Domestic trade refers to the actions of exchange of goods, both goods and services, between buyers and sellers residing in the same locality, region or nation while International trade is defined as all that economic activity in which people or companies from different countries carry out an exchange of products or services.
A tax is a compulsory payment made by citizens and corporate bodies to the government to enable it carry out its responsibilities. Examples include income and property tax.
National debt or public debt is the total debt a country owes to its citizens, governments of other countries or international financial organizations like the World Bank and International Monetary Fund (IMF).
The debt which a country owes its citizens is known as internal or domestic debt, while the debt owed to foreign governments or international financial organizations is known as external or foreign debt.
Petroleum Industry | Crude oil is the most important of all the mineral resources found in Nigeria. Before oil was discovered, agriculture played the dominant role in Nigeria’s development.
National income is the monetary value of all goods and services produced in a country in a year or the totality of income accruable to all factors of production employed in producing goods and services in the year in the country such as wages, salaries, rents, interests and profits. It is equal to NNP - Indirect Business Taxes.
Government Budget is a detailed statement indicating estimates and sizes of anticipated revenue and proposed expenditures for a period of time, usually a year.
When a government decides to spend more than its revenue, it is said to have a Deficit Budget and when it plans to spend less than its revenue, it is said to operate a Surplus Budget.
Public Finance is an aspect of economics that state how a government gets and spends the revenue it collects. In a more technical sense, it can be defined as that branch of economics that studies the relationship between the revenue and expenditure patterns of the government.
Development Planning can be defined as a systematic or carefully formulated course of actions/policies designed to achieve the developmental goals of society.
The River Niger Basin Commission is an inter-governmental organization in the West African subregion that was established in 1964. Its current membership comprises Nigeria, Cameroon, Niger Republic, Benin Republic, the Gambia, Mali and Burkina Faso.
Gas Producing and Exporting Countries (GPEC) was founded by 14 countries Algeria, Brunei, Egypt, United Arab Emirates, Iran, Lybia, Qatar, Trinidad and Tobago, Venezuela, Indonesia, Malaysia, Oman, Russia and Nigeria.
The Chad Basin Commission was established in 1964. It draws its membership from countries bordering it. These are the Chad Republic, Nigeria, Cameroon and Niger Republic.
West African Clearing House (WACH) is form on July 1, 1976 was largely due to the efforts of the Governors of the Central Banks in West Africa to find a solution to one of the obstacles to trade among West African countries.
Mode is the score that occurs most frequently in a set of scores. For example, the mode of 3, 4, 5, 6, 3, 7, 4 8, 3, 9 and 10 is 3 because it is the figure that occurs most frequently in the set. A set of values can have two modes or bi-modals, e.g. 3, 9, 12, 6, 11, 24, 13, 11, 6.
The formation of United Nations Conference on Trade and Development UNCTAD in 1964 was initiated by the less developed nations of the world, the majority of which are members of the United Nations. Its headquarters is located in Geneva, Switzerland. Since its inception in 1964, it has been holding full sessions at least once in every four years.
The International Monetary Fund (IMF) was established in 1944.
Its financial resources stem mainly from quota subscriptions which are assigned to each member according to its relative size in the world economy. A member’s quota also determines its voting power as well as its access to IMF financing.
The International Bank for Reconstruction and Development (IBRD) otherwise known as the World Bank was established in 1944 with its headquarters in Washington DC.
The United Nations Economic Commission for Africa is the continental organ that is responsible for the coordination of the developmental activities and efforts of the African countries under the agencies of the United Nations.
European Bank for Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development was established in 1991.
Aims and Objectives of the European Bank for Reconstruction and Development (EBRD)
To provide technical assistance and training to economies once geared toward communist planning.
To establish a framework for a Western style...
The European Economic Community (ECC) now referred to as the Enropean Union (EU) was established in 1958 under the Treaty of Rome of I957. It has a membership of twelve countries at present. The number is likely to grow as the years roll by.
