrated into the global value chains (GVCs), particularly for processing activities as highlighted in the 2014 African Economic Outlook. This situation is a consequence of the industrial crisis that followed the tariff barriers dismantlement from the 1980s, and the wars and conflicts that occurred in several countries in the region.

In 2014, the rebasing of Nigerian GDP revealed that the country was actually experiencing an industrial renewal. With the new computations, the share of manufacturing industries in GDP sharply increased from 2.4% in 2008 to 9% in 2015. Given the predominance of the Nigerian economy in the West African region, these recent developments reflect an increased contribution of non-extractive industries in the entire region. With Nigeria, the share of manufacturing industry in the regional GDP increased from 5.9% in 2005 to nearly 9% in 2015. However, when excluding Nigeria, that share decreased from 11.2 % to 8.5% over the same period. In other words, the rest of the region is experiencing an industrial decline (see chart below).

More specifically, this trend is less one of deindustrialization than an insufficiently rapid industrialization with regards to the overall growth of economies. Indeed, by volume, the share of industrial value-added has been increasing in the region, from 12 billion in 2005 to nearly 20 billion in 2015 (2000 constant prices). However, apart from Nigeria, where GDP rebasing reversed the trend, industrial growth is much lower than that of other sectors. Without Nigeria, the manufacturing sector in West Africa recorded an average annual growth of only 2%, compared to an overall economic growth of 5% of GDP. In comparison, the services sector recorded an average annual growth of 12%, driven mainly by trade, transportation, telecommunications and financial services.

The boom in services (of which contribution to the regional GDP increased from 29.3% in 2005 to 51.6% in 2015), coupled with the importance of the agricultural sector (22.6% of regional GDP in 2015), has resulted in an imbalance in the structure of the regional economy where manufacturing can be seen as the missing link between agricultural and services activities. This translates into a strong external dependence for manufactured goods, which represent on average 46% of the West African imports according to WTO (2015). The trade balance for these goods reports a wide deficit on a regional scale (see chart below), which penalizes not only economies but importantly the people, who shoulder the costs of importing consumer goods – therefore paving the way to the expansion of poor quality and low cost products in the regional markets.

In addition to narrowing its trade deficit, industrialization would be beneficial to the region for several reasons. First, economic diversification would help consolidate the economies within the region, which remain vulnerable to commodity price volatility. Second, low productive capacities deprive the region of spill-overs resulting from industrial development, such as jobs and enterprises creation, increased foreign investment, transformation of the informal sector, technology dissemination, and increased exports. For now, the lack of manufacturing industries leads to significant losses, as shown with the case of cocoa: West Africa produces and exports 65% of cocoa beans in the world, but because it does not process it into chocolate and only garners between 3.5% and 6% of the final price of a chocolate bar(link is external).

To reverse this trend, countries of the region need to remove the obstacles to industrialization as well as domestic and international investments, including the lack of transportation and logistics infrastructures, industrial facilities obsolescence, energy shortages, inadequately qualified workforce for industrial jobs, lack of access to finance, and uncompetitive business environment. They must build together a productive space and a sizable regional market through common policies focused on standard convergence, free circulation of goods and persons, financial integration, and human capital formation. These must be designed so as to strategically position the region within the global industrial landscape, which offers numerous opportunities but is ruled by more and more complex determinants of competitiveness.

Some of the industrial policy options available for the region will be discussed in the next blog post.

