Economics Course Descriptions






1.GSS 101Use of English I212
2.GSS 104History and Philosophy of  Science223
3.GSS 107Nigerian People and Culture2
4.ACC 101Introduction to Accounting
5.SOC 101Introduction to Sociology I321
6.PSC 101Introduction to Political

Science I



7.ECO 101Principles of  Economics I321
8.ECO 102Introduction to Statistics321
9.ECO 103Introduction to

Mathematics for


10.ECO 104Introduction to


TOTAL CREDIT                  22





1.GSS 102Use of English II213
2.GSS 103History and Philosophy

of Science

3.SOC 102Introduction to Sociology II321
4.PSC 102Introduction to Political Science II321


5.ECO 105Principles of Economics II321
6.ECO 106Introduction to Statistics II321
7.ECO 107Introductory

Mathematics for

Economists II

8.ECO 108Introduction to

Management II








1.ECO 211Micro-economics I222
2.ECO 212Macro-economics I221
3.ECO 271Economics History22
4.ECO 221Managerial Economics22
5.ECO 222Theories of Human


6.ECO 252Monetary Economics221
7.ECO 261Structure of Nigerian

Economy I

8.ECO 251Principles of Public




9.ECO 241Introductory Statistics I22
10.ECO 242Mathematics for











1.ECO 21 3Micro-economics II22
2.ECO 214Macro-economics II22
3.ECO 272History of Economic Thought I22
4.ECO 224Business Economics22
5.ECO 262Structure of Nigerian Economy II22
6.ECO 243′Introductory Statistics for Economists II22
7.ECO 263Economic Problems of Nigeria22
8.ECO 225Labour Economics22



1.ECO 315Intermediate Microeconomics431
2.ECO 332International Economics22
3.ECO 344Applied Statistics I22
4.ECO 364Developmental Economics22
5.ECO 373History of Economic Thought II22
6.ECO 381Public Policy I22
7.ECO 382Political Economy22
8.ACC 231Management Accounting22
9.PS Y 101Introduction to Psychology2





1.ECO 316Intermediate Macroeconomics431
2.ECO 333International Economic Relations22
3.ECO 346Applied Statistics  II22
4.ECO 345Econometrics and Research Methods221
5.ECO 347Mathematical Economics I22
6.ECO 354Financial Institutions22
7.ECO 355Nigerian Public Finance22
8.ECO 383Public Policy II22



1.ECO 41 7Advanced Microeconomics4.31
2.ECO 427Industrial Relations and Personnel Management221
3.ECO 448Applied Statistics II221
4.ECO 453Banking and Finance221
5.ECO 458Taxation and Fiscal Policy221
6.ECO 465Economic Planning I221
7.ECO 466Problems and Policies

of  Development

8.ECO 487Comparative Economic System221
9.ECO 491Project Evaluation I221



1.ECO 41 8Advanced Microeconomics431
2.ECO 428Economics of Production2
3.ECO 433Petroleum Economics2
4.ECO 449Econometrics2
5.ECO 467Economic Planning II2
6.ECO 492Project Evaluation II2
7.ECO 499Research Project6



ECO 721: Managerial Economics                                                          4 credits

Antecedents of managerial economics; market structure, its significance and measurement; economies of scale, product differentiation; corporate growth; the firm empirical characteristics, ownership, control and objectives; diversification, merger and innovation; investment decisions; performance and government intervention; demand analysis.


ECO 741: Computer Application in Statistics for Economists

    4 credits

Definition and Scope of Statistics. The role of Statistics. Basic concepts in Statistics. Discrete and Continuous Variables, Methods of collecting and analyzing statistics – tabulation and diagrammatic representation-pictograms, pie charts and various types of bar charts,  frequency distribution,  Measure  of central  tendency.   Measures of dispersion. Introduction to probability. Continuous and random distributions. Concept of mathematical expectation of random variables. Elementary statistical quality control — Acceptance I sampling, operating characteristic curve control charts for sample and their application. Classical Hypothesis of Testing; Simple regression: estimation and inference. Index number; Time series analysis.



