ECO 101 Principles of Economics 1 2

ECO 121 Introduction to Accounting 2

ECO 131 Introduction to Economic Statistics 1 2


COS 101 Introduction to Computer 1 2

MTH 111 Elementary Mathematics I 3

MTH 121 Elementary Mathematics II 3


GSP 101 Use of English I 2

GSP 105 Natural Science I 2

GSP 111 Use of the Library and Study Skills 2

ELECTIVES [Any 2 units to be chosen from the list below]

PSY101 Introduction to Psychology 1 2

SOC101 Introduction to Sociology I 2

GEO101 Basic Elements of Landforms and the Hydrosphere 2




ECO 102 Principles of Economics II 2

ECO 122 Introduction to Business Management 2

ECO 124 Principles of Business Finance 2

ECO 132 Introduction to Economic Statistics II 2


COS 102 Introduction to Computer 11 2

MTH 122 Elementary Mathematics III 3


GSP 102 Use of English II 2

GSP 106 Natural Science II 2

ELECTIVES [Any 2 Units to be chosen from list below]

STA 132 Inference 11 2

STA 172 Laboratory for Inference II 2

GEO 102 Basic Elements of the Atmosphere and Biosphere 2




ECO 201 Microeconomic Theory I 2

ECO 203 Macroeconomic Theory I 2

ECO 221 Monetary Economics and Finance 2

ECO 231 Intermediate Economic Statistics I 2

ECO 233 Intermediate Mathematical Economics I 2

ECO 281 History and Structure of the Nigerian Economy 1 2


GSP 201 Peace Studies and Conflict Resolution I 2

GSP 207 Philosophy and Logic I 2

ELECTIVES [Any 2 Units to be Chosen from the list below]

ECO 223 Intermediate Business Accounting 2}

ECO 271 Theories of Human Resources 2}

ECO 273 Labour Economics 2}




ECO 202 Microeconomic Theory II 2

ECO 204 Macroeconomic Theory II 2

ECO 232 Intermediate Economic Statistics II 2

ECO 234 Intermediate Mathematical Economics II 2

ECO 236 Computing Applications for Economists 2

ECO 282 History and Structure of the Nigerian Economy II 2


GSP 202 Peace Studies and Conflict Resolution II 2

GSP 208 Philosophy and Logic II 2

DEPARTMENTAL ELECTIVES [Any 2 Units from list below]

ECO 262 Urban and Regional Economics 2

ECO 264 Introduction to Environmental Economics 2

ECO 266 Introduction to Health Economics 2

FACULTY ELECTIVES [Any 2 or 3 Units from list below]

POL 241 Foundation of Political Economy 3}

SOC 252 Social Change and Social Problems 3}

GEO 214 Climatic Systems and Regional Climates 2}




ECO 301 Intermediate Microeconomic Theory I 2

ECO 303 Intermediate Macroeconomic TheoryI 2

ECO 311 History of Economic Thought I 2

ECO 325 Public Sector Economics I 2

ECO 331 Introduction to Econometrics I 2

ECO 341 International Economics I 2

ECO 361 Development Economics I 2

ECO 391 Research Methods in Economics I 2


CED 341 Introduction to Entrepreneurship 2

ELECTIVES [Any 2 units from the list below]

ECO 333 Operations Research 2

ECO 351 Demography and Population Economics 2

ECO 363 Political Economy 2




ECO 302 Intermediate Microeconomic Theory II 2

ECO 304 Intermediate Macroeconomic Theory II 2

ECO 312 History of Economic Thought II 2

ECO 326 Public Sector Economics II 2

ECO 332 Introduction to Econometrics II 2

ECO 342 International Economics II 2

ECO 362 Development Economics II 2

ECO 392 Research Methods in Economics II 2


CED 342 Business Development and Management 2

ELECTIVES [Any 2 units to be chosen from list below]

ECO 322 Management Accounting 2

ECO 324 Financial Markets and Institutions 2

ECO 328 Applied Monetary Economics 2

ECO 334 Intermediate Mathematical Economics 2




ECO 401 Advanced Microeconomic Theory and Policy I 2

ECO 403 Advanced Macroeconomic Theory and Policy I 2

ECO 421 Advanced Public Sector Economics 2

ECO 423 Public Policy 2

ECO 431 Advanced Statistics and Econometrics I 2

ECO 461 Advanced Development Economics 2

ECO 463 Comparative Economic Systems 2

ECO 475 Project Appraisal I 2

ELECTIVES [Any 4 units to be chosen from list below]

ECO 433 Advanced Mathematical Economics 2

ECO 451 Energy Economics 2

ECO 453 Advanced Demography and Population Economics 2

ECO 471 Industrial Relations and Personnel Management 2

TOTAL UNITS                             20

Course Descriptions

ECO 101: Principles of Economics I 2 Units

The nature and significance of economics; The methodology of economics; Economic tools of
analyses; Theories of demand and supply; Elasticity analysis; Dynamic theory of price: Predictions
of price theory, Production theory: Output, cost, law of diminishing returns; Market structure:
Perfect competition, monopoly, oligopoly etc; Elementary theory of utility; Distribution theory;
Demand for and pricing of productive factors; Interest rate and profit.


