Economics lessons from the Asian Tigers, Japan, Europe and America 2
Economics S.S.S 3 First Term
WEEK 2
Economics lessons from the Asian Tigers, Japan, Europe and America 2
Performance Objectives
Student should be able to:
- Differentiate between the development strategies of Asian Tigers, Japan, Europe and America.
- Identify the lessons for Nigeria
Content
Lesson for the Nigerian economy
Many of the Asian Tiger strategies are a replica of Europe’s and America’s strategies. Nigeria has the following lessons to learn from the Asian Tigers
1. The Nigerian educational system should be stabilized through policies that will end incessant school closures. It should also be reformed to focus on skill acquisition rather than mere certification.
2. Proper and effective management of resources should be embraced. Looting of the nation’s resources must be discouraged and corruption addressed with zeal.
3. A financial and banking system that favours savings and encourages business growth should be pursed. Government and private savings should be encouraged to improve future investment which is necessary for development.
4. Proper management of the macroeconomic environment especially the management of variables like public debts, deficit and exchange rate.
5. Nigeria’s export policy should focus on areas of comparative advantage or preference e.g. agriculture. Nigeria should increase its production and export of product like cocoa and groundnut to increase its foreign exchange earnings rather than depend solely on crude oil earnings.
6. Development of small and medium scale enterprises (SMEs). Nigeria can learn from Asian Tigers on SME development. SMEs in all countries around the world are enjoying a new focus now because it is the foundation for the development of any country.