Economics – Programmes – M.Sc Programme



MSc Programme in Economics

The Department of Economics offers postgraduate programmes leading to the award of Master of Science (MSc) in Economics.


In keeping with the goals of the University and in line with the Nigerian Universities Commission (NUC) minimum benchmark for Postgraduate programmes in Economics, the postgraduate programme run by the Department of Economics have been redesigned to promote advanced training and research in Economics.


The main objectives of the programmes are:

  1. To develop highly competent and versatile professional economists through the provision of relevant academic and professional courses which are required in order to meet the challenges of the Nigerian economy in the context of globalization.
  2. To continuously produce professional economists who are well armed to play positive roles towards the social and economic advancement of Nigeria, Africa and the world by playing advisory roles in government agencies, ministries and departments.
  3. The key objective of the M.Sc Programme is to train and develop highly Professional economists, preparing and building up their independent intellectual capacity for sustainable and creative useful careers in teaching and research in higher institutions of learning, research and administration in research institutes, government, non-governmental/national and international organizations, business organizations and specialized consultancy services.
  4. To preparing students for a career in public and private services as well as in international institutions.

Stress Areas

The stress areas include Economic Theory, Econometrics, Monetary Economics, Labour and Industrial Economics, International Economics, Development Economics, Economic Planning, Mathematical Economics, Mathematical Statistics, Operations Research, Petroleum and Energy Economics, Finance and Public Sector Economics, Environmental Economics, and Health Economics.

Job Opportunities

The job opportunities for the holders of MSc in Economics are quite numerous to mention. For example, holders of MSc degree can work in the Central and commercial banks, the Ministry of finance, the National Planning Commission, the Budget of office, the IMF, the World Bank, teach in the universities or colleges of education and polytechnics as serve as advisers to government agencies or top government officials.

Mode of Study:

The mode of study for the MSc programme shall be:

  1. Full-time and
  2. Part-time


  1. Admission Requirements
  2. Candidates must satisfy the matriculation requirements of the University including English Language and Mathematics.
  3. Candidates with Bachelor’s degree in Economics from an approved university whose Economics programme is accredited by the NUC.
  • Candidates with a minimum of second class lower degree and a CGPA of 3.00 on a five point scale.
  1. Candidates with a Post Graduate Diploma degree from a cognate discipline awarded by a recongnized institution with not less than an upper credit.
  2. ii)     Duration of Programme
  3. A full time Master’s Programmes shall run for a minimum of four (4) semesters and a maximum of six (6) semesters.
  4. Part-time master’s programmes shall run for a minimum of six (6) semesters and maximum of eight (8) semesters.
  5. For extension beyond the specified maximum period, permission of the School of Postgraduate studies shall be required.

List of Supervisors:

  1. Professor Cletus Chike Agu, B.Sc, M.Sc (Ibadan), PhD (Wales). Area of Specialisation: Monetary Economics.
  2. Professor Stella Ifeoma Madueme, B.Sc, B.Ed, M.Ed, M.Sc, Ph.D, Ph.D (Nigeria). Area of Specialisation: Economic Development
  3. Professor Hyacinth Ementa Ichoku, B.Sc , M.Sc (Nigeria), M.Sc, Ph.D (Cape Town). Areas of specialization: Health and Development Finance
  4. Professor Osita Ogbu, B.Sc (Nigeria), M.Sc., PhD (Howard). Area of Specialisation:
  5. Ezebuilo Romanus Ukwueze, B.Sc (Hons), M.Sc., PhD (Nigeria). Area of Specialization: Development Economics
  6. Jude Okechukwu Chukwu, B.Sc (Hons), M.Sc., PhD (Nigeria). Area of Specialisation: Development Economics
  7. Dr. Uche M. Ozughalu, B.Sc (Nigeria), M.Sc, PhD (Ibadan). Area of Specialisation: Development Economics.
  8. Emmanuel O. Nwosu, B.Sc (First Class Hons), M.Sc., (Nigeria), M.A. (Tsukuba), PhD (Nigeria). Areas of Specialisation: Development Microeconomics, and Microeconometrics,.
  9. Anthony Orji, B.Sc (Hons), M.Sc., PhD (Nigeria). Area of Specialisation: Finance and Development
  10. Dr. Richardson Kojo Edeme, B.Sc., M.Sc (Deltsu), PhD (Nigeria). Area of Specialisation: Public Finance.
  11. Dr. Nathaniel Emeka Urama, B.Sc. (First Class Hons), M.Sc, Ph.D (Nigeria).

Area of Specialisation: Macroeconomics

Requirement for Graduation

To be awarded a Master of Science Degree in Economics, a candidate must pass a minimum of 30 credit units made up as follows.