ECO 743: Mathematics for Economists                                                    4 credits

Scope and importance of Business mathematics. Mathematics and symbolic logic, inductive and deductive systems. Set Theory, Mappings and transformations. Introduction to complex numbers; Natural numbers, integers, rational numbers, real and complex numbers. Order ad equivalence relation. Introduction to vector, addition, subtraction and multiplication of vectors. Limits and continuity of functions. Derivatives definitions and applications of vector functions. Determination of critical value and optimization. Integration the binomial theorem and its applications. Permutation and Combinations. Arithmetic and geometric series, Matrices and Determinants including the Cramer’s rule. Inequalities and linear programming, Introduction to the simplex method. Logarithm, Indices, law of indices. Exponentials


ECO 771: History OF Economic Thought                                                  4credits

Nature and importance of economic thought – Comparative survey and assessment of development in economic thought-Classical School of economic thought; Neo-classical school of economic thought; Simondi de Sismondi theory of over production; German Romanticism, History, school and institutionalism. Institutional Economics; Keynesian School of Economic Thought; Evolution and Contemporary of Marxian School of Economic and Future Prospects, Mercantilism and Capitalism; Pre-classical Economists; Physiocrats; § Adam Smith; David Ricardo and his Economics; John Stuart Mill; The Intermediate followers of the Classical School.


ECO 712: Intermediate Microeconomics                                                 4 credits

More advanced and Mathematical treatment of Microeconomic Theory; Behavioral theory of the firm, Exchange theory: Introduction to capital theory; Inter-temporal choice, Profit Maximization, Cost Minimization. Cost Curves, Firm Supply, Industry Supply, Theory of Games, Managerial Theories of the firm; Bamol’s theory of sales; Revenue Maximization; Marris model of the managerial Enterprise.


ECO 702: Project                                                                                                      6 credits


ECO 811: Advanced Microeconomics                                                  4 credits

This course provides a mathematical treatment of microeconomics. Topics covered include: theory of consumer behavior – utility maximization, demand theory, leisure, substitution and income effects, theory of revealed preference. The theory of the Firm – basic concepts such as production function/product curves, elasticity of substitution, optimizing behavior of firms,  input demands, cost functions and joint products, homogeneous production function, CES Production Functions. The Kuhn – Tucker conditions; Market equilibrium – commodity market equilibrium, factor market equilibrium, dynamic equilibrium imperfect competition – monopoly. Monopsony and monopolistic competition, duopoly. Oligopoly and bilateral monopoly. An examination of the theories of behavior of individual economic actors. Consumers and producers and their relation to theories of price and distribution.


ECO 813: Advanced Macroeconomic Theory                                       4 credits

An advanced treatment of the theory of aggregate output, employment and the value of money with special reference to the General Theory of J. M. Keynes, Emphasis is put on the analysis both of the short term and long run fluctuations in the growth of output. The course also covers discussions of the relation of Keynesian to other schools of thought together with recent developments and controversies, including detailed analysis of some post- Keynesian developments and their implications for economic policy. Contributions on the empirical side that throw light on theoretical controversies are also examined. Various formulations   of the   consumption,   investment   and   demand   for   money functions, Macroeconomic models including analysis Macroeconomic models including analysis of price level determination.


ECO 821: Entrepreneurship /Business Economics                                     credits

Production function, linear programming,. Demand analysis. Market structure; Pricing and the Market. Productivity measurement; State intervention in the private sector; Location i and distribution of industry in Nigeria, Industrial Policy.


