1. Name of The Programme:          B.Sc. Economics


  1.       Programme Code: 2212



4.0       Entry Requirements/ Admission Requirement(s):


To be admitted into B.Sc. Economics, candidates are required to meet at least one             of the followings:

100 Level


i.    Five Ordinary Level (O/L) credit passes at not more than two sittings including     English Language, Mathematics, Economics and any other two subjects at WAEC,            S.S.C.E, GCE, NECO and their equivalents.



200 Level

i.    Minimum of upper credit at OND level or lower credit at HND level in Business Administration, Accounting, Banking and Finance and other related courses.


ii.   Minimum of 10 points at NCE level in Business Education (Accounting), and        Economics combination in addition to 5 credit passes at the Ordinary Level including        English Language, Mathematics and Economics


iii. Minimum of upper credit at Diploma level in Economics/Business Studies or other            related courses from recognized universities.


 5.0      Philosophy of the programme

To provide quality and functional knowledge of economic analysis to students by    equipping them with critical and analytical skills through flexible learning; to expose students to the use of modern technology needed to identify and proffer solutions to economic problems to promote national development.

5.1        Vision

To provide functional, cost-effective, flexible learning, that adds life-long value to quality of education for all who seek knowledge.These are in line with National Policy on education and within the bounds of those of the National Open University of Nigeria.

  1.    Aims and Objectives:

The B.Sc. Economics is designed as an academic course to prepare those who have chosen to make economics-related fields their vocation.








            6.1 Aims

The programme aims at contributing to the economic development of the nation by producing graduates who are thoroughly-bred in the economic field and with particular reference to Nigeria. It seeks to produce a crop of professionals and academics who will lead Nigeria to her economic prosperity.


6.2       Objectives

On completion of the programme, the students should be able to:


  • Work in any world-class economic outfit, having been exposed to thorough training.


  • Create employment rather than expecting to be employed


  • Assess practical economic situations and proffer solutions that are workable in the Nigerian context.


7.0       Outline of Programme Plan (OPP)/Degree Rules:


7.1 Outline of Course Structure

B.Sc. Economics programme shall run for a minimum of 8 semesters and a maximum of 16 semesters for students entering at 100 level; a minimum of 6 semesters and a maximum of 12 semesters for direct entry students.



7.2 Degree/Graduation Rule

7.3 Summary of Distribution of minimum Course Credits to be earned by Students admitted into minimum of eight and maximum of sixteen semester’s structure.


GST   and Other

General Courses







Elective  (min.)




























100 Level Entry Students are expected to earn 107 Credit Units (CU) of Compulsory Courses and at least 18 CU for Elective Courses for 8 semester course structure with CGPA of not less than 1.0. (107 + 18= 125)

NOTE: Students are required to pass at least one elective course in a semester. They must also pass all GST Courses as specified by the Senate.


7.4. Summary of Distribution of Minimum Course Credits to be earned by Students Possessing Direct Entry Admission.


GST   and Other

General Courses







Elective  (min.)




























Direct Entry Students are expected to earn 89 Credit Units (CU) of Compulsory Courses and at least 18 CU of Elective Courses for 6 semesters course structure with CGPA of not less than 1.0. (89 + 18/19= 107/108)

NOTE: Students are required to pass at least one elective course in a semester. They must also pass all GST Courses as specified by the Senate.



8.0 Specification of Course Content:


GST101: Use of English and Communication Skills I     Credit Unit: 2

Listening enabling skills, listening and comprehending comprehension, note taking and information retrieval. Including data, figures, diagrams and charts. Listening for main idea, interpretation and critical evaluation. Effective reading, skimming and scanning. Reading and comprehension at various speed levels. Vocabulary development in various academic contexts. Reading diverse texts in narratives and expository. Reading and comprehension passages with tables, scientific texts. Reading for interpretation and critical evaluation.


GST102: Use of English and Communication Skills II     Credit Unit: 2

Writing paragraphs; Topic sentence and coherence; Development of paragraphs; illustration; Description; cause and effect including definitions; Formal letters: essential parts and stylistic forms; complaints and requests; jobs; ordering goods Letters to government and other organizations; Writing reports; reporting events, experiments, writing summaries.