M.Sc. Courses

(a)           Core Courses:                                                                                                       Credit Units

Advanced Microeconomics                                                                               4

Advanced Macro-economics                                                                             4

Quantitative Research Method                                                                         3

Qualitative Method                                                                                             2

Issues in Entrepreneurship                                                                                                2

(b)           Elective courses in the area of specialization                                                 6

(c)           Seminar                                                                                                                 3

(d)           Dissertation                                                                                                           6

Total                                                                                                                                       30

For M.Sc. the list of Courses includes

Eco.                       501 – Microeconomics I

”                         503– Macroeconomics I

”                         502 – Microeconomics II

”                         504 – Macroeconomics II

”                         505 – Mathematical Economics

,,                        591—Research Methods

”                         506 – Econometrics II

”                         511 – Economic Development & Planning

”                         521 – Money and Banking

”                         532 – International Economics

”                         541 – Public Sector Economics and Finance

”                         551 – Labour Economics & Industrial Relations

Econ.                    553 – Project Appraisal

”                           561 – Demography

”                           571 – Econometrics

”                           572 – Advanced Mathematical Economics

”                            574 – Environmental Economics

”                            561 – Health Economics

”                           582 –Energy and Petroleum Economics

“                            563- MSc Seminar

”                           592 – M.Sc Project/Dissertation


First semester Second Semester
Course Credit Units course Credit units
1.       ECO 501: Microeconomics 1  


1.       ECO 502: Microeconomics 11  


2.       ECO 503:Macroeconomics 1 2 2.       ECO 504: Macroeconomics 11 2
3.       ECO 505:

Mathematical Economics

3 3.       ECO506: Econometrics 3
4.       ECO 591: Research Methods 2 4.       ECO 562: Issues in Entrepreneurship 2
5.       Eco 571:

Introductory Econometrics

2 5.       Elective 2
6.       Elective 2 6.       Dissertation 6
Total 13 Total 17



The Compulsory Courses

ECO 501           MICROECONOMICS   1                                            (2 UNITS)                                                                                                                 Theory of the firm: technology of the firm; properties of the firm’s technology; profit maximization; comparative statics; Cost minimisation; comparative statics results; Consumer behaviour theory: utility maximization; the expenditure function; money metric utility functions; Slutsky equations; compensating and equivalent variations; consumer surplus; Uncertainty: expected utility functions; risk aversion. Intertemporal Utility maximization

ECO 502           MICROECONOMICS           11                                                 (2 UNITS)

Advanced treatment of the theory of the firm: competitive pricing-short-run and long-run, comparative statics and welfare; Monopoly pricing and output decisions: comparative statics, welfare implications and regulation of monopoly power; Imperfect competitive market pricing, comparative statics; monopolistic competition; oligopoly and theory of games. General equilibrium analysis.

ECO 503         MACROECONOMICS 1                                             (2 UNITS)

Theories of Economic growth and Convergence: Basic Harrod-Dormar model; The Basic Solow neoclassical growth model with extensions to embodied and disembodied technical progress; multiple equilibria, varying savings and consumption assumption; Golden rule of accumulation, The new (Endogenous) Growth models and the challenge to the neoclassical models.

ECO 504         MACROECONOMICS 11                                          (2 UNITS)

Open Economy Macroeconomics and Policy Design: Extensive treatment of open economy macroeconomics: Mundell-Fleming model in small and large open economies; exchange rate regimes; effectiveness of monetary and fiscal policy under alternative assumptions of capital mobility and exchange rate regimes; covered and uncovered interest rate parity; international policy coordination; The Macroeconomic Policy Debate and the Design of Macroeconomic Policy: The macroeconomic policy debate; Activism versus passivism; Rules versus discretion.

ECON.505     MATHEMATICAL ECONOMICS                                  (3 UNITS)

Matrix algebra; special types of matrices; Transpose of a matrix; partitioned matrix; inverse of a matrix; Applications of matrix algebra in economics; eigen values and eigen vectors; the trace of a matrix; derivatives and partial derivatives; Jacobian matrices; maxima and minima; constrained maxima and minima; integral calculus and its applications to economic models; Difference equations: Linear first-order difference equations; Applications of difference in economic models; linear second order difference equations ; Applications of second order difference equations in economic models. First and second order differential equations and applications to economics; Simultaneous differential equations; phase diagram; Dynamic optimization, calculus of variations and optimal control and maximum principle; transversality conditions.

ECON.506       ECONOMETRICS                                                         (3 UNITS)


Introduction to Cross-sectional and panel data analysis: panel data models: first difference estimator; Fixed effect and random effects models; Limited dependent variable models: probit, logit, bivariate probit and multinomial logit models, poison; method of simulated maximum likelihood; Model Selection: two-step estimator and Heckman model selection. Introduction to survey data analysis.