III):. SERVICE CONTRIBUTION

The relationship between services growth has become stronger in the past two decades as services average contribution to GDP and value added has increased. In 2015, services value added accounted for 74 percent of GDP in high- income countries, up from 69 percent in 1997

4. Discuss the source of the missing link of sectoral contribution to West Africa GDP.
Answer

The missing link is the manufacturing sector, it affects the primary sector which is the agricultural sector and the tertiary sector which is the service sector. Sector failures occur, when a country’s manufacturing sector is poor, it result to low productivity. Thereby causing the country GDP to be low and it leads to economic instability of most West Africa countries.
missing link between agricultural and services activities. This translates into a strong external dependence for manufactured goods, which represent on average 46% of the West African imports according to WTO (2017). The trade balance for these goods reports a wide deficit on a regional scale, which penalizes not only the economies but inmportantly the people, who bear the costs of importing consumer goods therefore, paving the way to the expansion of poor quality and low-cost products in the regional markets. In addition to narrowing its trade deficit, industrialization would be beneficial to the region for several reasons. First, economic diversification would help consolidate the economies within the region, which remain vulnerable to commodity price volatility. Second, low productive capacities deprive the region of spillovers resuting from industrial development, such as jobs and enterprises creation, increased foreign investment, transformation of the informal sector, technology dissemination, and increased exports. For now, the lack of manufacturing industries leads to significant losses, as shown with the case of cocoa; West Africa produces and exports 65% of cocoa beans in the world, but because it does not process it into chocolate, it only gains between 3.5% and 6% of the final price of a chocolate bar.

ECN 003
Name: Nwachukwu Emmanuel
Ginikachi
Reg no: UNN/J20/SOCS/088

1. Write short notes on
i. Primary sector ii. Secondary sector iii. Tertiary sector

Answer
i. The primary sector of the Economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, hunting, fishing, and minning. The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries.

ii.The secondary sector covers all those activities consisting in varying degrees of processing of raw materials into finished products such as manufacturing, construction of industries.

iii. The tertiary sector covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work. It is made up of the non- market sector.

2. Distinguish between the public sector and private sector, stating their advantages and disadvantages

Answer
i. Public sector are those sectors, where by all means of production and distribution are owned and managed by the government
WHILE
Private sectors are owned and managed by the private individuals

ADVANTAGES
A. Public sector administration changes can have dire consequences.
On the other hand, private sector raise more money by selling shares on the stock exchange
B. Public sector has job stability. While private sector is Eaiser to growth and diversity

DISADVANTAGES
A. Public sector is always difficult to manage. While Private sector always have disagreements over how to run the company
B. Public sector has risk of producing inefficient product. While Private sector has threat of take over
C. Public sector has political interference. While Private sector has difficulty in pursuing objectives other than increasing profit.

3. Discuss the historical contribution of the following sectors to GNP and growth of the economy of West Africa.
I. Agriculture II. Industry. III. Services

Answers
I. Agriculture contribution to GNP and growth of the economy of West Africa.
Agriculture accounts for 65% of employment and 35% of Gross domestic product (GDP), but poverty is highest in rural areas where most of the population depends on agriculture for subsistence.

II. Industry contribution to GNP and growth of the economy of West Africa.
Second, low production capacities deprive the region of spill – over resulting from industrial development, such as job and enterprises creation, increased foreign investment, transformation of the informal sector, technology dissemination and increased exports.

III. Service contribution to GNP and growth of the economy of West Africa.
The relationship between services growth has become stronger in the past two decades as services average contribution to GDP and value added has increased. In 2015, services value added accounted for 74 percent of GDP in high- income countries, up from 69 percent in 1997

4. Discuss the source of the missing link of sectoral contribution to West Africa GDP.
Answer
The missing link is the manufacturing sector, it affects the primary sector which is the agricultural sector and the tertiary sector which is the service sector. Sector failures occur, when a country’s manufacturing sector is poor, it result to low productivity. Thereby causing the country GDP to be low and it leads to economic instability of most West Africa countries.

