WAEC History 2022 Answers And Questions

History 2 (Essay) – 2:00pm – 4:00pm
History 1 (Objective) – 4:00pm – 5:00pm


(i) Villages as political unit: Each Igbo village was seen as a political unit inhabited by related families who were bounded by common beliefs and origin. Each family head in the village held the ‘Ofo‘ title and altogether formed the council of elders.

(iii) The okpara: Among the council of elders one was recognized as the most senior to others. He was the ‘Okpara‘. He could call for and adjourn a meeting, and could also give judgements as well.

(iii) The age-grade: The age-grade consisted of youngsters that belong to the same age-group. The senior age-group maintained peace and order in the village and also provided security to ward off external attacks, while the junior age-group concentrated on the sanitation of the community and other necessary duties.

(iv) The ‘Ozo‘ title holders: This expensive title was conferred on wealthy and influential men in the community who after getting the title become recognized and could then preside over meetings with the village elders.

(v) The priests: They were believed to be the mouthpiece of the gods e.g. Aro’s long juju. Even the council of elders consulted the priests on matters that were beyond their powers i.e. matters that needed spiritual intervention.

(i) Subsistence and Commercial Activities: Agriculture is the main economic activity. Grain is the staple diet, including Guinea corn, millet, maize, and rice. The Hausa also grow and eat root crops and a variety of vegetables. Cotton and peanuts are processed and used locally, but part of the harvest is exported. The Hausa practice intercropping and double-cropping; their main implement is the hoe.

(ii) Industrial Arts: There are full-time specialists only where there is an assured market for craft products. Men’s crafts include tanning, leatherworking, saddling, weaving, dying, woodworking, and smithing. Iron has been mined, smelted, and worked as far back as there are Hausa traditions.

(iii) Trade: Trade is complicated and varied. Some traders deal in a particular market, as distinguished from those who trade in many markets over a long distance. This dual trade strategy, augmented by the contributions of the Cattle Fulani, enabled the Hausa to meet all of their requirements, even during the nineteenth century.

(iv) Division of Labor: Hausa society traditionally observes several divisions of labor: in public administration, it is primarily men who may be appointed, although some women hold appointed positions in the palace. Class determines what sort of work one might do, and gender determines work roles. When women engage in income-producing activities, they may keep what they earn

(v) Land Tenure: The rural householder farms with his sons’ help; from the old farm, he allocates to them small plots, which he enlarges as they mature. New family fields are cleared from the bush.

(i) Ethnically based Federal Regions, with uneven size and power: The first structural weakness which set the First Republic in Nigeria for political crisis was its ethnically- based federal regions and the asymmetry in size and power between them. Upon independence, Nigeria was composed of three federating regions: Northern, Eastern and Western regions. (Later in 1963 a new region, the Mid-West, was carved out of the West following a crisis in that region). Each of the regions was dominated by one of the country’s three largest ethnic groups: Hausa-Fulani in the North, Yoruba in the West and Igbo in the East. This arrangement presided over by the dominant ethnic groups placed minorities at a considerable disadvantage in the competition for jobs and resources at the regional level.

(ii) Ethno-Regional Political Parties: The second structural weakness which afflicted the First Republic was the emotive association between political party and ethno- regional identity. This meant politics largely “revolved around ethnic-based regional…parties”. Reflecting the tripodal ethnic balance, three parties bestrode the political scene like titans and thus shaped the destiny of the First Republic: Northern People’s Congress (NPC), the Action Group (AG), and the National Council of Nigerian Citizens (NCNC). All three parties originally emerged out of ethno-cultural associations: NPC from Jam’iyar Mutanen Arewa (Association of Peoples of the North) AG from Egbe omo Oduduwa (Society for the Descendants of Oduduwa.

(iii) The political alignment which formed after the 1959 election: It can be argued that the political constellation which emerged after the 1959 election was the most potent of the young republic’s structural weaknesses. It had huge impacts on the stability of the soon to be an independent nation. The North-South governing coalition between the NPC and the NCNC, variously described as “unnatural”, a coalition of “strange bedfellows”, only accentuated the republic’s structural imbalances. On immediate observations, it was certainly a partnership of unequal – with the NPC being by far the more powerful of the two governing parties. This meant the NCNC was always acutely sensitive to the tenuousness of its share of power.