Time Series/Macroeconometrics

Time series econometrics: Testing for stationarity; multivariate and single equation cointegration analysis and the estimation of error correction models; Structural breaks; VAR Models; ARIMA and GARCH models; introduction to macroeconometric model building; introduction to forecasting and simulations.

ECO 591       RESEARCH METHODS                                                   (2 UNITS)              

The design of economic research project: statement of the research problem; research thesis; essence and techniques of literature review; methodology: survey method, historical method, econometric method, experimental designs, etc; estimation, diagnostic tests, and evaluation of hypothesis; inferences and conclusions. Basic issues in interpreting micro and microeconomic data; the base year, scaling of data, summary indicators, nominal and real magnitudes; implication of missing observations, small samples, poor quality of data, and inconsistencies, of data for economic analysis and inference; procedures for managing data; interpolations, and interpolations; Sampling and sampling design (design and validation of research instrument): sample selection procedure and techniques of questionnaire design/administration; procedures for data collation (scoring and coding for computer analysis), Random variables and probability distributions.

ECO 562                 ISSUES IN ENTREPRENEURSHIP                                        (2 UNITS)

The entrepreneur as a factor of production; basic elements in entrepreneurship development; the role of entrepreneurship in economic development (empirical evidence from journal papers will form examples). The factors militating against entrepreneurship development in Nigeria: regulation, infrastructure, access to credit, security, etc. Government efforts to encourage entrepreneurship development in Nigeria: building capacity, training, startup capital, self-employment as a policy, etc. Developing entrepreneurial capacity in Nigeria: feasibility studies, market analysis, locational advantage, cost of doing business analysis, etc. Analysis of enterprise surveys.

ECO 571                INTRODUCTORY ECONOMETRICS                                                                     (2 UNITS)

The Generalised Linear Model, Extensions of the Generalized Linear Model, Generalized Least- squares, Autocorrelation, Heteroscedasticity; Stochastic Regressors, Instrumental variables, errors in variables and endogeneity problem; simultaneous equation methods, Identification and estimation issues. Introduction to panel data analysis; Introduction to time series analysis: unit roots accounting for structural breaks; introduction to single equation and multivariate co-integration analysis.

Elective Courses

ECO 511                 ECONOMIC DEVELOPMENT AND PLANNING                (2 UNITS)

Section A: Development Macroeconomic issues and Planning

Advance theories of economic growth and development: The Harrod-Domar model. The input-output technique and other aggregate models; Impact of industrial, commercial and agricultural policies; import substitution, export promotion, foreign aid, demonstration effects; The choice of planning techniques in national development plans: analysis of a number of planning models used in particular in Nigeria and other less-developed countries-successes and failures; Planning problems involving manpower demand and supply, regional development.

Section B. Development Microeconomic Issues and Survey Data Analysis

Introduction to Survey data analysis: Household and Demographic and Health surveys. Poverty: Poverty as a multidimensional concept; correlates of poverty, measurement issues and survey data analysis; poverty alleviation and targeting; Income distribution: Inequality and various measurement issues; Gini-coefficient and Lorenz curves, Generalised Lorenz curves, generalized entropy index and decompositions; Analysis of pro-poor growth.

ECON.521            MONETARY ECONOMICS                                   (2 UNITS)

Monetary Theory and Issues: Definition of money; Demand for money theories; Money supply theories; Instruments of monetary policy; Rules versus authority in Monetary policy; Transmission mechanism; Monetary versus fiscal actions; Money and economic growth; Banking Issues: An overview of the financial system structure; The Nigerian banking structure; Basic considerations in banking: Risk analysis; bank capital adequacy; bank earnings; Balance sheet management: liquidity concepts and policies, lending policies, investment instruments and policies; Comparative Financial Systems. Empirical papers in monetary and banking issues will form part of class room discussions.

ECO.531                                INTERNATIONAL ECONOMICS                                         (2 UNITS)

Trade theory: advanced treatment of the theories of international trade from classical to modern; Comparative statics of trade with respect to changes in tastes, factors endowments technology, etc, Altemative theories of trade and growth in developing countries. Commercial policy: The free trade doctrine and arguments for a restricted trade. Theories of tariffs, quota and other trade restrictive devices; Regional economic integration; international trade institutions; and international economic co-operation; International Financial Relations: The balance of international payment and the foreign exchange market. The developing countries and the international monetary system: the IMF, etc. Current issues in trade and other negotiations shall form part of class discussions.

ECON.541             FINANCE AND PUBLIC SECTOR ECONOMICS                                                 (2 UNITS)

Economic Rationale for state intervention; first and second fundamental theorems of welfare economics; assumptions under which markets are efficient; types of intervention; intervention and social justice; Public Goods and Preference Revelation; characteristics of public goods; free rider problem; optimal provision of public goods; Theory of Public Finance: The nature of the public sector. Theory of public revenue and expenditure. Fiscal Federalism;Taxation and fiscal policy; Public debt. Government subsidy.

