## Courses

**FOUR-YEAR B. Sc DEGREE PROGRAMME IN ECONOMICS**

**FIRST YEAR [FIRST SEMESTER]**

**COURSE CODE TITLE UNITS****MAJOR COURSES**

ECO 101 Principles of Economics 1 2

ECO 121 Introduction to Accounting 2

ECO 131 Introduction to Economic Statistics 1 2

**REQUIRED ANCILLIARY COURSES**

COS 101 Introduction to Computer 1 2

MTH 111 Elementary Mathematics I 3

MTH 121 Elementary Mathematics II 3

**GENERAL STUDIES**

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

**TOTAL UNITS 22**

**FIRST YEAR [SECOND SEMESTER]**

**MAJOR COURSES TITLE UNITS**

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

**AUXILLIARY COURSE**

COS 102 Introduction to Computer 11 2

MTH 122 Elementary Mathematics III 3

**GENERAL STUDIES**

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

**TOTAL UNITS 19**

**SECOND YEAR [FIRST SEMESTER]**

**COURSE CODE TITLE UNITS****MAJOR COURSES**

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

**GENERAL STUDIES**

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}

**TOTAL UNITS 18**

**SECOND YEAR [SECOND SEMESTER]**

**MAJOR COURSES TITLE UNITS**

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

**GENERAL STUDIES**

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}

**TOTAL UNITS 20/21**

**THIRD YEAR [FIRST SEMESTER]**

**COURSE CODE TITLE UNITS ****MAJOR COURSES**

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

**GENERAL STUDIES**

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

**TOTAL UNITS 20**

**THIRD YEAR [SECOND SEMESTER]**

**MAJOR COURSES TITLE UNITS**

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

**GENERAL STUDIES**

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

**TOTAL UNITS 20**

**FINAL YEAR [FIRST SEMESTER]**

**COURSE CODE TITLE UNITS**

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

**COURSE DESCRIPTION****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

numbers.

**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,

STATA, MATLAB, OX-METRICS, RATS, GAUSS PROGRAM etc; Understanding SPSS: data

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

thought.

**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

paper.

**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)

———————————————————————————-5marks

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)

…………………………………………………………….……………10marks

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