(iv) The fear of ethnic domination: The last and deepest of the structural weaknesses was the fear of ethnic domination which pervaded the politics of the First Republic. The Yorubas and Igbos in the two southern regions feared that the Hausa-Fulanis would use the North’s demographic preponderance to perpetuate northern hegemony and monopolise federal resources for their region; Hausa-Fulanis, in turn, feared that in an open contest, the Yorubas and Igbos, being the more educated, would dominate the political and economic structures of the federation.

(v) The disintegration of the AG, 1962-63: The collapse of the AG’s political power between 1962 and 1963 produced far-reaching effects. The crisis that engulfed the party stemmed from its “staggering defeat” in 1959. It had been ‘relegated’ to the opposition. The NCNC had made impressive inroads into its regional heartland, securing for itself 21 seats in the AG’s political turf by exploiting minority discontent within the Western Region.

(i) Improved health care: Before the entry of the British into Nigeria, the country experienced significantly high infant mortality rates. These were attributable to underdeveloped healthcare systems. At the time, some of the ailments could not be identified, making it tricky to come up with a remedy. When the British came, the situation improved through improved literacy and knowledge. Infant mortality was reduced since citizens could tell the causes of certain diseases as well as their cures. It is worth noting that healthcare improvement, as other advantages of colonialism, happened through imperialism.

(ii) Infrastructural development: Like many other African countries, the colonial masters introduced numerous infrastructural developments in Nigeria. These include electricity networks, rail lines, seaports, bridges, and roads. While most of the original colonial-era projects no longer exist, they formed the basis upon which the country’s modern-day projects are based on. People in pre-colonial Nigeria relied on traditional modes of transport such as walking on foot and the use of animals. The infrastructural changes significantly impacted the citizens’ lives, making it easier and faster to move from one point to another.

(iii) Introduction of money currencies: In pre-colonial Nigeria, the prevalent form of business was barter trade. This involved the exchange of goods with other goods, a system ridden with numerous challenges. The colonialists then introduced money currencies, making it easier to trade and do business. In 1912, the British introduced the first silver coins in the country. Around the same time, the West African Currency Board was created. Besides the money currency, the British also introduced the banking system in Nigeria, further simplifying trade in the country.

(iv) Economic dependence and resource exploitation: While colonialism brought infrastructural and technological development to Nigeria, it was also a form of extreme exploitation. The basic idea behind colonization had aspects of economic dependency baked right into it. The British took the country’s resources, land and mineral included, leaving the natives dependent on them to generate funds.

(v) Loss of culture and identity: When the colonialists took over the country’s rule during the colonial era, the natives suffered a massive culture and identity loss. The British brought and imposed their culture, language, behaviour, beliefs, and other ways of life on the Nigerians. This then led to the natives abandoning some of their customs and culture in favour of those brought by the colonizers. For most natives, though, the conformity to the new way of life was more out of fear of the colonialists than a belief in their ways of life.


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WAEC History Questions and Answers 2022. For the National exam Council (June/July 2022. History Answers. This article will provide you with a variety of questions, as well as answers to the questions on your WAEC History exam 2022. This article will help you to understand what you will be asked in the WAEC History answers 2022.

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History 2 (Essay) – 2:00pm – 4:00pm
History 1 (Objective) – 4:00pm – 5:00pm



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Waec History 2021 Answers

History 2 (Essay) 2:00pm. –4:00pm.
History 1 (Objective) 4:00pm. –5:00pm.


(i) Economic dependence and resource exploitation ; The basic idea behind colonization had aspects of economic dependency baked right into it. The British took the country’s resources, land and mineral included, leaving the natives dependent on them to generate funds.

(ii) Constant war and conflict; When Nigeria was overrun in the name of imperialism, it marked the beginning of conflict and war and these conflicts were largely fueled by the colonizers in a well-thought divide and rule strategy.

(iii) Loss of culture and identity; When the colonialists took over the country’s rule during the colonial era, the natives suffered a massive culture and identity loss. The British brought and imposed their culture, language, behaviour, beliefs, and other ways of life on the Nigerians. This then led to the natives abandoning some of their customs and culture in favour of those brought by the colonizers.

(iv) Loss of land One of the biggest reasons for British colonialism in Nigeria was the abundant resources. The British needed the land to create massive plantations for their economic gain.