GST105: History and Philosophy of Science         Credit Unit: 2

General description of the nature and basic scientific methods and theories; History of western science and science in ancient times, middle ages and the rise of modern science; An overview of African science, man and his environment and natural resources; Nature, scope and technological development and innovations; Great scientists of Nigerian origin.


GST107: The Good Study Guide            Credit Unit: 2

What are study skills?  Why read about study skills/Getting yourself organized.  Reading strategy and note taking.  Nature of studying and learning – learning in groups, talks and lectures, learning from TV and radio broadcasts and other media.  Working with numbers, tables, diagrams, and graphs.  What is good writing?  How to write good essays and advantages of essay writing as a craft. Preparation for examinations – common characteristics of examinations, cutting through the myths of examinations, revising for examinations, working out tactical plans for examinations. Practical tips of the examination itself.


CIT101: Computer in Society                 Credit Unit: 2

What is Computer? Types of Computer; History of Digital Computer; Element  of  a Computer: Hardware  and Software; How to work with  a computer; Operating System  Windows Files  word processing, copying a text, saving, Changes to  a document  and Formatting, spelling checker and introduction to  Printing a document; Spread sheet, Entering and correcting data; Using  Formula; Numeric Formats Creating Charts; Types of Charts; Power  Points  and  presentation. Networking: Internet and E-mail; Reading and responding to an E-mail message. Introduction to Basic concepts of the Computer System; A survey of various uses of the Computer; Computer applications in the Modern Society; Effects of Computerization of the Workplace; Computer Ethnics and Security Issues, Classical examples of the effects of the internet on the society.



CIT102: Application Software Skills                Credit Unit: 2

Brief description of computer system; CPU, I/O devices; Operating systems; Computer File management; Computer Software: overview, types, etc; Application software; common application software, Using Microsoft Word; Using Microsoft Excel; Features of Database Applications and Microsoft Access; Statistical Analysis Applications; Using SPSS software; Introduction to Desktop Publishing applications; Computer applications in Nursing; Computer applications in Agriculture; Managing the Computer system with the Control Panel.



ECO 121                                Principles of Economics I                 Credit Unit: 3

This course is basically an introductory course on the micro-economics aspect of economic theory. Topics covered include the subject matter of economics and basic economic problems; market mechanism, including demand, supply and price determination; theories of consumer behavior; theory of production; theory of the firm, cost of production, pricing and output under perfect competition, monopoly, monopolistic competition and oligopoly among others.


ECO 122                                Principles of Economics II              Credit Unit: 3

This course which focuses on microeconomic theory is a continuation of ECO 101, topics covered include the field of macroeconomics; national income accounting; money and banking; components of gross domestic product; aggregate demand and aggregate supply analysis; Government and the Economy; Open Economy Macroeconomics.


ECO 153                      Introduction to Quantitative Methods         Credit Unit: 3

The aim of this course is to introduce students at an elementary level to some of the mathematical techniques necessary for the analysis of economics. Topics include elementary algebra such as real number systems, indices, factorizing, logarithms, L.C.M and H.C.F. polynominals, nominals, etc. equations and inequalities, sets, functions, simultaneous equation; series and progressions;  permutation and combination; growth mathematics; time rate of change, elementary trigonometry.


ECO 154                    Introduction to Quantitative Method II              Credit Unit: 2

This is the continuation of ECO 103 and it focuses on general statistics, frequency, distribution, measures of central tendency and dispersion, skewness and kurtosis (including moments) probability theory, random variables and their probability distributions; mathematical expectations, price indices.


ECO 146                                The Nigerian Economy in Perspective         Credit Unit: 3

The primary objective of this course is to acquaint the students with the various stages in the evolution of Nigerian economy. It examines Nigerian economy before and after independence. Topics covered include agriculture, industrialization, trade, transportation and national income among others.


