Department of Economics

DEPARTMENT OF ECONOMICS

 

PROGRAMME: ECONOMICS DEGREE

PROGRAMME TITLE: BACHELOR OF SCIENCE (B.Sc. HONS) ECONOMICS

 

PHILOSOPHY AND OBJECTIVES OF THE PROGRAMME

 

PHILOSOPHY         

In line with international standards, the philosophy of B.Sc in Economics is to train and graduate students imbued with a sound theoretical and practical foundation. The students will be expected, not only to make specific contributions to the field of economics and achieve their professional goals, but to make a difference in Nigerian, African and the world economies. The degree programme will equip the students for the wide range of opportunities in economics, finance, management as well as government.

 

OBJECTIVES

The main objectives are to:

  1. Develop and improve student’s understanding of economic problems at various stages of development and the Nigerian economy in particular.
  2. Develop the student to understand, analyze and synthesize data on socio-economic problems, using economic methods and techniques to solve economic problems and contribute to national development.
  • Integrate the best practices in the modern world, for example, Information Technology, into the teaching and practice of economics.
  1. Provide appropriate foundation of knowledge in economics and related disciplines that will equip them for practical application and academic excellence.
  2. Encourage the student to acquire a firm and sound foundation for effective participation in society of man in general and Nigeria in particular.

COURSE DESCRIPTION

 

ECO 111: PRINCIPLES OF MICROECONOMICS

This is an essential introductory course that focuses on the microeconomic aspects of economic theory. Topics covered include the subject matter of economics and bask microeconomic problems, tools of economic analysis, scientific methods, basic concepts in economics, the price theory, consumer behaviour, theory of cost, theory of firm, pricing and output under perfect competition and monopoly, theory of distribution.

 

ECO 112: INTRODUCTION TO QUANTITATIVE TECHNIQUES I                      

The course is designed to introduce student to some quantitative techniques necessary for analyzing economic issues. Topics covered include elementary algebra: real number system; indices and logarithms: monomials and polynomials; equations and inequalities function and relations and elementary co-ordinate geometry.

 

ECO 113: INTRODUCTION TO STATISTICS I

Definition scope and development of statistics; use of  statistics in everyday life; accuracy and error computation; classification tabulation and pictorial representation; frequency distribution collection of statistical data; questionnaire method of data analysis: averages and other measure of central tendency; measures of dispersion, measures of partition etc.

 

BUS 111: INTRODUCTION TO BUSINESS I

Describes the nature and scope of business,concept of business kind of businesses,types of businesses, know who a consumer is, explain different business environment, various legal issues in business, the role of government in business,  ethics and responsibilities of a business, character of business from social, legal and economic perspectives, forms of ownership, organization and management, marketing, production finance and accounting functions, government and business, the social responsibility of business, problems of Nigerian business enterprises, government and business,Social responsibility of business, problems of Nigerian business enterprises, accounting in business, how communication helps in the business, role of insurance in business.

 

ECO 121: PRINCIPLES OF MACRO ECONOMICS

This course deals with elementary presentation of macroeconomics, topic includes the circular flow of income; system of national income accounting, basic Keynesian model, consumption, saving and investment theories of functions, fiscal and monetary policies, trade balance of payment, inflation, unemployment, growth and development, differences in micro-macroeconomics; Scope and methodology of national income accounting; Macroeconomic aggregates of the Classical and Keynesian systems, Monetarist system; Domestic economic stabilization; International Trade and international monetary system; National Income Accounting; Concepts and problems in National Income analysis; Elements of public finance and fiscal federalism in Nigeria; tools for macroeconomic analysis; Income and Employment determination in a simple Keynesian Model, aggregate demand, supply and the Philips curve, Fiscal policy and domestic debt, National Income Measurement and determination.

 


 

ECO 122: INRODUCTION TO QUANTITIVE  TECHNIQUES II    

This is a continuation of ECO 112. Topics include set theory, introductory growth mathematics, series sequence and progressions, elementary geometry, introduction to Matrix algebra, general arithmetic such as approximation and percentage errors, introduction to probability, income tax and exchange rate computations.