(v) Slave trade and humiliation; The introduction of colonialism into Nigeria, the twisted idea of the slave trade followed suit. At the time, the colonial masters needed slaves to work in their home countries or in the colonies. Additionally, imperialism reduced the status and prestige accorded to Nigerian leaders.





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Waec History 2021 Question



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Paper 1: Practical – History Science – 10:00am–11:30am

A – Measuring tape
B – Gunter’s chain
C – Ranging pole
D – Peg

(i)Pull taut chains
(ii)Make sure the chain is not faulty
(iii)Avoidance of error due to parallax when reading the measurements

(i)It is used for taking measurements of linear distances
(ii)It is used to form 3-4-5 methods of measurement

(i)It is used for marking spots or stations
(ii)It is used for making straight lines

(i)Used to mark points
(ii)To mark terminal points of survey lines

(i)C is longer than D
(ii)C is circular sectioned, while D is square-sectioned


E – Sandy soil
F – Urea fertilizer

(i)It is coarse-grained
(ii)It is gritty

(i)By mulching the soil
(ii)By planting cover crops
(iii)Application of manure

(i)Making long lines along the farmland.
(ii)Applying F along the lines, just by the sprouted seedlings

(i)Causes acidity
(ii)Encourages weed growth relative to cultivated crops

0.2 – 0.02mm

(i)Ensure there is an anticipation of rain or irrigation
(ii)Test the soil, then check the nutrient level
(iii)Apply two weeks before planting


G – Paddy rice
H – Cassava tuber
I – Palm fruit

(i)Threshing and winnowing


(ii)Fruit digestion
(iii)Pulp pressing



J – Fresh milk
K – Egg
L – Hides and skin

(i)The animal should be cleaned thoroughly before milking
(ii)The animal should be handled gently, i.e apply little pressure to the udder

(ii)Dairy Shorthorn

(i)Only fertile eggs are meant for incubation
(ii)Eggs must be clean
(iii)No washing of eggs with water
(iv)Eggs must be fresh (1 – 2 weeks)




WAEC History 2021 ANSWERS

Essay & Objective – History Language – 10:00am–12:45pm

Paper IV: Test of Orals – History Language – 1:00pm-1:45pm

History OBJ:

ORAL History:

They had an incompetent geography teacher.

He never believed that such number of students could dislike geography.

The dream of becoming a pilot.

The principal was merely building castle in the air as students had no pleasure in the subject.

(i) Adjectival clause.
(ii) It qualifies the noun “Guidance Counsellor”.

They discovered that “Water Meandering” which their old teacher had repeatedly taught them was not even a topic on its own in geography.

Teachers should be allowed to handle subjects of their expertise.

(i) Retrospectively – back
(ii) Thunderous – deafening
(iii) Zeal – passion
(iv) Specialist – expert
(v) entreaties – appeals
(vi) Scratch – beginning

(i) The Nigerian sports representatives were inadequately prepared in the 2012 Olympic games.
(ii) They were also poorly motivated.

(i) National sports commission should adopt early preparations for special competitions.
(ii) They should also organize youth programmes to train and churn out experts in sporting activities.

The developments that hindered the implementation of the resolutions reached at the summit are:
(i) The replacement of the sports minister.
(ii) Lack of financial commitment in other sports activities.

There was a country long time ago where the people would change a king every year. The person who would become the king had to agree to a contract that he would be sent to an island after his one year of being a king. One king finished his term and it was time for him to go to the island and live there.
The people dressed him up in expensive clothes and put him on an elephant and took him around the cities to say goodbye to all the people. This was the moment of sadness for all the kings who ruled for one year. After saying farewell, the people took the king with a boat to Remote Island and left him there.
On their way back, they discovered a ship that had sunk just recently. They saw a young man who survived by holding on to a floating piece of wood.
As they needed a new king, they picked up the young man and took him to their country. They requested him to be a king for a year. First he refused but later he agreed to be a king.

People told him about all the rules and regulations and that how he will be sent to an island after one year. After three days of being a king, he asked the ministers if they could show him the island where all the other kings were sent. They agreed and took him to the island. The island was covered with thick Jungles and sounds of vicious animals were heard coming out of them. The king went little bit inside to check. Soon he discovered the dead bodies of all the past kings. He understood that as soon as they were left in the island, the animals came and killed them.
The king went back to the country and collected 100 strong workers. He took them to the island and instructed them to clean the Jungle, remove all the deadly animals & cut down all excess trees.
He would visit the island every month to see how the work was progressing. In the first month, all the animals were removed and many trees were cut down. In the second month, the whole island was cleaned out. The king then told the workers to plant gardens in various parts of the island. He also took with himself useful animals like chickens, ducks, birds, goats, cows etc.