FMS 105         Elements of Management I Credit Unit: 2

The objectives of the course are to explain the nature of management principles, list the functions of management, describe what a manager would do to be successful, explain the various approaches to management, highlight the major contributors of management scholars and practice to the development of management, describe the exercise of authority in the practice of management and demonstrate the importance of communication to the art of managing. The course contents include nature of management principles, roles and responsibilities of management, social responsibility of the manager, how to be a successful manager, management by objective, history of management, schools of thought on management Part I and II, contributors to management theories, delegation of authority Parts I and II, authority nature and types of power, authority methods of influence and application in organisation as well as communication.


FMS 106        Elements of Management II Credit Unit: 2

The course contents include nature of management principles, roles and responsibilities of management, social responsibility of the manager, how to be a successful manager, management by objective, history of management, schools of thought on management Part I and II, contributors to management theories, delegation of authority Parts I and II, authority nature and types of power, authority methods of influence and application in organisation as well as communication



ENT 121                                 Principles & Practice of Insurance                         Credit Unit: 2

Definition; nature and scope of insurance; history of insurance; the general functions and principles of insurance; the insurance market; risk management device; various class of life insurance business; pattern and types of policy; classification of non-insurance business; participants and procedure in the insurance market; insurance intermediaries and their organizations; proposal forms, policy forms, slips and cover-note; premiums, renewals, claims, settlement and disputes and general principles of under-writing and rating.



CRD 124                                Introduction to Cooperatives                       Credit Unit: 2

To understand the nature of cooperative and make meaningful input into policy formulation towards appropriate development of self-sustaining and independence; Nature of cooperation; differences and similarities between cooperative and other self-help organizations; definitions and analysis of a cooperative; cooperatives and other forms of business; classification of cooperatives; types and functions of cooperative societies; reasons for establishing or joining cooperatives, cooperative spirit, nexus and effect; conditions necessary for establishing cooperatives; factors that enhance the success of cooperatives; share capital reserve funds as a source of cooperative funds; borrowed capital as a source of cooperative fund; management of cooperatives; historical development of cooperative in Nigeria; the relationship between government and cooperative in Nigeria; the early cooperative leaders and founders; the pre-Roahadale cooperatives and their failure; the first ICA review of the Roachadale principles.


POL 111: Elements of Political Science              Credit Unit: 3

Definition, nature and scope of politics; Politics as Art and Science; History and evolution of Political Science: British and American; Power, influence and authority; Theories, origins and characteristics of the State; Forms of Government: Democracy, Monarchy, Theocracy etc; Meaning and nature of Political Parties and ideologies; Meaning and nature of Interest Groups and Pressure Groups and methods of operations; Constitution and Constitutionalism;

Revolution and Change in society.


POL126: Citizens and the State     Credit Unit: 3

Relationship between Citizens and the State, Duties and Obligation of citizens, Duties and obligation of the state, Nature of strained relations and process of rectification, Political obligation, Basis of freedom, loyalty and patriotism.



PCR 111      Introduction to Peace Studies (3 Credit Unit)         


Definitions of conflict/peace, theories of conflict, courses of conflict and violence, conflict analysis/mapping, peace or conflict resolution processes, communication and conflict, ethnicity, National integration, civil military relation, Religion, peace and conflict in Nigeria, Small arms, Children in armed conflict, post conflict reconstruction, peace building, Human Rights and Social justice, international peace institutions in Africa, Conflict prevention.


PCR 113       Introduction to Peace Education.   (3 Credit Unit)

Meaning/definition of peace Education, History of peace Education, Conflict transformation, Conflict prevention and peace building, Gender Education, Anti-prejudice Education, leadership Education, civil Education, Human-Rights, war and Strive in Africa, peace enforcement, concept of unity, peace education as a field of study, peace pedagogy in teacher in-service training, community peace building, peace building agents, Management and sustenance of peace, civil society and the military in promoting peace.