 

ECO 123: INTRODUCITON TO STATISTICS II

This extends to mathematical expectations for both discrete and continuous variables, probability and chance, permutations and combinations, sampling techniques and bias, estimation theory, test of hypothesis, etc.

 

BUS 121: INTRODUCTION TO BUSINESS II

Topics include functional areas of business elementary concepts in personnel management, marketing, accounting, finance, money and banking, insurance and production management, amongst others.

 

ECO 211: MICROECONOMIC THEORY

The course is aimed at acquainting the students with the basic microeconomic theory. Topics covered include institutions of microeconomics; theoretical foundations of the subject; price system; role of price mechanism and consumer sovereignty; the concept of equilibrium; consumer demand, revenue and elasticity of demand; theories of consumer behavior, theory of production, Problems of scarce resources; allocation of resources in product and factor markets; comparative economic systems; supply and demand theory, equilibrium analysis; elasticity theory, static and comparative analysis and Cobweb theory, basics of demand, supply and market analysis, utility theory and consumer demand, elasticity analysis, theory of production and costs, introductory dynamics, theory of consumer behaviour, theory of cost of production, internal and external economies and diseconomies, market structures; theory of competition and types, law of returns using both traditional approach and isoquant-isocost approach; theory of cost; market structure and theory of the firm. Students should be introduced to various models of oligopolistic competition. Student should be introduced to basic mathematical applications.

 

ECO 212: MATHEMATICS FOR ECONOMICS                     I                                    

The course deals with basic calculus tools necessary for analyzing and understanding many aspect of economic theory. It is brief review of elementary algebra. Topic include number system, exponents and roots, logarithms, equation, functions including one variable function and the optimization of one variable function etc.

 

ECO 213: DESCRIPTIVE STATISTICS                        

This course is aimed at introducing the students to descriptive statistic. The specific topics include meaning of descriptive statistics, measure of central tendency, measures of variation, measures of partition, probability theorem, central limit theorem for discrete data, and distribution.

 

ECO 221: MACROECONOMIC THEORY I     

The course deals with that aspect of economics, which is primarily concerned with the study of relationship among broad macroeconomic aggregate. Topics include the meaning of macroeconomic analysis i.e. static, comparative static and dynamic analysis, analysis of the government sector, measurement of the size of government and the budget, money and banking; interest rate and analysis, IS-LM curve analysis, trade cycle, theories of unemployment and inflation, introduction to international economics and development economics, Growth theories. Basic Macroeconomic concepts such as stock and flows accounting and theoretical relationships, ex-ante and ex-post, development of types of economic theories i.e. an introduction to various schools of economics thought, macroeconomics models, types, uses and macroeconomic policy, national income accounting, models of multiplier theorem and gap analysis, the consumption function, business investment theory, including the profit theory of investment and acceleration principles of investment.

 

ECO 222: STRUCTURE OF THE NIGERIAN ECONOMY                           

The course looks at the political Economy of Nigeria. Specific topic include; the meaning of structure of Nigerian economy, the sectors in the Nigerian economy, the Nigerian economic system, the development patterns and policies of the various sub-sectors e.g. the pattern and development and policies concerning the development of the Agricultural, industrial, commerce, banking, and other services sub-sectors; social and political issue affecting development in Nigeria and their resolutions; international economic cooperation.

 

ECO 223: INFERENTIAL STATISTICS            

This course builds on the basic concepts of probability theory and probability distributions. Topic covered includes simple correlation and regression analysis, binomial probability distribution, poison probability distribution, normal distribution, student t-distribution, hyper geometric distribution, Chi- square distribution and F distribution. Other topics include theory of estimators and their properties, confidence interval and hypothesis testing.