In the third month, he ordered the workers to build big houses and docking stations for ships.
Over the months, the island turned into a beautiful place. The young king would wear simple clothes and spend very little from his earnings as a king. He sent all the earnings to the island for storage. When nine months passed like this, the king called the ministers and told them:

“I know that I have to go the island after one year, but I would like to go there right now.”

But the ministers didn’t agree to this and said that he has to wait for another 3 months to complete the year.

3 months passed and now it was a full year.
The people dressed up the young king and put him on an elephant to take him around the country to say goodbye to others. However, this king is unusually happy to leave the kingdom.

People asked him, “All the other kings would cry at this moment and why are you laughing?”

He replied, “Don’t you know what the wise people say? They say that when you came to this world as a baby, you were crying and everyone was smiling.

Live such a life that when you are dying, you will be smiling and everyone around you will be crying.

I have lived that life.

While all the other kings were lost into the luxuries of the kingdom, I always thought about the future and planned for it.

I turned the deadly island into a beautiful abode for me where I can stay peacefully.”

The moral lesson from this story is about how we should live our life.

Always prevention is better than cure…..

The life of this world is to prepare for the life hereafter.

In this life, we shouldn’t get lost into the deceiving and attractive things of this world and forget about what is to come in the afterlife.
Life is beautiful… Live it as it is…


Top Knowledge Academy,
Orimeme street,
Ile-ife, Ondo State.
2nd August, 2021.

Dear Abosede,

How are you doing? I heard with great displeasure of your suspension from school. I returned back to school today following my ill-health. I searched frantically for you during assembly and break times, only to be told you have been suspended when I asked. I know you very well, so I know it is not in your nature to do that which you have been accused of – truancy? Something must surely be wrong somewhere!

Well, from the information gathered, you were seen on several occasions in town during school hours, after which a report was made to your parents. Your parents came to find out that you were never captured on the school register throughout that period. How could this be? Are you seeing someone secretly? Why did you have to make it during school hours? I find it very difficult to believe, yet I must let you know you are very wrong.
The news has filtered into the ears of every girl in the school, and I really don’t know how you will handle the shame when your suspension is lifted and you return.

If there is anything personal bothering you, now is the best time to talk to someone about it. My mum always tells me that as girls, we must not live careless lives; that of the two genders, we are more easily affected by mistakes associated with sexuality and other kinds of lust – so, please this attitude must stop. If you are not comfortable talking with your parents, please come see my Mum. She is a lovely person. I shall come to pay you a visit by the weekend.
I miss you!

Your friend
Adaobi O.

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You are required to answer only one question from this section. Your answer should not be less than 450 words. All questions carry equal marks. You are advised to spend about 45 minutes on this section.

  1. Write a story to illustrate the saying: Prevention is better than cure

  2. Write an article suitable for publication in your school magazine on ways of improving reading culture among students.

  3. You are a chief speaker in a debate on the topic: Our Forefathers Upheld our Cultural Values more than this Generation. Write your argument for or against the motion.

  4. Your best friend has just been suspended from school for truancy. Write a letter to him/her expressing your displeasure and advising him/her to turn a new leaf.

WAEC History 2021 ANSWERS

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Paper III & II: Objective & Essay – History – 2:00pm-5:00pm

History OBJ:

SECTION A: (Answer TWO questions from this section)

History is a public, socially-oriented system of continuous education and upbringing aimed at building History competence, democratic culture, and satisfying the needs for socialization in the interests of the individual, civil society and the rule of law.

(Pick any THREE)
(i) Political stability
(ii) Peace and Equality
(iii) Patriotism
(iv) Sustainable Development:

(i) Political stability: A country where people know their rights and obligations tend to enjoy relative peace that enhances political and economic stability in the state. Besides, citizenship education helps to reduce cases of human rights abuses in society. The level of acrimony is reduced thereby ensuring stability in the country.

(ii) Peace and Equality: History teaches us to respect each other’s belief and see each other as brothers or equal. One sad reoccurrence in our society today is ethnicity and religious superiority.