PCR 114   Introduction to Conflict Resolution Processes II (3 Credit Unit)


Conflict Resolution as a field of study, meaning f Conflict, Conflict Handling Style, conflict Resolution processes, Stages of conflict, perspective and approaches to peacemaking, conflict and international Relation, Methods of conflict Analysis, Conflict Mapping, Anger Management and Technique of mind control, Group Conflict formation, peace building, conflict Resolution, conflict as a Strategy of social change.




Definition of Sociology, family, marriage, society, and culture, socialization; Conforming, deviance, power, authority, leadership, social organizations, Group, social differentiation, religion, social interactions, social stratification, social mobility, collective behaviour, public opinion and propaganda.



CSS 134: Geography of Nigeria                                                                     (Credit Unit: 3)


The scope of human geography and its relation to physical geography.  World population:  its distribution and patterns of growth/demographic characteristics of selected populations.  Human settlements: evolution; patterns and functions.  Inter-relationships between urban and rural settlements.  Environmental resources; the concept of resources: types of resources and their global distribution; relationship between resources and tertiary activities; impact of human activities on the environment at varying levels of technology and population densities.  The role of movement; flows of people, goods, energy and ideas.



GST 202: Fundamentals of Peace Studies & Conflict Resolution (2 Credits Units)

Basic understanding of Conflict; Definitions, Causes and Types of Conflict, Conflict Theories, Phases in Conflict, Conflict Analysis & Transformation, dynamics of Conflict; Relationship between Perception and Conflict, Language Barriers in Conflict and Resolution, Early Warning and Early Response Mechanism, Arms Control and Demilitarization, Peace and Education. Trends in Global Issues: International, Continental and Regional Organizations in the Pursuance of World Peace, Peaceful Methods of Conflict Resolution, Coercive Means of Conflict Resolution, Gender Issues and Humanitarian Intervention.


GST203: Introduction to Philosophy and Logic                (3 Credit Unit)

General introduction to logic; clarity of thought, expression and arguments as basic for conclusions; formal informal fallacious deduction and induction as processes of reasoning. Fundamentals of logic and critical thinking; types of discourse; nature of arguments; validity and soundness; techniques for evaluating arguments; distinction between inductive and deductive inferences; etc.  illustrations from familiar texts, including literature materials, novels, law reports and newspaper publications.



ECO 231                                            Micro Economic Theory                     Credit Unit: 2

This course builds on the foundation of ECO102. Topics covered include: theory of consumer behavior; utility approach and indifference curve approach. Topics in consumer demand: market structures, output and pricing under various market structures-perfect competition, monopoly, monopolistic competition and oligopoly; the theory of distribution under perfect competition; input pricing and employment under imperfect competition.



ECO 232                                            Micro Economic Theory II               Credit Unit: 2

This course builds on the knowledge gained in ECO 201. The focus here is on the use of quantitative methods in analyzing advanced macro-economics. Topics include: the theory of demand; the theory of production; cost theory, price theory, managerial theories of the firm, the behavioural theory of the firm; the notion of surplus values and profits, general equilibrium theory and welfare economics with particular reference to Nigeria.



ECO 253                                            Statistics for Economics                      Credit Unit: 3

The topics covered in this course include: the normal, binomial and the poison distribution. Estimation theory, test of statistical hypothesis including t,-test, f – test and chi-square tests, analysis o least square method and correlation and regression analysis. Others are elementary sampling theory and design of experiments, non-parametric methods, introduction to the central limit theory (CLT) and the law of large numbers.


ECO255                                 Mathematics for Economists I                     Credit Unit: 2

This course exposes students to basic calculus necessary for analyzing and understanding any aspects of economic theory. Topics covered include the following: number system, exponents and root, equations, simultaneous and quadratic equations, logarithms, function of one variable, optimization (Maxima and Minima) functions of several variables, partial differentiation and integral calculus. All topics are to include relevant economic applications.



ECO 254                                Statistics for Economics II                             Credit Unit: 3

Students are further introduced to the basic concept of probability theory such as probability distribution and continuous Radom variables, other probability distribution; Hypotheses testing, its meaning, criterion of significance, statistical test for hypothesis and testing difference of two means and matched samples; Sampling theory such as its population and sample, population parameter, sampling parameter, sampling distribution, estimators for mean variance with frequency distribution; Calculation of t test, f test and chi-square analysis; Simple linear regression analysis and application to economic problems.