1.
(1) THE PRIMARY SECTOR: of the economy can be classified as the “extractive” industry. These include the industries that produce or extract raw materials. Farmers are an example of primary sector workers, as food items are collected as raw materials, such as wheat and milk, and are taken from the farm and made into other products such as bread and cheese. Other industries include mining, such as coal, iron ore or oil, which extract the raw materials from the ground which will be converted into other useful items.
(2)THE SECONDARY SECTOR: of the economy is comprised of the manufacturing industries which take raw materials and produce products. For example, the steel used to manufacture cars. Carpenters take wood and make homes, furniture and cabinetry.
(3)THE TERTIARY SECTOR: of the economy is the service industry. Service companies do not provide a physical good like the primary or secondary sectors, but they still provide value. For example, banks, insurance and the police all are examples of the service industry.
2.
Distinguish between the public and private sectors, stating their advantages and disadvantages.
(1)public sector This sector is controlled and managed by the government while private sector is owned by a private individual.
(2)public sector The purpose of the public sector is not just to earn profits while private sector Activities in the private sector are guided by the motive to earn profits.
(3)public sector This sector focuses on serving the general people of the country i.e. public welfare while private sector This sector focuses on constructing a brand image.
(4)public sector Highly secured job, multiple retirement facilities etc while private sector It doesn’t give any retirement benefit or allowances.
3.
Discuss the historical contributions of the following sectors to GNP and growth of the economy of West Africa: (i) Agriculture (ii) Industry (iii) Service
(1)AGRICULTURE :The history of Agriculture in India dates back to Indus Valley Civilization.[1] India ranks second worldwide in farm outputs. As per 2018, agriculture employed more than 50% of the Indian work force and contributed 17–18% to country’s GDP.[2]
In 2016, agriculture and allied sectors like animal husbandry, forestry and fisheries accounted for 15.4% of the GDP (gross domestic product) with about 41.49% of the workforce in 2020.[3][4][5][6] India ranks first in the world with highest net cropped area followed by US and China.[7] The economic contribution of agriculture to India’s GDP is steadily declining with the country’s broad-based economic growth. Still, agriculture is demographically the broadest economic sector and plays a significant role in the overall socio-economic fabric of India.
(2)INDUSTRY :Industrializing West Africa is a significant challenge. The production base of West African countries is globally weak, characterized by obsolete capital and facilities, and the region is one of the least integrated into the global value chains (GVCs), particularly for processing activities as highlighted in the 2014 African Economic Outlook. This situation is a consequence of the industrial crisis that followed the tariff barriers dismantlement from the 1980s, and the wars and conflicts that occurred in several countries in the region.
(3)SERVICE :Services, with their rising importance in the global economy alongside manufacturing, are becoming more vital in many countries’ economic growth.
IT took centuries for the world’s economies to shift from agriculture to manufacturing, but the rise of the services sector is occurring more quickly. The world is in the midst of a radical shift, with the share of total output—world GDP—accounted for by services experiencing a sharp increase in almost all countries.1 Indeed, a few countries, such as India and Sri Lanka, have broken the historical convention by heading straight to services without developing a significant manufacturing sector at all.
4.
Discuss the source of the missing link of sectoral contribution to West Africa GDP.
Despite the boom in services (of which contribution to the regional GDP increased from 29.3% in 2005 to 51.6% in 2017), coupled with the agricultural sector that contributed 22.6 % to regional GDP in 2017, there has been an imbalance in the structure of the regional economy as manufacturing can be seen as the missing link between agricultural and services activities. This translates into a strong external dependence for manufactured goods, which represent on average 46% of the West African imports according to WTO (2017). The trade balance for these goods reports a wide deficit on a regional scale, which penalizes not only the economies but importantly the people, who bear the costs of importing consumer goods therefore, paving the way to the expansion of poor quality and low-cost products in the regional markets.