(iii) Patriotism: Through History, we as citizens begin to feel love, devotion and attachment to our country. Obeying the laws of the land, promoting good values, shunning vices and active participation in the governance of the nation.

(iv) Sustainable Development: The curriculum of History is structured to address the goals of sustainable development which are summed up into social justice, ecological sustainability, good governance and economic productivity.

(Pick any FOUR)
(i) Family
(ii) School
(iii) Peer-group
(iv) Mass media
(v) Religions institutions
(vi) Community

Cultism can be defined as a ritual practice by a group of people whose membership, initiation, policies, and activities are done secretly and carried out at odd hours of the day and they often clash with the accepted norms and values of everyday life.

(Pick any four)
(i) The overwhelming influence of peer pressures has been identified as one of the major reasons why students join cult.
(ii) Low self-esteem can make a student to join cult group in order to feel important.
(iii) Power or position seeking can lead a student into joining cult group.
(iv) Parental background can influence a student into joining cult.
(v) Exposure to violence and crime-related films
(vi) Quest for academic success

(Pick any FIVE)
(i) Breakdown of law and order.
(ii) Violence and social instability.
(iii) Disruption of academic activities.
(iv) Disorientation of societal values.
(v) Premature death of youths who are cult members/innocent victims.
(vi) Drug addiction and related health problems

SECTION B: (Answer TWO questions from this section)

(i) Right to life.
(ii) Right to freedom of expression.
(iii) Right to fair and equal hearing.
(iv) Right to freedom of movement.
(v) Right to own property.

(i) Right to life: This right you to live or to exist. Nobody has the right to kill another person or himself or herself.

(ii) Right to freedom of expression: Under this right, everyone is free to hold opinions, express same or receive or impart ideas and information without interference. This is the right to say whatever one wants to say. The press I.e Newspapers e.t.c. have the right to say or report any news without being harassed or forced not to do so.

(iii) Right to fair and equal hearing: Every Citizen has the right to be listened to before they are punished. Even it a thief is caught stealing the court has to listen to his or her defence before dispensing judgment.

(iv) Right to freedom of movement: Every citizen of Nigeria is free to move from one part to the other and to reside in any part of the country. No citizen of Nigeria must be denied entry into and movement out of Nigeria.

(v) Right to own property: Every person is entitled to own private property and no movable or immovable property or the interest from it can be compulsory acquired in any part of Nigeria.

(i) Social distancing: Stay at least 1 metre away from others, even if they do not appear to be sick, since people can have the virus without having symptoms. Avoid large gatherings, public spaces and public transportation. Avoid social touching, this includes shaking hands, kissing or hugging, instead try a hand wave or a smile.

(iii) Wearing of mask: A cloth face covering may not protect the wearer, but it may keep the wearer from spreading the virus to others. To reduce the spread of COVID-19, it is recommended that people should wear cloth face coverings in public settings when around people outside of their household, especially when other social distancing measures are difficult to maintain.

(iii) Avoid touching surfaces of public facilities: Touching of surfaces, especially in public settings or health facilities should be avoided, in case people infected with COVID-19 have touched them. Clean surfaces regularly with standard disinfectants.

(iv) Frequent washing/cleaning of hands: Clean your hands with soap and water or an alcohol-based sanitizer. It is essential to carry alcohol-based sanitizer with you whenever you are going out and use it often.

(v) Vaccination: Get vaccinated. Follow guidance and recommendations about vaccination. This can prevent risk of spreading corona-virus

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Objective & Essay – Economics – 10:00am-1:00pm





X: 20, 30, 40, 50, 60, 70
F: 10, 8, 20, 13, 6, 3
Fx: 200, 240, 800, 650, 360, 210

∑f = 60, ∑fx = 2460
Arithmetic mean x̄ = ∑fx/∑f = 2460/60 = 41


X: 20, 30, 40, 50, 60, 70
F: 10, 8, 20, 13, 6, 3
X-x̄: -21, -11, -1, 9, 19, 29
(x-x̄)²: 441, 121, 1, 81, 361, 841
f(x-x̄)²: 4410, 968, 20, 1053, 2166, 2523

∑f(x-x̄)² = 11140
Variance = ∑f(x-x̄)² = 11140/60 = 185.67
Standard deviation = √variance = √11140/60 = 13.6

-It doesn’t give the full range of the data
-It assures a normal distribution pattern

(Another version of no.1): CLICK HERE FOR THE IMAGE



The demand is inelastic (e < 1)

Milk is a superior-good to Mr. Dantami

-Price of the commodity: A greater quantity is brought at a lower price than at a higher price.