ECO 102: Principles of Economics II 2 Units

Elementary principles of microeconomics and macroeconomics; National income estimation; The
circular flow of income: Injections, withdrawals and the multiplier; Income determination:
consumption, saving and investment functions; Nature and history of money; The banking system
and the supply of money; Money supply and price level; International trade: Exchange rate and
comparative advantage; Foreign trade and domestic economy; Economic growth; Elementary
notion of economic planning; Introduction to Marxist economic theory.

ECO 121: Introduction to Accounting 2 Units

The nature, scope and purpose of accounting; Evolution of accounting divisions; The users of
financial statements and their information requirements; Roles and types of accountants;
Accounting Theory: terminologies, concepts, assumptions, and conventions; Theory and
mechanics of double-entry book-keeping: books of original entry, cash book and petty cash books,
the ledger classifications; Trial Balance and correction of errors; Suspense Account; Accounting
for depreciation and non-current assets; Basic financial statements; Preparation of final accounts
of business concerns without adjustments: statement of financial position, statement of
Comprehensive Income, sources and application of funds statements; The valuation of assets and
measurement of business income; The interpretation of accounts; Significant accounting/financial
ratios; Computer Accounting Applications and Software Packages.

ECO 122: Introduction to Business Management 2 Units

Concepts of Business, organization and management: Definitional problems, Evolution of
management theory, relevance of management theories to business organization, non business
organization and the household; Management functions; Business environment: types and roles of
each to the success of business organization; Corporate responsibility of business organization to
the environment; Business financing: different types of business financing, advantages and
disadvantages of different types of business financing; Why some businesses fail and others
succeed; Quantitative aids to management.

ECO 124: Introduction to Business Finance 2 Units

Introduction: meaning, basic concept and objectives of business finance; Role of financial markets
and opportunity cost of capital; Valuation: fixed income securities, common stock; Financial
Management of firms: basic theory and practice, investment decision making; Financial statements
and financial analysis; Time value of money; Capital budgeting and risk-return tradeoff:
measuring risks; Portfolio theory: managing risk, the capital asset pricing model; the cost of
capital, capital structure, and the role of financial markets.

ECO 131: Introduction to Economic Statistics I 2 Units

Meaning and scope of statistics; Statistical methods and their purposes; Data: primary data,
secondary data, data frequency, rounding of data; Population and sample [including inductive and
descriptive statistics]; Variables: discrete and continuous; Functions; Rectangular coordinates;
Graphs, Frequency distributions [including arrays, frequency distributions, class intervals and
limits, class size, width, general rules for forming frequency distributions, histograms and
frequency polygons, relative frequency distributions, cumulative frequency distributions, ogives,
frequency curves]; Measures of central tendency [including unweighted and weighted arithmetic
mean and their properties, arithmetic mean for grouped data, median and mode, and the empirical
relations between the three; Geometric mean, harmonic mean, and the relationship between them,
the root mean square, quartiles, inter-quartiles, deciles, percentiles etc]; Measures of dispersion:
the range, variation, mean deviation, semi-inter-quartile range, the variance, Shephard’s correction
for variance, standard deviation, properties of standard deviation, Empirical relation between
measures of dispersion; Relative dispersion, Coefficient of variation, standard variables and
standard scores; Population moments, Skewness and kurtosis [ungrouped and grouped data]; Index

ECO 132: Introduction to Economic Statistics II 2 Units

Elementary sampling theory [including random samples and random numbers, sampling with and
without replacement, sampling distributions, distribution of means and distribution of proportions,
central limit theorem; Distribution of differences and sums, standard errors]; Statistical estimation
theory [including parameters, unbiased estimates, point and interval estimates, confidence
intervals]; Statistical decision theory [including statistical test of hypotheses, Type I and Type II
errors, test involving normal distribution, p-values, test for sample differences]; Small Sampling
theory and statistical inference [including student’s t distribution, Chi-square distribution, Fdistribution, confidence intervals for standard errors, degrees of freedom].

ECO 201: Microeconomic Theory 1 2 Units

Introduction to microeconomics; Problem of scarce resources; Allocation of resources in product
and factor markets with applications to Nigeria and other economies; Supply and demand theory;
Cobweb theory; Theory of consumer behavior: utility, preferences, indifference curves, budget
constraints; Substitution and Income effects of price change in consumers’ demand; equilibrium
concept; Possibility of disequilibrium; Partial equilibrium analyses; General equilibrium analyses;
Introduction to economic dynamics.

ECO 202: Microeconomic Theory II 2 Units

Production theory; Cost theory and cost curves; Pricing of production factors; Pricing and output
decisions under perfect competition, monopoly, oligopoly, monopolistic competition, duopoly,
duopsony, monopsony; General equilibrium of exchange; Theory of comparative costs.