ECO 841: Quantitative Research Method                                               3 credits

Basic statistical concepts, Introduction to Regression analysis, Two-variable regression model The problem of Estimation; Two variable Regression: Interval Estimation and Hypothesis Testing; Extensions of the two variable linear Regression model; Multiple Regression Analysis: The problem of Estimation; Multiple Regression Analysis: the problem of inference; Model building


ECO 714 Intermediate Macroeconomics                                                  4 credits

Methodology of Macroeconomics; Basic Concepts; National Income and Output Estimates (GDP and related income concepts; important income Accounting identities); Conceptual Problems of Estimation; The Macro-Markets, components of Aggregate Expenditure in the Commodity (Goods) Market: The Simple Income Expenditure (multiplier) Model (Comparative statics of the Model): Fiscal Policy in the Simple Model (Fiscal Stabilizers and the full Employment Budget Concept); Commodity Market Equilibrium (The IS Curve); The Demand for Money (Liquidity Preference and Alternative Hypotheses); The Supply of Money (Composition and Determination of the Money stock and the money multiplier); Money Market Equilibrium (The LM Curve); Simultaneous Equilibrium in the Commodity and Money Markets (Comparative Statics with IS-LM model; Monetary and Fiscal Policies under Alternative Monetary Assumptions); Derivation of economy wide Aggregate Demand (AD) Curve; The Consumption Function (Alternative theories of consumption Behavior); The Investment Function (Investment ‘and the rate of interest, the Acceleration Principle)


ECO 742: Introduction to Econometrics                                                4 credits

Definition and Scope, methodology of econometric research, Two Variable Regression Analyst Model (The Estimation Problem and Problem of Inference); Multiple Regression Analysis (The Estimation Problem and Problem of Inference); multicollinearity, heteroscedasticity, autocorrelation.


ECO 744: Introduction To Research                                                        4 credits

Research, Meaning and Methods; The role and functions of research; Criteria for a good research; Stages of research process; Evolutionary trend of social science research; Research Design; Qualitative and Quantitative Divide in Research; Different research designs; Developing a research plan: Referencing (meaning and purpose); Types of Referencing styles; Project/Thesis/Dissertation Proposal and Final Reports; Sampling design and data collection; Time series data, survey data and cross-sectional data in ‘Economic analysis.


ECO: 752 Public Sector Economics                                                        4 credits

The background federal finance in Nigeria; Expenditure Policy and Public Service; Public Choice and Fiscal Policy; Government Budgeting and Accounting in Nigeria; Government Revenue and Expenditure in Nigeria; Tax and Expenditure Incidence (Direct and Indirect taxes); Tax administration in Nigeria; value Added Tax; Fiscal Federalism in Nigeria (Revenue generation and allocation); Loans and public debt in Nigeria;

Debt Management.- Nigeria experience; Local government finance; Fiscal Policy and Stabilization; International Fiscal Coordination and Development Financing in Nigeria; Current issues in Public Finance, Project Appraisal Technique in the public sector.


ECO 762: Economic Development                                                            4 credits

The concept of development and under development; Distinction between economic growth and development; Characteristics of Developing Countries; Measuring Sustainable Economic growth and Development; Scientific Conception and Paradigmatic Boundaries; Classical Marxian, Schumpeterian and Harrod-Domar; Theories of Development (Economic Base Theory, Staple Theory, Sector Theory, Theories of Concentration and Diffusion, Neoclassical Growth Theory, Interregional Trade Theory, Product Cycle Theory, Theories


ECO 843: Qualitative Research Method                                                  3 credits

Overview of the research process: Scientific foundation of Research; Research Design, Sampling Data collection; Data processing and Quality Control; Data Analysis, Statistical inference and Hypothesis testing. Research Proposal and Research Report; Referencing: Organizing and administering Survey.


ECO 845: Quantitative Methods in Economics                              2 credits

Linear Algebra; Derivative and Economics application; Integral calculus and economic applications, Exponential and logarithmic, functions and application in economics; set theory and trigonometry.