ECO 551                LABOUR ECONOMICS AND INDUSTRIAL RELATIONS                   (2 UNITS)

Review of basic labour market theory; Theories of individual and household labour supply; Human capital theory. Wages and structure information in the labour market; the labour market: Efficiency, segmentation, and Flexibility. The relationship between labour market/processes and economic development. Theories of trade unionism. Theory of industrial relations. Institutional aspects to the labour market, the Enterprise, Management and employers’ associations. Aims and objectives of trade unions; Industrial conflict: Collective bargaining; Current issues in industrial relations; Industrial relations in Nigeria and other countries.

ECO 553                PROJECT APPRAISAL                                                                                          (2 UNITS)

The project concept; project cycle; Financial analysis and investment criteria for industrial project; Economic Analysis of Projects (Social cost-benefit studies), shadow pricing, distributional impact; special topics e.g. risk and uncertainty, project analysis and national economic planning, project management with particular emphasis on implementation, monitoring and evaluation.

ECO 561                DEMOGRAPHY                                                                                      (2 UNITS)

Demographic analysis; population census, vital statistics and registration; adjustment of demographic data including interpolation and graduation procedures; Analysis and measures of fertility, mortality and migration; The life Table; Population Projections; dynamics of population change and population models; Analysis of Demographic and health surveys data; Issues in Migration: Remittances flows; brain drain and migration policies in OECD countries.

ECO 582                 ENERGY AND PETROLEUM ECONOMICS                                         (2 UNITS)

political economy and empirical perspectives of energy policy and its implications for energy supply and demand; local, national, and global markets for oil, natural gas, coal, electricity, nuclear power, and renewable energy; public policies affecting energy markets including taxation, price regulation and deregulation, energy efficiency, and control of emissions and environmental policy more generally. Production and marking of oil products; Demand and distribution of petroleum products in Nigeria; Rationale of uniform pricing and retailing petroleum products. Petroleum subsidy; Contribution of petroleum to Nigeria’s economy and its impact on agricultural policy and productivity. Oil crisis and inflation; Oil money flows and international financial system; International oil companies and the future of the OPEC.

ECON.572             ADVANCED METHEMATICAL ECONOMICS                                      (2 UNITS)

Difference and differential equations; stability properties of dynamic optimization over time, the calculus of variations, dynamic programming, optimal control and maximum principle; Infinite horizon problems; The application of dynamic optimization techniques to models of capital accumulation and economic growth. Introduction to stochastic models.

ECO 574                 ENVIRONMENTAL ECONOMICS                                                        (2 UNITS)

Introductory Issues: The emergence of environmental economics; Fundamental Issues in the economic approach to environmental issues; The drivers of environmental impact; Poverty and inequality; Limits to growth; Concepts of Sustainability; Main Issues in Environmental Economics: Environmental Pollution: Pollution Control: Targets; A static model of efficient pollution; intertemporal analysis of stock pollution; International Environmental Problems: International Environmental cooperation: Game theory analysis; International treaties; Acid rain pollution, stratospheric ozone depletion, the greenhouse effect; international trade and the environment; Cost-benefit analysis and the environment; Valuing the Environment: Dimensions of value; The theory of environmental valuation; Environmental valuation techniques: travel cost method, contingent valuation, and other techniques; Natural Resource Exploitation: The efficient and optimal use of natural resources: a simple model of resource depletion; importance of natural resource in the production.

ECO 563                 Health Economics                                                                                (2 UNITS)

The MSc in Health Economics is focused on the theories, techniques and methods of health economics and modelling, which are applicable to a vast range of settings.                                                                                                     Course Content                                                                                                                                                                      Introduction to health economics: Health Facts and statistics within and across countries; Why Health Economics; Applying Economics to Health; Health as a Good and the production of Health. Economic evaluation in health care: Interrelationships between health care and health insurance markets, Health care costs, Production of health, Demand for Medicare, Market for Healthcare and Healthcare facilities. Advanced health economics: Modeling Health Care Demand; Health Insurance; Reproductive Health. Health care policy and statistics: Formulation of Health Policy; Provision and Regulation; Access to Healthcare and Inequality Analysis; Trade in Pharmaceuticals

ECO 592                 MSc DISSERTATION                                                                             (6 UNITS)

The thesis must deal with a research problem chosen from the candidate’s area of specialization in which the candidate must have done the relevant elective courses. The Report which is expected to be written in good English should demonstrate the candidate’s mastery of literature and research methodology. The dissertation involves at least a three-stage process: (1) presentation of research proposal (2) Presentation of Final Report and (3) Grading by External Examiner. Candidates whose works fail to pass plagiarism tests will not be allowed to present their works.