ECO 203: Macroeconomic Theory I 2 Units

Introduction to macroeconomics; Goals of macroeconomic analysis; National Income Accounting;
Alternative approaches to GNP estimation; GNP and related macroeconomic aggregates;
Conceptual problems of estimation and use of national accounts; Introduction to a simple macromodel of a market economy.

ECO 204: Macroeconomic Theory II 2 Units

Building the core macroeconomic model: the commodity market, the money market, the labour
market; the classical, Keynesian and monetarist systems; Economic stabilization: monetary and
fiscal policies, price control and inflation.

ECO 221: Monetary Economics and Finance 2 Units

Money: definition, functions and characteristics; Evolution of money; Barter system;
Classification of money and near money; Monetary Theories: the quantity theory of money –
Fisher cash transaction approach, the Cambridge cash balance approach, the portfolio balance
approach, Friedman’s restatement of the quantity theory of money; The liquidity theory of money;
The Supply of Money; Sources of business finance; Risks in businesses; Commercial banking:
principles, functions, organization and structure; Microfinance institutions: principles and
functions; Branch banking; Group banking etc; Central banking; Payment Systems.

ECO 223: Intermediate Business Accounting 2 Units

Trial balance and adjustments; Preparation of financial statements of business concerns; Adjusting
and closing the accounts; Accounting for and controlling cash; Bank reconciliation; Inventories
and cost of goods sold: specific invoice prices, average cost, first-in first-out, last-in first-out;
Budgets and budgeting; Nature of funds; Sources and application of funds statements; Cash flow
distinguished from funds flow; Generally accepted accounting principles: history, structure and
functions of the financial reporting council; Introduction to International Financial Reporting
Standards (IFRS); Computer accounting applications and software packages.

ECO 231: Intermediate Economic Statistics I 2 Units

Probability theory and probability distributions [including discrete and continuous probability
distributions]; Probability sampling from tables of random numbers; Probability tree;
Applications of probability theory to economics; Basic probability theorems; Types and
distributions of random variables: Discrete and continuous random variables; Exponential density
and gamma density; Bernouli, Binomial, Poisson, Geometric, Hyper-geometric, Normal
distributions; Generation of statistical events from set-theory; Combinatorial Analysis;
Expectations and moments of random variables.

ECO 232: Intermediate Economic Statistics II 2 Units

Basic sampling and surveys; Types of simple random sampling; Expectation and variance of
sample mean; Estimation of population variance; Normal approximation to sampling distribution;
Stratified random sampling; Correlation theory [including linear correlation, measures of
correlation, derivation of least squares lines, standard errors of estimates, explained and
unexplained variations, correlation coefficients, correlation of time series etc]; Analysis of
variance- total variation, variation within and between treatments, F-test, One-, Two- ways
classifications]; Non-parametric tests – Mann-Whitney U tests; Sampling and sampling
distributions; Estimation theory; Hypothesis testing; Regression analysis: Simple and Multiple;
Statistical tests of significance; Multiple Analysis of Variance.

ECO 233: Intermediate Mathematics for Economists I 2 Units

Linear Algebra: detailed treatment of vectors and matrices, Rank of a matrix, Trace, Eigen values
and Eigenvectors; Linear Programming; Input-output analysis; Game theory (introduction);
Differential and integral calculus; Comparative statics analysis; First-order differential equations;
First-order difference equations; Applications of first-order differential and difference equations
to economics (consumer behaviour, demand and supply analysis).

ECO 234: Intermediate Mathematics for Economists II 2 Units

Linear Algebra: Jacobian and Hessian matrices; Quadratic forms and applications to optimization
in economics (cost minimization, profit maximization, utility maximization, comparative statics,
etc.); Boundary solutions: Kuhn-Tucker conditions and applications to consumer and producer
theory; Second-order differential equations; Second-order difference equations; Methods of
solution and their stability properties.

ECO 236: Computing Applications for Economists 2 Units

Relevance of ICT in Economics; Understanding EXCEL: data generating process; Manipulating
EXCEL Worksheet Data; Data Transformation using EXCEL; Creating Graphs using EXCEL;
Simple and Multiple Regression analysis using EXCEL; Practical modeling of economic
relationships using some of these econometric softwares: PC-GIVE, MICROFIT, E-VIEWS,
input, data editor, data manipulation, data transformation, statistical/econometric analysis, output
management; Understanding power point: creating a presentation, power-point views, adding
pictures and tables, Slide types and layouts; Transition and animation effects; Running a slide
show; Mini-proposal presentation on any economic issue using PPT slides.

ECO 262: Urban and Regional Economics 2 Units

Introduction to urban and regional economics and consumption within an urban locality; Nature
and extent of spatial variation in welfare at the national and regional scales; Models/theories of
spatial variation in development; Factors that affect the growth or decline of cities and regions;
Regional and urban problems in Nigeria and other selected countries e.g. industrial and residential
location decisions; Urban rents/wage determination; Urban housing and transportation problems
and policies; Urban and regional factor markets; the rationale and instruments of regional policies
the gains, problems and prospects of adopting a single currency within regions; Government
policies on economic/social relations in cities; Efforts toward reducing regional disparities in
economic opportunities and welfare.