 

ECO 224: MATHEMATICS FOR ECONOMICS                    II                                               

The course which is a continuation of ECO 214 deals with differentiation and integral calculus, differential and integral calculus and its applications in economics, first order difference and differential equations, constrained optimization-lagrangian multiplier and liner programming. All topics are include the relevant economic applications

 

BUS 221: PRINCIPLES OF MANAGEMENT II

In-depth look at management functions; some of the topics include directing, motivating, planning, organization, controlling and leadership, nature of directing, motivation, leadership, controlling, the control process, control techniques, recent development in management process. The Nigerian specific envinronment, management problems in Nigeria, challenges of indigenization, transferabilty of management systems (modern trends).

 

ECO 311: INTERMEDIATE MICROECONOMICS

The main focus of this part of the course is the Demand aspect of microeconomics. Topics covered include theory of costs, pricing, short run and long run equilibrium of firms and industry under perfect competition; pricing under imperfect competition; short run and long run equilibrium of the classical monopoly; price discrimination; factor pricing and choice of optimal combination of factors of production; choice of optimal expansion path, partial and general equilibrium concepts; cardinal and ordinal theories of demand, indifference curve analysis; the revealed preference  hypothesis and consumer equilibrium; derivation, determination and elasticity of market demand; theory of firms i.e. objective and optimization problems; production possibility curve analysis; returns to scale and laws of proportion.

 

ECO 312: PUBLIC FINANCE                  

The course is basically an introductory one. Specific topics covered include the definition the definition of public finance, finance, budgets and budgeting; source of government revenue, government expenditure, composition of government expenditure, taxation theories of public expenditure, revenue sharing and revenue allocation, the application of Pareto principles to the issue of public finance, public debt etc.

 

ECO 313: INTERNATIONAL ECONOMICS            

This course is comprised of international trade and finance and it is designed to introduce the students to the fundamental theories of international trade. Topics include the meaning of international trade, free trade and trade restrictions. Samuel’s factor price equalization theorem, the phenomena of factor reversal, Rybzynsk theorem, and trade policies, globalization, economic integration, WTO and other international institutions such as IMF, IBRD, IFC, OPEC, IDA etc. This course provides a fairly advanced treatment of the elements of international finance. Topics include: making of international payment, and documents of international finance, trade financing, the foreign exchange market, the balance of payment accounts including payment adjustments and related policies, the autonomous and accommodating accounts, the transfer movement, capital movement, international reserves, the interactive monetary system development in the system monetary recent development in the system, monetary integration effects of contagion Bretton Woods and beyond, the International Monetary System and Standard, the Euro Dollar and Euro currency market.

 

ECO 314: DEVELOPMENT ECONOMICS I    

This course is an introduction to the study of the theory of economic development and growth. Topics include meaning of economic growth, and development (concept and approaches), characteristics of under-development, development gap and poverty, obstacles to development, foreign aid and assistance investment, industrialization and technological impact of economic development, effects of International trade and globalization on economic development, financing developing plans, development policies and problems of development in Nigeria.

 

ECO 315: APPLIED STATISTICS                      

This course emphasizes the practical application of statistics. Topics covered include statistics of quality control, analysis of time series, index number analysis, demography statistics, life tables statistics, non-parametric statistics, design of experiment and sample surveys. This course emphasizes the practical application of statistics, simple correlation and regression analysis, binomial probability distribution, poison probability distribution, normal distribution, student t-distribution, hyper geometric distribution, Chi- square distribution and F distribution. Other topics include theory of estimators and their properties, confidence interval and hypothesis testing.

 

ECO 316: MATHEMATICAL ECONOMICS    

The nature of mathematical economics; mathematical model; comparative static analysis and the calculus of optimization, constrained and unconstrained optimizations, total and partial differentiations with application to Euler’s theorem, continuous analysis and discrete analysis, first-order difference equations; dynamic and market stability, calculus of integration and its application to economics.