ECO 871: History of Economic Thought                                          3 credits

Nature -and importance of economic thought – Comparative survey and assessment of development in economic thought-Classical School of economic thought: Neo-classical school of economic thought; Simondi de Sismondi theory of over, production; German Romanticism, History, school and institutionalism. Institutional Economics; Keynesian School of Economic Thought; Evolution and Contemporary of Marxian School of Economic and Future Prospects, Mercantilism and Capitalism; Pre-classical Economists; Physiocrats; Adam Smith; David Ricardo and his Economics; John Stuart Mill; The Intermediate Followers of the Classical School.


ECO 822: Labour Economics                                                                    3 credits

Introduction to Labour Economics (Definition and scope of labour economics, Overview-models of the labour market, philosophical perspective: classical (old, neo – and new); Keynesian; institutionalism, dualism); Labour Supply (Definition, participation and Hours Decisions, Short-run Labour supply Analsis – simple Static Models): Labour Demand (Demand in Competitive labour markets, Demand in Non-competitive Labour Markets); Wage and Employment Determination (Neoclassical Models, Wage Structures. Institutional Models).Overview of Labour Markets in Africa (African Labour Markets in an Era of Adjustment – employment, unemployment, underemployment, wages and income distribution, migration, poverty; and the future): Unemployment and Underemployment. Unemployment in Africa, Unemployment among females and the youth, Underemployment: Measurement, Measuring the Cost of Unemployment): Employment Policies (Supply-side Policies, Demand-side Policies, Industrial Relations and Organization): Labour Migration (Types of Migration, The performance of Immigrants); Income Distribution and Poverty (Measures of income distribution. Definition and measurement of poverty, Theories of Income Distribution, Causal Perspectives on Poverty, Income Redistribution Policy: Equity and Growth).


Human Resource development (human resource development and economic growth); investment in education; on-the-job training; institutional determinants of investment in people; institutional and programming  approach to human   resource   development); Economics of Labour Market Discrimination (Types of labour market discrimination; measuring the extent of discrimination; theories of discrimination; effects of labour market discrimination).


ECO 824:         Industrial Economic Relations                                     3 credits

Approaches to the study of industrial relations. Economic influences on industrial relations. Social, political and legal influence. Industrial relations practices in Nigeria. Labour laws and policy in Nigeria, International context of employment relations, employment relations in Nigeria or comparative employment relations. Preventing and industrial conflict.


ECO 826:         Industrial Organization and Management              3 credits

Perspectives on organizations. The -structure of organizations, Management of organizations, behavior organizations leadership, change and conflict. Bureaucracy, structure and technology.


ECO 832:        International Trade Theory                                 3 credits

The classical Ricardian two-sector Models, Two – Good. Two Factor Model Equilibrium Conditions, Determination of Factor Prices, Lemma Factor Price Evaluation Theorem, The Heckscher – Ohlin Model, Leontief Paradox, etc. Trade in Intermediate inputs and wage increasing Returns and the Gravity Equation, Gains from Trade and Regional Agreement Rationale for Economic Integration is for the increase of trade between member states of economic Union; Economic blocks – ECOWAS, Ear. African n trade bloc, ASEAN NAFTA, SCAN, and the European Union. Perfect competition models of trade; imperfect co models of trade, international trade policy: and trade policy and economic development.


ECO 834: Commercial Policy                                                        3 credits

Also refers to as international trade Policy — rules and regulation that trend to choose international trade flows – Free trade Versus Protection. Tariffs, Import Quotas, Exchange Control; Balance of Payment, Foreign Exchange Rate Policy; The foreign exchange Market


ECO 836: International Financial System                                                3 credits

Balance of payments concepts and measures. International monetary systems, floating as opposed to fixed exchange rates, internal and external balance, monetary integration, foreign exchange markets, international liquidity, and reform of the international monetary system.