ECO 264: Introduction to Environmental Economics 2 Units

Introduction: emergence of environmental economics; Issues in the economic approach to
environmental problems; Drivers of environmental impact; Poverty and inequality; Limits to
growth; Concepts of sustainability; Environmental pollution; Pollution control.

ECO 266: Introduction to Health Economics 2 Units

Introduction to health economics; Demand for health and healthcare; Production and supply of
healthcare; Introduction to the market for healthcare; Market failure and the role of the government
in health and healthcare; Introduction to and the organization of the Nigerian health sector:
primary, secondary and tertiary; Introduction to the economics of health insurance: National
Health Insurance Scheme.

ECO 271: Theories of Human Resources 2 Units

Concepts of human resources and human capital; Origin of the concept of human capital;
Importance of human capital in economic development; Strategies for the development of human
capital, education, health and skills training; Human capital theories: screening/filter theory,
dualistic theory etc; Problems of manpower development in developing countries; Manpower
availability and utilization: the situation in developing countries; Theory of incentive and its
impact on career choice.

ECO 273: Labour Economics 2 Units

Significance of labour in economics; Labour force: definition, determinants of size, composition
and occupational distribution; Labour market: formal and informal sectors; features of the Nigerian
labour market; Demand for labour and supply of labour in competitive markets; Labour market
equilibrium; Economics of wage determination; Long-run supply of labour; Human capital theory
and the New Home Economics.

ECO 281: History and Structure of the Nigerian Economy I 2 Units

An overview of the Nigerian economy: pre-colonial period, colonial period, post-independence
period with special regard to development of economic and social organization; The Nigerian
economic system: natural and human resources endowments; An overview of monetary and
development institutions in Nigeria; The sectors of the Nigerian economy: their relative sizes,
importance and contributions to Nigerian economic development; Sectoral interdependence in the
Nigerian economy.

ECO 282: History and Structure of the Nigerian Economy II 2 Units

Nigeria’s economic growth and development: growth of income, employment, wages and prices;
National Income and expenditure; Money and monetary institutions; Monetary and fiscal policies;
Public development institutions and the quest for economic development and social change;
Agricultural and industrial production; Trade and transportation; A study of some key industries
eg. oil, iron and steel, automobile and construction.

ECO 301: Intermediate Microeconomic Theory I 2 Units

Advanced and mathematical treatment of the theory of consumer behaviour: Revealed preference
theory, calculation of income and substitution effects, calculation of compensating and equivalent
variations; Linear programming in utility maximization; Advanced price and output determination
under perfect competition, monopoly, oligopoly etc; Exchange theory: offer curves and contract
curves; Introduction to capital theory; Types of production functions.

ECO 302: Intermediate Microeconomic Theory II 2 Units

Utility maximisation under uncertainty: attitudes to risk, coefficient of absolute risk aversion,
certainty equivalence, fair insurance; Intertemporal utility maximization; Market failures:
asymmetric information (principal-agent problem, adverse selection problem, the lemon market
problem); Externalities: externalities and Pareto inefficiency, internalizing externalities.

ECO 303: Intermediate Macroeconomic Theory 1 2 Units

Concept of National Income; Classical, Keynesian and Monetarist systems compared; Theories of
consumption and investment; Income determination; Equilibrium in commodity market;
Equilibrium in money market; Equilibrium in labour and output markets.

ECO 304: Intermediate Macroeconomic Theory I1 2 Units

Aggregate demand and aggregate Supply and economy-wide equilibrium; Simultaneous
equilibrium in commodity and money markets; the IS-LM analytical apparatus in the discussion
of relative effectiveness of monetary and fiscal policies; Unemployment, inflation and government
policies; International income transmission; Theories of economic growth.

ECO 311: History of Economic Thought I 2 Units

A broad survey of the main schools of economic thought from the Orients to the scholastics; the
mercantilist doctrine and the bullionists; Physiocracy and the development of macroeconomics;
The development of quantity theory of money; Smithian political economy; Classicism: J. Ricardo,
R. Malthus, J. S. Mill and J. B. Say; The German historical school; Theory of distribution; The
development of socialist and marxian economic thoughts.

ECO 312: The History of Economic Thought II 2 Units

The rise of the marginal school: Gossen and Stanley Jevons; The marginalist revolution: the
Austrian School and J.B. Clark; The place of Marshall, Pigou, Keynes and the attack of Say’s Law
of the market; the interpretation of money; Gabraith and Samuelson in the history of economic

ECO 322: Management Accounting 2 Units

Nature and scope of managerial accounting; Management’s use of accounting data; Inventory
control; Capital budgeting; Elements of cost accounting: materials, labour and overhead cost
accounting and control; Cost analysis and costing methods; Cost control distinguished from cost
reduction; Standard costs and variance analysis; Break-even analysis; Budgeting and budgetary
control; Accounting for non-current assets and depreciation; Funds and cash flow statements for
management planning and control; The application of quantitative methods to managerial
accounting; Overview of current trends in managerial accounting such as computer-aided
manufacturing, computer-aided design, advanced manufacturing technology, total quality
management, and total quality control.