1) primary sector : include any industry involved in the extraction and production of raw material such as farming,
logging,hunting,fishing,and mining
_ secondary sector:cover all those activities consisting in varying degrees of processing of raw material (manufacturing, construction industries
_ teritary sector:covers a wide range of activities from commerce to administration, transport,financial and real estate activities, business and personal services, education,health and social work
2) public sector is the part of the economy,where good and service are provided by the government or local authorities carrying out the task instead
ADVANTAGE OF PUBLIC
_ legal entity
_ large capital
_ economic of large scale production
_ loan facilities
_ limited liability
DISADVANTAGE OF PUBLIC
_cnflict of interest
_ larger capital requirements
_decrease in personal interest
_private sector:it consists of business activity that owned, financed and run by private individual
ADVANTAGE OF PRIVATE
_ large profits
_ large capital
_ it has legal entity
_ continuity of existence
DISADVANTAGE OF PRIVATE
_limited capital
_ lack of privacy
_ payment of corporate tax
_ lack of personal contact
3) Agriculture:sector is Central to achieving food security and broad_based economic growth, representing approximately 36% of the regions GDP and 60% of the active labour force
INDUSTRY: production base of West African countries is globally weak, characterized by obsolete capital and facilities,and the region is one of the least integrated into the global value chain(GVCS) particularly for processing activities as highted in the 2014 African economic outlook
_ services sector:based on fical statistics at world Bank database(2018) continue to dominate the economy,accounting to 42% GDP on average during 2000-2016 for the ECOWAS countries, followed by agriculture 36% and industry 23%
4)despite the boom in service( of which contribution to the regional GDP increased from 29.3% in 2005 to 51.6% in 2017) coupled with the agriculture sector that contributed 226% to regional GDP in 2017, there has been an I’m balance in the structure of the regional economy as manufacturing can be seen as the missing link between agricultural and service activities.

1.a. Primary sector of an economy: It can simply be defined as the extractive sector of the economy since it deals with the extraction of raw materials example: agriculture, mining, it is very common in underdeveloped countries.
b. Secondary sector of the economy: This can be defined as the s ctor of the economy that is involved in transforming the raw materials received from the primary sector into finished or semi-finished goods. It can easily called the manufacturing sector. In developing countries it can be said to be the lowest.
c. Tertiary sector of the economy: This sector is involved in providing services.Trade, transport, insurance, banking, health, education, banking, e.t.c. all fall under this sector.
In advanced countries the contribution of this sector to national income is the highest. However, the contribution of this sector is still low.
2. Private Sector: This aspect in the economy deals with privately owned businesses or corporations. Government owned businesses and charities do not form a part of this sector. The main aim of the primary sector is profit maximization and therefore employs more workers than the public sector. Business organizations in the private sector help to prevent high prices.
Advantages:
a. Efficiency in operations: The private sector is usually very efficient compared to the public sector especially since it has a major aim of profit making it therefore endeavors to efficiently utilize labour and other factors.
b. Quick decision making: Due to the small number of people involved and absence of bureaucracy in most cases it makes quick decisions.
c. Little or no political influence: this helps to reduce inefficiency.
d. Wide scope for expansion and modernization.
Disadvantages:
a. Less job security.
b. Very competitive atmosphere and high-pressure environment.
c. Human rights of workers are sometimes violated.
d. Capital is limited.