ECO S42: Advanced Econometric Theory                                    3 credits

This course deals with how econometric methods relate to applied work. Topics in Micro-Econometrics: The topics include 3 review of the Classical linear regression model; Estimation of Econometrics Models; Simultaneous Equation Models: Distributed lag models; Linear Stationary Time Series Models; Linear Non-Stationary Time Series Models; Models with Variable Conditional variances.

Topics in Micro-Econometrics: Topic covered include: Panel Data Econometrics; Discrete Choice Models; Censored Regression models; duration Model. This course deals with how econometric methods relate to applied work. Emphasis is on the inter-play of economic Censored Regression his course deals with how econometric methods relate to applied work. Emphasis is on the inter-play of economic theory and econometrics methods.


ECO 844: Mathematical Economics

Optimization problems, first/ second and higher order differential and difference equations with applications: logarithmic and exponential functions. It also includes a treatment of; linear economic models and maim algebra with applications: linear programming and its application; simultaneous equations, input – output analysis, game theory, Cobb Douglas function as a special case of CES (unction. Mathematical programming. Goal programming.


ECO 846: Operational Research                                                        3 credits

Topics include linear programming, transportation problem, assignment problem, network Analysis, inventory control, queueing, simulation, network analysis, investment appraisal, replacement analysis.


 ECO 852:      Monetary Theory and Policy                                          3 credits

Effects of monetary changes on, economic activity, the foundations of monetary theory, and classical Keynesian and modern monetary analysis. The policy implication of the “Optimum quantity of money.”Difficulties of implementing monetary policies in open and closed economies, and in growth context. Fiscal policy, saving investment and interest rate. Advanced treatment of the role of money in the classical Keynesian and monetarist models: Introduction: Issues in Monetary Economics; The Demand for Money, The Supply of Money; Money and Price level; Central Banking and Monetary Policy.


ECO 854:   Nigerian Public Finance                                         3 credits

The structure of Nigerian fiscal system and expenditure patterns. Aims and principles of taxation. Problems of tax administration in Nigeria. Revenue allocation. Capital market allocation and distribution of resources and wealth. Theory of Taxation (Overview of a good tax system, ‘he incentive Effects of Taxation, the Incentive Effects of taxation, theory of Optima! Taxation): <.ax policy (Tax design and structure, Tax Administration, Tax reforms); Inter-Government Fiscal Relations (Principles of Intergovernmental Relations. ‘Assignment n Functions: Expenditure and Tax Assignments. Revenue Sharing Mechanisms inter-governmental grants and transfers: the African Experience); Public Debt (Domestic and external debt: Causes, Management and Financing. Overview of External Debt in Africa and HIPC initiatives). Overview of Welfare Economics; Market Failure and the Rationale for Government Intervention; Public Expenditure Theory (Resource Allocation Mechanism, Public Choice Theory, Theory, Theories of Public Expenditure Growth, Public Expenditure Policy in Africa, Public Enterprise Pricing); Cost Benefit Analysis and Investment Rules; Government Failure.

ECO     856:     Monetary     and     Financial     System     In     Developing     Countries

3 credits

Financial institutions and economic development, Financial institutions and financial Intermediation, Interaction of monetary and financial institutions, Money and capital markets, Interest rate and foreign exchange rates, Structure of interest rates, Central bank, commercial and merchant banks, Money in the Open Economy, Money and Economic Growth, International financial Institutions and policy.


ECO 862: Economic Development                                                          3 credits

Emphasis is placed on three aspects of current development literature. Topics to be covered include: MDGs. theories of growth and development; inequality and development; poverty and famines; population growth and development: labour market in developing countries; migration:   rural   land   markets;  rural   financial education,  human  capital  and development; risk and insurance markets; gender and development; governance and development.


ECO 864: Development Planning                                                     3 credits

The course covers the following topics: the objectives of macroeconomic policy; rationale for development policy: policy issues – fiscal, monetary, exchange rate; economic reform in Africa in general and Nigeria; concepts and rationale for development planning; types of planning; development policy models and techniques; rise and fall of planning. Emphasis will be placed on an analysis of Nigeria’s development efforts in the contest of her domestic and international socio-economic policies, problems and practices. Economic financial and social implications of development programmes, policies and practices in Nigeria will be highlighted.