 

ECO 321: INTERMEDIATE MACROECONOMICS

The emphasis of this course is on the quantitative analysis of income determination; theories of consumption and other determinants of consumption such as Pigou effect and the effects of interest are rates and investments decisions; Investment analysis; equilibrium analysis in the various markets i.e. the Goods market, the labour market, the money market; the IS-LM framework, monetary and fiscal policy in a closed and open economy; interest rate sensitivity and the liquidity trap. The emphasis of this course is the quantitative analysis of the following topics; government and fiscal policy, fiscal deficit and budget surplus analysis, Ricardian equivalence hypothesis, output gap analysis, monetary policy analysis, exchange rate policy and devaluation concept, International trade and balance of Payments; theory of money demand and supply.

 

ECO 322: OPERATIONS RESEARCH               

This course examines the application of quantitative techniques in finding solution to the organization’s operational problems. Topics include: Introduction to Operations Research-i.e. origin, states, uses and limitations, probability theory and decision diagram, decision theory under certainty and uncertainty, optimization techniques, linear programming formulation, solution, primal and dual allocation techniques, transportation and assignment, queuing theory, network analysis.

 

ECO 323: INTRODUCTORY ECONOMETRICS

This is an introduction to the theory of econometrics. The theoretical, statistical and mathematical foundations of the econometrics are examined. The course covers simple regression analysis and multiple regression analysis. The assumptions of ordinary least squares (OLS) are presented and discussed.  Testing of hypothesis and the interpretation of simple regression results are covered. The course also aimed at introducing the students to the basic econometric problems.

 

ECO 324: DEVELOPMENT ECONOMICS II   

This course deals with basic social, political and economic problems hindering development in the developing countries particularly sub-Saharan Africa. It also covers policies tried in the past in solving the problems and why they failed. Specific topics include theories of development, poverty, inequality and development; population growth and development; urbanization and rural-urban migration; human capital and development; agricultural transformation and development; trade theory and development experience; globalization and financial reforms.

 

ECO 325: RESEARCH METHODS                     

This course is a general orientation to research. It provides a detailed and comprehensive discussion of research methods in Economics, Banking and Finance, with emphasis on scientific inquiry, problem conceptualization, design of outline, survey methods and data collection. Topics covered include: the nature, role and importance of scientific inquiry, scientific methods,  research plan, choosing a research topic, formulation of hypothesis and specification of research objectives, types of research, questionnaire design, data processing, quantitative and qualitative analysis-sampling, basic statistics, tables and cross tabulation, chi square, etc, report writing, citation and bibliography.

 

ECO 326: MONETARY ECONOMICS               

Topics include origin of money and banking, nature, types and functions of money, banking and financial institutions, the money market,  theories of demand for money and monetary multipliers of interest rate general price level, monetary policy, channels of momentary transmission mechanism.

 

ECO 411: ADVANCED MICROECONOMICS 

The course covers microeconomic theory in an advanced way. It also exposes the students to contemporary applications of microeconomic theories. Topics covered include pragmatic approaches to Demand analysis; Technical progress and the production function; production of multi plant and multi product firms; prediction for dynamic changes; collusive and non-collusive oligopoly. Emphasis is on mathematical applications.

 

ECO 412: APPLIED ECONOMETRICS I          

This course provides a detailed study of econometric problems which arise from the violation of the assumptions of the classical linear regression model. This covers heteroskedasticity, autocorrelation and multicollinearity problems. The course also deals with simultaneous equation modelling and its identification problem together with the omitted variable bias and simultaneity bias with particular reference to the Wu-Hausman’s test.

 

ECO 413: PROJECT EVALUATION AND

                 ANALYSIS                                 

This course deals with the concept of project evaluation, definition and classification, the evolution of projects. The nature, role and importance of projects and its overall view in development and development planning are covered. Project identification and planning, location and size are touched upon. Other topics include: investment criteria and evaluation of projects; financial and economic analysis of projects; identification and classification of costs and benefits; shadow costs and externalities; cash flows; analysis of risks and uncertainties; project selection criteria; the project cycle and post evaluation considerations.