ECO 256                                            Mathematics for Economists II          Credit Unit: 2

This course is a continuation of ECO 256. Topics include calculus with emphasis on functions of several variables, specific topics include: total differentiation, optimization of function of several variables, and constrained optimization; method of substitution and langrage multipliers. The course exposes students to linear algebra-vectors direction, and magnitude of growth and matrices.



ECO 247                                Nigerian Economy in Perspective II           Credit Unit: 3

The course is structured to familiarize the students with the structures and contributions of infrastructural sector and subsectors to the Nigerian Economy; activities of other sectors of the economy namely: Trade and Commerce, Building and Construction, Private and Public sector; government plans, policies and programmes as well as adopted plans as it affects the overall structure and different sectors of the economy. It also examines the concept of economic co-operation and integration in Africa, inclusive of international trades.



CRD204:        Man & His Environment-2 Credit Units 

Man – his origin and nature, Man and his cosmic environment, Scientific methodology, Science and technology in the society and service of man, Renewable and non-renewable resources – man and his energy resources, Environmental effects of chemical plastics, Textiles, Wastes and other material, Chemical and radiochemical hazards. Introduction to the various areas of science and technology.Elements of environmental studies.

CRD208:        Nigerian & International Cooperatives – 2 Credit Units

To acquaint learners with the pattern of development of the cooperative movement in Nigeria and other parts of the world and to also provide analytical tools for comparison among cooperative approaches.  Origin and growth of cooperation, notable works of scholars such as Robert Owen, William King Charles Fourier, Raiffeisen and Schultz-Delizsch, explain the successes of the Rochdale Equitable Pioneers Society, Explain the term ‘hungry forties”; pattern of development of Cooperatives in Europe, Asia, America and Nigeria, importance of Agricultural cooperation in Britain, Demark, Norway and Sweden, success of consumers cooperative movement in Britain History of agricultural cooperation in U.S.A the initial problems they encountered and solutions proffer to such problems, role played by cooperation in Indian development; Historical development of the Nigerian Cooperative movement, its achievement, constrains and future prospects compare and contrast modern and traditional pattern of cooperation in Nigeria. Structure of the cooperative movement in Nigeria, Describe the activities of the following:

  • ANCE – Association of Nigerian Cooperative Exporters
  • NACCUN – National Association of Cooperative Credit Union of Nigeria
  • NACMO – National Association of Cooperative Marketing Organisation.
  • CFN – Cooperative Federation of Nigeria
  • NCISN – National Cooperative Insurance Society of Nigeria Limited
  • NNCWA – Nigerian National Cooperative Wholesale Association
  • Kaduna Federation of Milk Producers Cooperatives Association Ltd, Kaduna;

Discuss the role of:

  • ICD – International Agency for Cooperative Development
  • WOCCU – World Council of Credit Unions
  • IFAP – International Federation of Agricultural Producers.

History objectives and the importance of the international cooperative alliance. Explain how the network of the movements are conducted; assess their major contributions and linkages with cooperative development in Nigeria.

ENT224                                              Business Ethics                                  Credit Unit: 2

Introduction to Business Ethics, Ethical Principles in Business, Moral Development and Reasoning, Ethical Theories, Ethics, Justice and Business, Business System, Ethics and Environmentalism, Ethics of Job Discrimination, The Individual in the Organisation, Corporations and Corporate Governance, Board of Directors, Investment Banks and Securities Analysis, Creditors and Credit Procedures, Activities of Shareholders, Corporate Takeovers: Merger and Acquisitions, Corporate Social Responsibilities



PCR 211         Education for Peace              Credit Unit: 3

Definition of Education and Peace, Theories of Peace Education, Visions, paradigms and Conceptual frameworks of Educators and educational movement for peace ranging from holism, dialogue, values formation and critical empowerment or conscientisation.  Multiple dimensions of peace Education: encompassing education for disarmament, local/global justice, human rights, inter-cultural solidarity, environmental care and personal peace.