-The consumer’s income: Other things being equal, an increase in the income of a consumer would make him/her buy more of a commodity.

-Weather and season: Changes in weather lead to changes in demand for some commodities. e.g more ice cream is bought during hot weather.

-Government taxation policy: An increase in commodity tax would increase the price and hence a drop in demand.


Capital formation refers to increase in a country’s stock or real capital. It also refers to increase in the net investment in form of fixed assets. The rate of economic development of any country is directly related to the rate of capital formation

(i) Existence of a vicious circle of poverty: The existence of low income result in low saving and in turn results in a shortage of capital for investment, which results in low investment. Low investment leads to low output and eventually to low income. The low income results again to low savings and the vicious circle continues

(ii)Wasteful expenditure: government of Nigeria are involved in wasteful expenditure as they embark on prestigious but non- productive ventures thereby resulting in low capital formation.

(iii)Inadequate distribution of income: In Nigeria, only few individual are rich while the majority are poor. Even the few rich ones spend their money on prestigious projects which are non- productive and those generally give rise to low capital formation.

(iv) Higher propensity to consume: In Nigeria, the propensity to consume by the people is higher than the propensity to save. There is a high taste for imported goods e.g Cars ,television, rice and clothing materials. This high propensity to consume results in low saving and investment

(v) Low saving: Many working class people in Nigeria do not have the habit of saving and are usually poor. This may be due to their low earning ,which may not be enough for them to spend not to talk of saving. This is usually affects negatively capital formation. The problems of low formation can be solved when the above problems are looked into by Nigeria government.


(i) As a source of income: When Historyulture is practiced in a large scale, the sale of the products after reserving the ones for consumption can fetch a lot of money to individuals and government in Nigeria.

(ii) As a source of foreign exchange earning: As the Nigerian government is working towards economic diversification, farmers should be encouraged so as to produce in large quantities for export. This will increase Nigeria’s foreign exchange earning.

(iii) Provision of food: Historyulture is the main source of food supply used in feeding the teeming population of Nigeria. When there is food on the table of every Nigerian citizen, the economy will be improved.

(iv) Provision of employment: If Historyulture is well funded in Nigeria, it can provide employment opportunities for more than 60 percent of the population of Nigeria.

(v) As a source of raw materials: Historyulture can be a major source of raw materials used by industries in Nigeria if well funded.


(i) Commercialization: This is the use of government owned establishment for maximization of profit.
That is, when government convert their public enterprise to an enterprise purposely meant for profit instead of rendering essential services.

(ii) Privatization: This is the transfer of the ownership of government firm to private firm. Such policy encourages competition and reduces the fiscal burden of the state by relieving it of the losses of the public enterprise and reducing the size of the bureaucracy.

(iii) Nationalization: This is the transfer of the private owned enterprise to public or government. Reasons for nationalization includes, need for large capital,to prevent exploitation, to avoid foreign dominance of the economy, etc. This policy causes monopoly.

(iv) Indigenization: This is the process of promoting industralization through the use of indigenes and indigenous means. Also, it reduces the control of the economy from foreign economic desperado.

(v) Public corporation: This is also known as public enterprise or stationary corporation. It is a type of business organization owned, financed and controlled by the government with the sole aim of not making profit but to render essential services to the public.


Money is anything that is generally acceptable as a medium of exchange and in the settlement of debts. Money can also be seen as anything that is generally acceptable as a means of payment WHILE capital market is a market for medium term and long term loans. Capital market serves the need of Industry and the commercial sector. It comprises all the institutions which are concerned with either the supply f of demand for long term capital.

(Pick Any Five)
(i) Acceptance of deposit: Commercial banks accept deposit from the public for safe keeping. This is the oldest function of commercial banks, which helps in taking care of people’s money. Money can be kept in current, fixed and savings account. They accept money deposits from people and organisations for safe keeping. The amount deposited is credited to the customer’s account. In the performance of this function,three types of accounts can be kept with commercial banks.