 

ECO 414: INDUSTRIAL ECONOMICS 

The scope and methodology of industrial economics, types of firm: classical and neoclassical, types of firms forms of incorporation, structure of corporate organization and the legal framework, concepts and measurement of industrial structure input-output analysis, market structure (definition and measurement)-Herfindahi index, structure performance model, Contestable market models.This course furtheranalyzes the growth of firms, diversification, mergers and innovation, investment decision, risk and uncertainty, the cost of capital and the source of finance, industrial pricing and marketing public goods, government objectives in industrial practices and policies in Nigeria.

 

ECO 415: PETROLEUM ECONOMICS 

this course teaches the students the relationship between mineral resources and economic development, exploration and production minerals, capital, manpower and technological requirements, role of national and international oil and other mineral resources companies; commercial, marketing and pricing policies, role of organization such as OPEC and Western countries, impact of mineral resources on industrialization, balance of payments, public finance, etc. strategic roles of petroleum and other mineral resources in National and International policies.

 

ECO 421: ADVANCED MACROECONOMICS           

This course deals with the mathematical analysis of the models of income determination in both the closed and open economies, theories of economic growth, business cycles theories and models, models of aggregate demand and supply, seignorage and hyperinflation analysis.

 

ECO 422: APPLIED ECONOMETRICS II        

This course embraces the econometrics of policy analysis, impact multiplier analysis including prediction and forecasting. Illustrations are drawn from models of markets equilibrium, sectors and aggregate national economies. Other topics include model formulation, identification, estimation with 2-stages least squares, indirect least squares, instrumental variable, model evaluation and validation, hypothesis testing etc.

 

ECO 423: PUBLIC SECTOR ECONOMICS      

Definition problem of the public sector in the Third World, economic rational of modern State, the economic analysis of public goods, social choice, theoretical determinants of public expenditure growth, public budget and efficiently, cost benefit analysis, partial and general equilibrium analysis of taxation, measures of reducing poverty, socialization of resources, size and role of government in an emerging economy.

 

ECO 424: ECONOMIC PLANNING                   

The rationale for planning; planning origins, types and performance, planning machinery, the planning process, planning decision models, planning data; objective and policy, plan implementation; development planning in Nigeria, National Economic Empowerment and Development Strategies (NEEDS), role of the New Partnership for African Development (NEPAD), the Millennium Development Goals (MDG).

 

ECO 430: RESEARCH PROJECT                                  

An essay on topics selected from a list covering generalized themes of the economic discipline, dealing with significant current economic problems and issues within National and International contexts.

SUMMARY OF COURSES

 

100 LEVEL FIRST SEMESTER

 

COURSE CODE 

   COURSE TITLE   

CREDIT UNITS

ECO111

Principles of Microeconomics

3

ECO112

Quantitative Techniques I

2

ECO113

Introduction to Statistics I

2

ACC111

Introduction to Accounting I

3

BUS111

Introduction to Business I

3

POL111

Introduction to Political Science I

2

GST111

Communication in English I

2

GST112

Logic, Philosophy and Human Existence

2

GST113

Nigerian Peoples and Culture

2

SOC 111

Introduction to Sociology

3

Total Credits

24

 

100 LEVEL SECOND SEMESTER

COURSE CODE 

   COURSE TITLE   

CREDIT UNITS

ECO121

Principles of Macroeconomics

3

ECO122

Quantitative Techniques II

2

ECO123

Introduction to Statistics II

2

ACC121

Introduction to Accounting II

3

BUS121

Introduction to Business II

3

POL121

Introduction to Political Science II

2

GST121

Communication in English II

2

GST122

History and Philosophy Science

2

GST123

Use of Library and Information Technology (ICT)

2

SOC 121

Introduction to Psychology

3

Total Credits

24

 

 

 

200 LEVEL FIRST SEMESTER

COURSE CODE 

   COURSE TITLE   

CREDIT UNITS

ENT 211

Introduction to Entrepreneurial Studies I

1

ECO211

Microeconomic Theory

3

ECO212

Mathematics for Economics I

2

ECO213

Descriptive Statistics

2

ACC211

Financial Accounting I

3

BUS211

Principles of Management I

3

POL211

Nigerian Government and Politics

3

Total Credits

17

 