POL 223: Foundations of Political Economy                                               Credit Unit: 2 

Basic concepts in Political Economy; Meaning, nature and scope of political economy; Perspectives in political economy; Analysis of modes of production; Primitive Accumulation of  Capital; Globalization; Political economy of Nigeria.




ECO 292 Environmental Economics                                                     Credit Unit: 2

Key concepts in microeconomics, applications to management of renewal and non-renewable natural resources. Cost and benefit weighed for major environmental problems including global warming, toxic wastes, water and air pollution and conservation of wilderness and biodiversity; issues of social externalities.



Concept, planning and background of the word business;  definition  of profit and its importance;  types of business organizations in terms of the ownership structures; business organizational structures; activities of a business in terms of various organic and auxiliary functions of a business; meaning, types and policy issues in business environment; legal issues and solution in business environment: sales of goods, law of contract, business law; role of government in business; role of international organizations; industrialization and development; social responsibility of business system; business ethics.




Rudiments Of Communication: Communication Defined, Elements  Of Communication, Principles . Written  And Non Verbal  Communication; Language Defined , Non Verbal Communication, Listening  Oral And Written Communication Functions And Setting  Of Communication, Functions Of Communication, Communication Setting  Theories  And Models , Linear Model, Interactional  Model ,Transactional  Model. Process Of Meetings , Conferences ,Seminars, Symposium And Debates



This course exposes students to the need for organizational transformation required for value creation and competitiveness in the changing world of business. Topics will cover new management challenges and poor corporate outlook in Nigeria; models of change; phases of change; resistance to change and overcoming or managing resistance to change.



The course content consists basically of the treatment of accounting transactions according to
the provisions of relevant accounting standards. Specifically, the nature and scope of
accounting, the functions of accountants in business organisations, the accounting function
and its relationship with the information system of organizations, users and uses of
accounting information, basic accounting concepts and conventions, source documents and
subsidiary books, double entry book-keeping systems, trial balance, correction of errors,
capital and revenue expenditures, final accounts of a sole trader, control accounts and bank
reconciliations were the main focus of this course material.



The course content consists basically of the treatment of accounting transactions according to
the provisions of relevant accounting standards. The aim of the course is to introduce you to basic principles of accounting and to understand how financial documents are posted into accounting record in order to determine the profit or loss of an organisation. It also includes practical treatment of accounting transactions conducted through the bank and how errors in accounting are treated.



GST301          Entrepreneurship Studies 1                                                      Credit Unit: 2

Definition of Entrepreneurship, Relationship Between Entrepreneurship and Small Business Management, Factors of Entrepreneurship; Dealing with External Factors of Entrepreneurship; Factors of Production; Profit and Other Objectives of an Entrepreneur, the Business Environment, Understanding Viability Study; Needs and Characteristics of Consumers; Mission and Enterprise Objectives; Export Market Shares; Target Market; Income Determination; Break-even Point, Size of the Business, Location Factors; Financial Requirements Forms of Ownership; Business Plan. Risk Analysis; Legal Requirements; Staffing, Purchasing; Production; Management.


POL 317: Public Policy Analysis                                                                 (3-Credit Units)  

Meaning, nature and scope of Public Policy; Approaches to the study of public policy; Concepts and strategies of planning, programming and budgeting system; Basic techniques of network construction and analysis; Cost-benefit analysis; Planning in third world countries; Cost effectiveness analysis and critique.




ECO 341                                Macro Economics Theory I                    Credit Unit: 3

This course focuses on the quantitative aspect of advanced macro-economic topics such as a saving, consumption and investment, national income models, the theory of money, classical and Keynesian systems, macro-economic policy models, the theory of prices level, internal and external balance and economic growth theory.


ECO 342                                Macro Economic Theory II                           Credit Unit: 3

This course builds on the foundation students were exposed to in ECO 301.It is primarily concerned with the study of relationships between broad economic aggregates. Topics include National Income (accounting and determination) aggregate saving and consumers expenditure, investment, employment, money supply, price level and balance of payment. The course attempts to explain the determinants of the magnitude of these aggregates and their rates of change over time.