ECO 324: Financial Markets and Institutions 2 Units

The structure of a financial system; Definition of financial institution; Financial Markets:
functions and structure; Debt and equity markets; Primary and secondary markets; Exchange and
over the counter markets; Money and capital markets with emphasis on Nigerian economy;
Depository Institutions: deposit money banks, savings banks, mortgage institutions, Asset
Management Corporation of Nigeria; Insurance market: structure, products, growth and recent
developments; Nigerian Agricultural Insurance Company Ltd, Nigerian Social Insurance Trust
Fund; Development Banks: Bank of Industry, Bank of Agriculture, Federal Mortgage Bank of
Nigeria, Urban Development Bank, Nigerian Export and Import Bank (NEXIM); Financial
Regulation: Securities and Exchange Commission, Nigeria Stock Exchange, Central Bank of
Nigeria etc; Merchant Banking.

ECO 325: Public Sector Economics I 2 Units

Nature and structure of public sector; Public sector in Nigeria; Public Goods and their economic
analysis; Free rider problem; Externalities; Concept of market failure, Role of Government;
Governments and Insurance; Government failure; Collective action choice; Prisoners’ dilemma;
Revenue and expenditure: meaning and theoretical relationship; Budget deficit and its financing;
Public sector versus private sector; Theories of public expenditure growth; Public expenditure in
Nigeria: nature, trend and pattern.

ECO 326: Public Sector Economics II 2 Units

Government budgeting: the budget cycle, functions and development of modern budgeting;
Control of government expenditure; The role of ministries, departments and agencies (MDAs),
treasury, the legislature and general public; Government budget constraint; Bureaucrats and
efficiency; Fiscal policy: meaning, stance, objectives, targets, instruments, incentives and
outcomes; Fiscal policy and economic growth relationship.

ECO 328: Applied Monetary Economics 2 Units

An overview of monetary economics; Commercial banking: functions, credit creation, balance
sheet structure; Financial intermediaries: types, financial claims, financial intermediation; Benefit
of financial intermediation; Introduction to bank management: liability management, capital
adequacy; Risks of financial intermediation: interest rate risk, market risk, credit risk, off-balance
sheet risk, foreign exchange risk, sovereign or country risk, technology or operational risk,
liquidity risk and insolvency risk; CBN: evolution, functions, government as a financial
intermediary; Financial crisis: causes and solutions; Introduction to bank management: liability
management, capital adequacy.

ECO 331: Introduction to Econometrics I 2 Units

Nature and scope of econometrics; Stages in econometrics research; Revision of correlation
analysis; Ordinary least squares: basic assumptions of classical linear regression models; Simple
regression analysis; Multiple regression analysis; Statistical tests of significance of least squares
estimates; Causality analysis in economics; Compulsory econometrics practical.

ECO 332: Introduction to Econometrics II 2 Units

Treatment of major econometric problems with special emphasis on causes, consequences,
detection and correction (autocorrelation, heteroscedasticity and multicollinearity); Identification
problem; Dummy variable regression models; Distributed lag models; Simultaneous equations
models; Some estimation techniques for simultaneous equations models (indirect least squares,
two-stage least squares, three-stage least squares); Introduction to qualitative response regression
models (linear probability model, logit model, tobit model, probit model).

ECO 333: Operations Research 2 Units

Introduction to operations research; solving operations research models; Phases of an operations
research model; Linear pogramming models: graphical and algebraic; Classical optimization
problems: constrained and unconstrained Problems; Simplex method; Revised simplex method;
Duality and post optimal Analysis; Primal-Dual relationships; Queuing systems; Sensitivity
analysis; Transportation models: Assignment model (algorithms and iterations) and transshipment model (algorithms and iterations); Network models: Shortest route problem, CPM and
PERT; Game theory and decision analysis; Markov chains.

ECO 334: Mathematical Economics 2 Units

Applications of optimization techniques to the analysis of monopoly behaviour: multi-plant and
multi-product monopoly problem; Game theory and applications to analysis of oligopoly models;
Simultaneous differential and difference equations: phase diagrams, convergence and divergence;
Introduction to calculus of variation and optimal control theory.

ECO 341: International Economics I 2 Units

Theories of international trade: comparative advantage and factor proportions theories; alternative
theories; static and dynamic gains from trade; Empirical testing and policy implications of trade
theories; Trade protection: free trade and restricted trade; Tariffs and domestic protection; Theories
of economic integration; International and regional trade organizations.