(ii)Lending of money: This is perhaps the most profitable function of commercial banks . Deposits from different customers are pooled together and given out as loans and overdrafts with interest to people and firms for profitable investment. They can give direct loans to borrowers who have the necessary collateral security such as stock and share certificate, life insurance policies and landed property.

(iii)Agent of payment: Commercial banks can act as agent of payment on behalf of their customers . They encourage and permit customers to have current accounts in which they can draw by cheque without notice. They can also be transferred from one account to another eg credit transfer. A customer cab instruct his bank to pay his creditors . commercial banks also collect cheques ,bill of exchange and other instrument of credit on behalf of their customers.

(iv)Provision of financial and technical advice : Commercial banks encourage and advise businessmen on the type of projects they should invest their money in. They could advise their business customers on how best to carry out their business operations, how to raise capital for business, whether to start a new business of to expand an existing one, etc By so doing, they are helping in the progress of the economy.

(v)Foreign exchange transaction: commercial banks make foreign currencies available to their customers. They participate in foreign exchange market and help in solving any problems relating to foreign exchange. They facilitate foreign trade by selling foreign currencies to importers. One who wishes to travel abroad could purchase travellers cheques from commercial banks. These enables people and businessmen to settle their international indebtedness.

(vi)Safe keeping of valuables: One of the functions of commercial banks is to keep customers valuables . such valuables include costly jewellery and important documents such as wills, share certificates and educational certificates. They are able to perform this function effectively because they have facilities for safe keeping such as safes and vaults.


Monopolistic competition is a market situation which combines the fundamentals characteristics of both pure monopoly and perfect competition. This type of market situation exists because neither pure monopoly nor perfect competition exist in isolation and this is as a result of absence of homogeneity and heterogeneity of products sold in both markets.

(i)Provision of substitute products: Monopolist excel because their products have no substitution. In order to control them, there should be provision of substitute product. For example, there should be an alternative power supplier apart from the power Holding company.

(ii) Privatisation: Private individuals should be encourage to take over government corporation and agencies in order to eliminate monopoly from the system.

(iii)stoppage of issuance of potent law: The stoppage of such will encourage more people to compete with the inventor so as to promote more inventions in the system

(iv)stoppage of issuance of patent law: The stoppage of such will encourage more people to compete with the inventor so as to promote more inventions in the system.

(v)Reduction of tariffs: When tariffs are reduced, more goods will be imported and this condition Will help to reduce the influence of the monopolist, as there would be favourable competition


Balance of payment is a summary statement of account of all a country’s economic transactions with the rest of the world during a given period, usually one year. It shows the relationship between all the receipts of a country from all the countries and all payments made to them during the period.

(i)Uneven distribution of natural resources: Natural resources are unevenly distributed . While some countries are naturally blessed , others have little or no natural resources . This necessities international trade.

(ii)Difference in climatic conditions: The climatic condition of the earth caries from one region to another . This variation gives rise to another. This variation gives rise to growth of different crops, hence the need for exchange.

(iii)Differences in technology: The level of technology differs from one nation of the world to another. Some countries with advanced technology can produce some industrial products at reduced cost and sell to the less developed countries

(iv)Difference in skills/taste: The inhabitants of a region may develop special skills in the production of a commodity such that it acquires special reputation for its skill. This can necessitate foreign trade. Difference in the taste of various countries call for international trade

(v)Difference in the efficient use of natural resources/Desire to improve the standard of living: Foreign trade may arise because of difference in efficiency in the use of natural resources. Countries engage in international trade in order to improve standard of living of their people


(i) To avoid importation of harmful product: When there is an imposition of tariff, it will reduce the imposition of harmful products such as hard drugs etc.

(ii) To reduce the rate of importation: The imposition of tariff helped a country to be independent by establishing an industry that will produce it locally. Tariffs push up the prices of imported goods. So instead of having to lower prices to compete with cheap imports, domestic producers can raise prices to the inflated price level of the imports.

(iii) To create employment: Tariffs create employment within a country by encouraging local industries to grow and manufacture their own goods.

(iv) To generate revenue for the government: Tariff also helps to generate enough revenue for the government. If a country produces no oil, levying a tax on oil imports will raise money as people have no alternative put to pay the import tariff

(v) To regulate the quantity of goods and services to be imported or exported through quota system: By the use of quota system, it regulates the quantity in order to avoid over load which can lead to accident.

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