Compulsory for direct entry students only

 

GST111

Communication in English I

2

GST112

Logic, Philosophy and Human Existence

2

GST113

Nigerian Peoples and Culture

2

Total Credits

23

 

200 LEVEL SECOND SEMESTER

COURSE CODE 

   COURSE TITLE   

CREDIT UNITS

ENT 221

Introduction to Entrepreneurial Studies I1

1

GST221

Peace Studies and Conflict Resolution

2

ECO221

Macroeconomic Theory

3

ECO222

Structure of the Nigerian Economy

3

ECO223

Inferential Statistics

2

ECO224

Mathematics for Economics II

2

ACC221

Financial Accounting II

3

BUS221

Principles of Management II

3

POL221

Foundation of Political Economy

3

Total Credits

23

 

Compulsory for direct entry students only

 

GST121

Communication in English II

2

GST122

History and Philosophy Science

2

GST123

Use of Library and Information Technology (ICT)

2

Total Credits

31

       

 

 

 

 

 

 

300 LEVEL FIRST SEMESTER

COURSE CODE 

   COURSE TITLE   

CREDIT UNITS

ENT 311

Entrepreneurial Skills I

2

ECO311

Intermediate Microeconomics

3

ECO312

Public Finance

2

ECO313

Applied Statistics

2

ECO314

Development Economics I

2

ECO315

International Economics

3

ECO316

Mathematical Economics

2

Total Credits

16

 

300 LEVEL SECOND SEMESTER

COURSE CODE 

   COURSE TITLE   

CREDIT UNITS

ENT 321

Entrepreneurial Skills II

2

ECO321

Intermediate Macroeconomics

3

ECO322

Operations Research

2

ECO323

Introductory Econometrics

2

ECO324

Development Economics II

2

ECO325

Research Methods

2

ECO326

Monetary Economics

3

Total Credits

17

 

 

 

400 LEVEL FIRST SEMESTER

COURSE CODE 

   COURSE TITLE   

CREDIT UNITS

ENT 411

Entrepreneurship Development I

1

ECO411

Advanced Microeconomics

3

ECO412

Applied Econometrics            I

2

ECO413

Project Evaluation and Analysis

3

ECO414

Industrial Economics

3

ECO415

Petroleum Economics

3

ECO430

Research Project

6

Total Credits

21

 

LEVEL 400L

SECOND SEMESTER

COURSE CODE 

   COURSE TITLE   

CREDIT UNITS

ENT 421

Entrepreneurship Development II

1

ECO421

Advanced Macroeconomics

3

ECO422

Applied Econometrics            II

2

ECO423

Public Sector Economics

3

ECO424

Economic Planning

3

ECO425

Petroleum Economics

3

Total Credits

12

 

 

ADMISSION REQUIREMENTS:

  1. Candidates for admission into four-year B.Sc programme in Economics should possess:
  2. S.C.E, G.C.E, N.E.C.O, or its equivalent with credit passes in at least five subjects, which should include English Language, Mathematic and Economics (obtained in not more than two sittings). There are no waivers for credit passes in English Language and Mathematics
  3. The required Unified Tertiary Matriculation Examination (UTME) subjects are:

English language, Mathematics, Economics Plus any other relevant/related subjects.

  • Any other requirement the university may deem fit.

 

  1. DIRECT ENTRY (THREE-YEAR B.Sc PROGRAMME IN ECONOMICS):

The admission requirements are as in A (1) above, plus:

  1. Two or more subjects in the General Certificate of Education (G.C.E) at the Advanced level or Higher school certificate (H.S.C). One of the subjects must be Economics.
  2. National Certificate of Education (N.C.E) with at least merit in relevant subjects
  • National Diploma (ND) from any recognized polytechnic or colleges of technology with a grade not lower than upper credit or any equivalent diploma from a recognized university.

 

GRADUATION REQUIREMENTS:

A minimum of (149) credits in the four-year degree programme and (116) credits in the three-year programme is required for graduation.

Departments & Research