ECO 342: International Economics II 2 Units

Balance of payments: adjustment mechanisms, Foreign exchange market and balance of payment
policies; Fixed and flexible exchange rates; Exchange control and convertibility; International
liquidity and the international monetary system; Foreign-aid capital flows; The gap hypothesis;
Alternative trade strategies for development; International organizations and aid to developing
countries; International monetary reforms, Non-imperialism and the role of multinational
corporations; Use of international economics in explaining contemporary international relations
and diplomacy.

ECO 351: Demography and Population Economics 2 Units

Introduction to the concepts of population and demography; Methods and theories of demography;
Introduction to population studies focusing on understanding the causes, mechanisms and
consequences of variety of demographic phenomena; The sources and nature of population data;
Population data: methods used to collect them and their applications; Errors in demographic data;
Population composition: age, sex and economic structure; The ‘laws’ of population change;
Factors that shape the age of structure of a population; Age structure analysis; Fertility: meaning,
measures, trend, family planning, assumptions and limitations of different models of fertility
change; The fertility transition; Coale’s preconditions of fertility; Mortality and population health;
Measures of mortality, trend and determinants; The life table; migration and population
distribution: internal and international migration, population and resources.

ECO 361: Development Economics I 2 Units

Nature and origin of development of economics; Development problems; the new economic views
of development, Growth versus development, Multi-disciplinary view of development and
development economics, Three core values of development, Characteristics of less developed
countries, Distinction between development and underdevelopment; The nature of development
gaps between poor and rich nations; Growth versus equity debate; Some growth strategies –
balanced growth strategy versus unbalanced growth strategy; Term paper.

ECO 362: Development Economics II 2 Units

Long-term structural changes associated with development; Growth and structural change:
theories and implications; One-sector models: the Harrod – Domar model; Two-sector models:
Lewis dual-sector model, Comparison with Fei-Ranis, Todaro’s model of rural-urban migration;
Competing theories of economic development; Issues in development; The informal sector:
meaning, origins and dynamics; Structural transformation; Economic and non-economic factors in
development experience; The Millennium Development Goals; Good governance and
transparency and their impacts on development; Financing gap and international assistance. Term

ECO 363: Political Economy 2 Units

Basic distinguishing feature of bourgeois method of analysis and of dialectical method; Historical
materialism; Classification of social systems; Theory of social classes; Marxist theory of capital
accumulation; Surplus value; Stages of capitalist development; Emergence and advancement of
capitalist development; Emergence and advancement of capitalism; Metropolitan and satellite
economic relations; The struggle against colonialism and neocolonialism; Stages of socialist
development; Emergence and advancement of socialism; Theories of human freedom in society:
egalitarianism, neo-liberalism, liberalism etc.

ECO 391: Research Methods in Economics I 2 Units

The concept of research: types of research, choice of research topic, format for presentation of
research report in economics (designing the content of a research report, e.g. structure of
preliminary pages, sections in various chapters , referencing formats, appendices etc); Skills in
presenting research report; Detailed treatment of the methods and problems of collecting relevant
research data (primary and secondary data) in Nigeria; Detailed treatment and comparison of
different methods of economic analysis (percentages, variance, standard deviation, correlation,
regression etc); Basic issues in the methodology debate; Seminars will be held on various research
topics; Field work and presentation of research findings.

ECO 392: Research Methods in Economics II 2 Units

Models: meaning, types, specifications and application in economics; Basic elements of economic
model building; Factors affecting choice of models; Regression analysis; Causality analysis; VAR
Model; SURE model; Non-linear models; Non-time series models etc; The use of different
econometric/statistical softwares in estimating models (PC-Give, SPSS, E-VIEWS, STATA etc);
Multivariate analysis: principal components and discriminant analyses; Pre- estimation diagnostic
tests (Unit root and Co-integration); Post-estimation diagnostic tests (multicollinearity,
heteroskadasticity, mis-specification test, normality test and autocorrelation etc); Sensitivity and
stability tests; Survey data analysis: survey design/questionnaire design (validity and reliability);
Population and sample, Sampling methods; Sampling weights; Seminar paper.

ECO 401: Advanced Microeconomic Theory and Policy I 2 Units

Fundamental quantitative relationships and proofs of basic concepts; Theory of games and
applications to oligopoly models; Production theory and market structures: monopoly,
monopsony, duopoly, oligopoly, bilateral monopoly etc.

ECO 402: Advanced Microeconomic Theory and Policy II 2 Units

General equilibrium and disequilibrium: exchange economy; first and second fundamental
theorems of welfare economics; Dynamic equilibrium analysis; General equilibrium with
consumption and production; Derivation of the economy’s production possibility frontier; First
and second fundamental theorems under production and consumption; Economic efficiency:
efficiency and equity; Externalities; Social and private costs; Pareto optimum; Social welfare
functions; Policy applications of microeconomic theories.

ECO 403: Advanced Macroeconomic Theory and Policy I 2 Units

Income determination from simple closed economy to a four-sector economy; Detailed theories of
consumption and investment functions; The classical and Keynesian theories of employment and
output; Capital theory; Theory of inflation; Business cycle Models and forecasting; Real business
cycle models; The linking of these issues to leading problems in public policy.