Public sector: This is usually comprised of organizations that are owned by the government usually under the act of parliament. The major aim is to provide social services. It includes education, health care, infrastructure, electricity,e.t.c.
Advantages:
a. Provide services that require large capital.
b. promotion of public welfare.
c. Economic development through public sector.
Disadvantages:
a. Inefficiency
b. Slow decision making
c. Government intervention restricts the scope of development.
3. Agricultural contribution to the GDP and growth of the economy in West Africa:
The agriculture sector is central to achieving food security and broad-based economic growth, representing approximately 36% of the region’s GDP and 60% of the active labour force. Nevertheless, the sector remains constrained by low productivity and major environmental challenges.
Official statistics available at World Bank database (2018) on the sectoral distribution of the GDP show relatively little variation since the 1980s. The share of agriculture in GDP has declined in countries with high GDP per-capita and high growth rates such as Cape Verde, Ghana and Nigeria. In a number of countries, however, agriculture’s share of GDP even increased during the 1980s, these include countries such as Burkina Faso, Guinea-Bissau, Liberia, Niger, Sierra Leone and Togo. Agriculture’s share of GDP is only slightly above that of East Asia, the Middle East, and North Africa, although the latter regions have per capita incomes that are three times higher than that of sub-Saharan African countries (World Bank, 2018).
b. Contribution of Manufacturing Sector to the GDP and Economic Growth of West Africa:
The production base of West African countries is globally weak, characterized by obsolete capital and facilities, and the region is one of the least integrated into the global value chains (GVCs), particularly for processing activities as highlighted in the 2014 African Economic Outlook.
More importantly, the share of the industrial sector in GDP only increased in 7 of the 15 countries between the 1980s and the 2000s and remains, on average, at 23%. Within the sector, the main growth drivers have been extractive industries such as mining and oil which are capital-intensive although generate little employment.
c. Contribution of Services Sector to the GDP and Economic Growth of West Africa:
The services sector based on official statistics at World Bank database (2018) continues to dominate the economy, accounting for 42% of GDP on average during 2000-2016 for the ECOWAS countries, followed by agriculture’s 36% and industry’s 23%. The growth of the services sector has been driven to some extent by the recent dynamism in finance, telecommunications and tourism, the dominant trend has been the growth of the informal economy.
4. The Missing Link:
Despite the boom in services (of which contribution to the regional GDP increased from 29.3% in 2005 to 51.6% in 2017), coupled with the agricultural sector that contributed 22.6 % to regional GDP in 2017, there has been an imbalance in the structure of the regional economy as manufacturing can be seen as the missing link between agricultural and services activities.This translates into a strong external dependence for manufactured goods, which represent on average 46% of the West African imports according to WTO (2017). The trade balance for these goods reports a wide deficit on a regional scale, which penalizes not only the economies but importantly the people, who bear the costs of importing consumer goods therefore, paving the way to the expansion of poor quality and low-cost products in the regional markets.
The missing link can easily be called the manufacturing sector.

A:The Primary Sector:
This refers to that sector of the economy which uses natural resources to produce goods.this sectors is concerned with the extraction of raw materials natural factors play crucial role in the production process.Agriculture and allied activities like mining,fishery,forestry,dairy and poultry are included in this sector.primary sector dominates in under developed countries.
B:The Secondary Sector:
Secondary Sector is also refered as manufacturing sector or industry sector.the primary sector can not satisfy all human requirements.we need certain industrial goods to make our lives comfortable.the sector which transforms one physical good into another called secondary sector.the manufacturing,electrical,gas ,water supply. etc.
C:The Tertiary Sector:
The service sector of the economy is called Tertiary Sector, services of various kinds like education,health, banking, insurance,trade and transport are included in this Sector.
2; Difference between private and public sector:
A;In private sector shares are not easily transferable, except with the consent of their member while public shares are easily transferable
B; private sector shares are not quote in the stock exchange while public shares quoted in the stock exchange
C; private sector it has a minimum of two people as shares while in public sector is has minimum number of seven shareholders
D;in private sector it has a maximum number of 50 owners while in public sector there are no maximum number of people as owners.
3; the historical contribution of agriculture, industry and service sector;
Agricultural sector accounts 65% of employment and 35% of gross domestic product GDP,but poverty is highest in rural areas where most of the population depends on agriculture for subsistence.
The Industrial sector contributed to the scramble for Africa,as well as imperialism more broadly,in several different ways.first,the Industrial sector created an almost insatiable demand for raw materials, including metals,timber,rubber and many others
Service sector base on official statistics at world bank database (2018,) continues to dominate the economy,accounting for 42% of GDP on average during 200-2016 for the ECOWAS countries,followed by agriculture’s 36% and industry’s 23%.the share of the services sector is higher then that seen in other developing regions,taking into account differences in per capita income.
4; the missing link is the secondary sector because it don’t link the primary and the tertiary sector.e.g like Nigeria now has all the natural resources but Don’t have the refinery’s to transform it to finished goods and services.