ECO 866: Project Analysis And Evaluation                                         3 credits

Calculation of investment expenditure required for project appraisal of project from commercial and social viewpoints; concept of decision valuation; public sector programmes and the role of the central office in the evaluation; feasibility and viability appraisal; evaluation  of project  design;   cash   flow techniques; cost  benefit analysis determination of value from capital projects; follow up appraisal and deterministic inventory models; the use of sensitivity analysis and handling of uncertainties.


ECO 802: Thesis                                                                                                       12 credits


ECO 911: Advanced Microeconomics

Consumer behavior; Topics in Consumer Theory the Theory of   Firm,   Topics in the Theory of the Firm, Markets and Welfare, Exchange and Equilibrium), Toxics in Multimarket Equilibrium, Welfare and Social Choice. Game Theory.


ECO 913: Advanced Macroeconomics                                                      2 credits

Macroeconomic Models (i) Static Models of Income Determination (ii)Dynamic Models of Income Determination; The Theory of Aggregate Consumption; The Theory of Investment; The Labour Market; Money and Financial Market; Government Sector; Fiscal Policy and Government Budget Constraints; Review of Evolution of Macroeconomics (Classical Vs Keynesians; New Classical and new Keynesians; Growth Theories (The Solow Growth Models, Infinite-Horizon and Overlapping Generations Models, New Growth Models); Business cycle Theories; Open Economy Macroeconomics; Unemployment; Inflation and Monetary Policy.


ECO 941:   Research Method                                                                     2 credits

Science and scientific research, the research process, theories in scientific, research, research design, measurement of constructs, scale reliability and validity, sampling, survey research, experimental research, case research, interpretative research.


ECO 922: Labour Economics                                                                 3 credits

Topics covered include: labour supply, labour demand, equilibrium and employment determination, economics of labour unions, stabilization and structural adjustment programmes and labour markets in Africa, unemployment and underemployment, employment policies in Africa, laobur migration, income distribution and poverty, and special topics in labour economics.


ECO 932: International Economics                                                      3 credits

The course will cover the following topics: a review of basic model of trade and empirical evidence, imperfect competition. Infra-industry trade and empirical evidence, international trade policy, trade policy and economic development, open economy accounting, review of theories and models of foreign exchange rate determination, review of models of balance of payments adjustments, fiscal and monetary policy under fixed and flexible exchange rates, and international capital movements.


ECO 942: Quantitative Economics                                                      3 credits

Topics include: a quick survey of tools used on econometrics, basic and advanced results for the classical linear regression model, relaxing some assumptions of the classical linear regression models, topics in applied micro and macro economics,’ policy modeling applications in African countries. The course also consists of mathematical topics such as set theory and trigonometry, linear algebra, calculus, static optimization, dynamic optimization, dynamics, dynamic optimization, goal and linear .programming, transportation problem, assignment problem, network Analysis, inventory control, queuing, simulation, network analysis, investment appraisal, replacement analysis.

ECO 952: Monetary Economics                                                                3 credits

Topics include: money in macro economy, the demand for money, the supply of money, money and inflation, central banking and monetary policy, financial institutions and financial intermediation, international financial institutions and policy, money in the open economy, and money and economic growth. Overview of welfare -economics; market failure, government failure; public expenditure theory, public enterprises; cost-benefit analysis and investment rules, theory of taxation; tax policy overview tax design, and public debt.


ECO 962: Development Economics                                                           3 credits

The course covers the following: introduction, review of approaches to the study of development, the economics of growth, income distribution, poverty and growth, the economics of population and development, agricultural stagnation. Agrarian structure and the green revolution, international trade and development, and development planning.


ECO 902: Dissertation