ECO 404: Advanced Macroeconomic Theory and Policy II 2 Units

The rationale for the existence of the public sector; Formulation of national policy; Planning:
principles, objectives, instruments and implementation; Balance of payments equilibrium and
disequilibrium; Balance of payments adjustment mechanism: devaluation; Contemporary issues in
public policy in Nigeria.

ECO 421: Advanced Public Sector Economics 2 Units

Elements of fiscal policy: taxation, expenditure, debt management and monetary control; Fiscal
and monetary policy mix and the Effects of budget deficit; Fiscal theory of the price level;
Taxation: theory and types of taxation, tax incidence; Welfare costs of taxation; Negative income
tax; The Nigerian tax system: personal income tax, import duties, excise duties, sales taxes; Partial
equilibrium analysis of taxation; General equilibrium analysis of taxation; Public debt: sources,
trend, growth, structure and debt sustainability; Fiscal Federalism.

ECO 423: Public Policy 2 Units

The meaning and nature of public policy; The process and scope of public policy analysis;
Concepts of social welfare; Public policy and the public interest; Theories and their applications
to public policy; Techniques of public policy analysis: efficiency criteria for evaluating public
policy options; Cost-utility technique; Measurement of costs and benefits; Social impact and
environmental impact analysis etc; Modeling and evaluating public policy options: social welfare
function; Pareto optimality; Welfare optimizing and satisficing models etc; Environment and
limitations of public policy in the Nigerian economy; Formulation of national economic policy:
planning, principles and analyses.

ECO 428: Advanced Monetary Economics 2 Units

Demand for Money Theories: Quantity theory, Keynesian liquidity theory, Friedman’s modern
quantity theory; Determinants of money supply; Theory of inflation; Monetary policy and
transmission mechanism; Theory of interest rate determination; Financial structure and transaction
costs: asymmetric information, adverse selection, moral hazards, and lemon market problems;
Banking industry and competition; General principles of bank management: liquidity
management, liability management, asset management, capital adequacy; Money and international
economy: foreign exchange market; International financial system: Bretton Woods system;
Different exchange rate regimes; Role and operations with reference to LDCs.

ECO 431: Applied Statistics and Econometrics I 2 Units

Applied topics in statistical estimation: regression analysis; Errors in variables; Dummies; Lags
and Distributed lag models; Model specification and diagnostic testing [including model selection
criteria, consequences of model specification errors, errors in measurement, incorrect specification
of stochastic error term, model selection criteria]; Treatment of outliers and leveraged
observations; Recursive least squares; Time series econometrics [including stochastic processes,
random walk models, difference and trend stationary processes, integrated processes, test for
stationarity and cointegration]; Simultaneous equation models; The problem of identification;
Methods of estimation of simultaneous models: Indirect least squares, Instrumental variables, 2-
stage least squares; Tests for simultaneity; Granger causality test.

ECO 432: Applied Statistics and Econometrics II 2 Units

Matrix treatment of multiple regression; Non-linear regression models; Estimation of linear and
non-linear regression models; Approaches to estimating non-linear regression models;
Introduction to qualitative response models (including logit, probit, and Tobit models, ordinal logit
and multinomial logit]; Modeling count data; Duration models; Panel data analysis.

ECO 433: Advanced Mathematical Economics 2 Units

Advanced treatment of differentiation and integration (with applications to economics);
Difference and differential equations; Advanced treatment of matrices; Advanced treatment of
input-output analysis; General equilibrium analysis; Advanced treatment of mathematical
programming models (goal and dynamic programming) with relevant applications in Economics;
Optimal control theory and its applications in economics; Queuing theory and its applications in
economics; Game theory and its applications in economics.

ECO 451: Energy Economics 2 Units

Nature and scope of energy economics: political economy of petroleum with special emphasis on
Nigeria; Analysis of petroleum industry: upstream and downstream sectors; Theoretical issues in
the economics of energy demand and supply; Economics of energy subsidy; Impact of energy
sector on agricultural sector in Nigeria; OPEC and its relevance in energy market; Contribution of
energy sector to the Nigerian economy; Energy and the environment.

ECO 452: Economics of Production 2 Units

Introduction to production economics; Production and the economy; Production methods;
Production facilities and economics of plant maintenance; Materials inputs; Plant location and
feasibility; Organizational structure and human factors; Production planning and control
(including use of GANTT charts, logical framework and CPM etc); Types and calculation of costs,
budgets (types, preparation and evaluation of budgets); Job design, evaluation, merit rating, and
compensation; Production investment economics (including viability analysis using undiscounted
and discounted measures of project worth); Product development.

ECO 453: Advanced Demography and Population Economics 2 Units

Vital rates and ratios; Techniques of population projection: interpolation and graduation in
demographic analysis, population change and economic growth; Demographic transition during
the process of development; Income; Mortality; Fertility choices and human capital accumulation
nexus; Demography of labour force; Analysis of labour force participation; Unemployment,
Economic dependency; Occupational segregation (by age, gender etc), Labour market transitions.

ECO 461: Advanced Development Economics 2 Units

Development as a generalized process of capital accumulation; Optimum accumulation and
absorptive capacity; Sources of capital formation and savings policy; Growth, welfare
improvements and the role of the state; Good governance and social protection; Industrialization;
Agricultural development and unemployment; Growth, poverty reduction and inequality nexus:
theory and empirics; Policy options for achieving growth and poverty reduction; Term paper.

ECO 462: Economics of Planning 2 Units

Economic planning: meaning, concept and rationale; Planning in different economic systems;
Requirements for effective economic planning; Planning techniques; the planning cycle. Planning
and policy development; Types of planning and planning durations; Manpower planning; Planning
models: aggregate growth models, input-output model and project appraisal; national accounts and
its application to planning; Overview of Nigeria’s development planning experience; Term paper.

ECO 463: Comparative Economic Systems 2 Units

Economic Systems: concept, types and goals; Importance and problems of comparative economic
system studies, Critical characteristics for classifying and differentiating various economic
systems; Communalism, Slavery, Feudalism, Laissez-faire economies and capitalism and their
variants; The theory and development of centrally directed economy and communisms; The
concept of a mixed economy; Transition economies and convergence hypothesis; Case studies of
capitalist, socialist, communist and mixed economic nations.

ECO 464: Health Economics and Health Policy 2 Units

Further treatment of healthcare demand and supply/production; Efficiency in healthcare provision;
Market failure in health care provision; Healthcare financing and universal coverage (including
analysis of equity in health care financing, financing and benefit incidence analysis, etc.);
Economic effects of health care expenditures in developing countries and coping mechanisms;
Health systems; Social determinants of health; Costing in economic evaluation; Measuring
effectiveness; Outcome measurement; Cost effectiveness/utility analysis; Role of economic
evaluation in health care; Term paper.

ECO 466: Climate and Environmental Economics 2 Units

The Economics of climate change: indicators of climate change and impact of climate change on
agriculture, aquatic life, deforestation, tourism, flooding, water availability, carbon cycling and
greenhouse effect, environment and health; Concepts of Value: the assets of nature, economic
concept of value, classifications of values; Valuing environmental goods: cost-benefit analysis
(CBA), contingent valuation method (CVM), hedonic pricing (HP) method and travel cost method
(TCM); Applications of the techniques to environmental damage and benefits such as economic
valuation, total economic value (calculations); Pollution abatement in developing countries; The
concept of sustainable development (SD); Global Summits on SD; Indicators of sustainable
development; Divergent views on sustainable development; The role of public-private partnerships
in ensuring best practices; The relationship between SD indicators and MDGs beyond 2015;
Concept of intergenerational equity; Intergenerational compensation; Sustainable development
and environmental capital.

ECO 471: Industrial Relations and Personnel Management 2 Units

The concept of industrial relations; Theories of industrial relations; Trade unions: government and
structure; Central labour organization and international affiliations; The ILO, Union solidarity and
check-off systems; Collective bargaining, industrial conflict and dispute settlement with case
studies; Dispute settlements through mediation, arbitration and joint consultation; The state and
industrial relations; Comparative industrial relations; Personnel management: recruitment,
selection, employee maintenance, training and career development, safety, health, employee
services, compensation administration, performance appraisal; Industrial Relations in Nigeria.

ECO 475: Project Appraisal I 2 Units

The project concept; the project cycle; Data requirements and sources; The feasibility dimension;
Identification and analysis of project costs and benefit (cash flows); Comparison of costs and
benefits: static and dynamic approaches; The problems of valuation, discount rates and
uncertainty; Economic and financial perspectives in project appraisal; Evaluation and review
techniques; Case studies.

ECO 476: Project Appraisal II 2 Units

The project and overall view of economic development programming; Identification and selection
of projects; Project analysis: technical analysis, economic analysis, financial analysis, institutional
analysis, social benefit-cost analysis, valuation and shadow prices; Cost-effectiveness analysis;
Impact analysis; Reporting; Monitoring and ex-post evaluation; Case studies.

ECO 478: Project Report 6 Units

Under the supervision of an academic staff, a student is expected to present a project/research
report on any economic issue. The student is expected to display a firm grasp of economic theory
being investigated with good mastery of research methodology and econometrics.

Criteria for Scoring/Assessment of ECO 478

1. Presentation:
Referencing ——————– ———————————————10 marks
Language and writing style ————————————————10 marks
Ability to justify the need for the study and presentation of the study’s objective(s)

2. Literature Review:
Mastery of relevant literature ————————————————-10 marks
Theoretical content ————————————————————-10 marks
Soundness and logic of argument (with respect to ability to synthesize the literature)
3. Analysis:
Appropriateness of method of analysis (reliability and validity issues) –15 marks
Ability to meaningfully interpreted results ————————————15 marks
4. Findings and Recommendations:
Quality of recommendations in relation to the objective(s) of the study –10 marks
Cognizance of the study’s limitations ——————————————-5 marks