ECO 343                                Monetary Theory and Policy                           Credit Unit: 3

This course helps to acquaint the students with the various theories of money and monetary policy instruments used in controlling or influencing the level of demand, supply and the management of money in circulation in a domestic economy. Topics include the Monetary policy: instrument and types, Changes in the value of money: the quantity theory of money and its variants, Supply and Demand for money and Other Keynesian approaches of demand for money, etc. This course also gives you insight into Meaning of Monetary Policy, trade-off in Monetary Goals, targets of Monetary Policy, Strategies and Effectiveness of Monetary Policy and implementation in Nigeria, instruments of Monetary Policy, expansionary Monetary Policy Vs Restrictive Monetary Policy, lag in Monetary Policy and role of Monetary Policy in a Developing Economy, the value Of Money, the Cambridge Equations: The Cash Balance Approach, the Keynesian theory Of Money and Price, Friedman’s Restatement of Quantity Theory of Money and Supply of Money; money Supply, Determinants of Money Supply, Supply of Money and High-Powered Money, High Powered Money and Money Multiplier, Demand for Money, the Post Keynesian Approach and Friedman’s Theory of Demand for Money.


ECO 324                                History of Economic Thought Credit Unit: 3

This course exposes the students to the development of economic ideas. The systematic unfolding of economic ideas by different theorists in various epochs are evaluated. Topics include the evolution of societies and production relation. The founders of economic thought like Plato, Aristotle, commercial capitalism and the genesis of the classical schools, the mercantilism, physiocratic schools, the rise of socialist thought, monetary, mathematical, Keynesian, welfare and modern theories of development and growth economics are examined.


ECO 355                                Introduction of Econometrics I                   Credit Unit: 3

This course is an introductory course on Econometrics analysis; the course contents are; Econometrics analysis such as Meaning of Econometrics, Methodology of Econometrics, Computer and Econometrics, and Basic Econometrics Models: Linear Regression, Importance of Econometrics etc. Single- Equation (Regression Models) such as; Regression Analysis, the Ordinary Least Square (OLS) Method Estimation, Calculation of Parameter β  and the Assumption of Classical LeastRegression Method (CLRM), Properties of the Ordinary Least Square Estimators and the Coefficient of Determination (R2): A measure of “Goodness of fit”; Normal Linear Regression Model (CNLRM) such as Classical Normal Linear Regression Model, OLS Estimators Under The Normality Assumption, the Method Of Maximum Likelihood (ML). However, Confidence intervals for Regression Coefficients β1  and β2 and Hypothesis Testing were also examined.



ECO 356                                Introduction to Econometrics II                 Credit Unit: 3

This is a logical extension of the first semester course on INTRODUCTION TO ECONOMETRICS I. As such, it introduces the concept of simultaneous equation and their estimation. Essentially, this course examines the possible solutions to problems arising from the breakdown of the ordinary least squares assumptions. To this end, it covers topics like, multi-collinearity, heteroscedacity, autocorrelation and Econometrics modeling: Specification and Diagnostic Testing. It also examines the use of dummy variables and time-lags as independent variables.


ECO 347                                            Development Economics I                    Credit Unit: 2

This course exposes the students to the concept and determinants economic growth and development. Diversity in structures and common characteristics of Less-Developed countries.  Theories of Growth: Classical and Neoclassical Theories.


ECO 348                                Development Economics II                            Credit Unit: 2

This course builds on the foundation laid in ECO 307, but focuses on Governance and Corruption: Governance in Public Service, Civil Society and Good Governance in Public Service, Corruption, ill effect of corruption; Public Sector Scope, Enhancement and Reform: Public Sector, Public goods, liberalization and Privitalisation of Public sector, the role and Potential of civil society; Globalization: Trade and trade policy, international Economics relations:-meaning of Globalization, new Globalization, the world bank, the international monetary fund, worlf bank organization, international trade globalizing financial flows; Poverty, Equity and Well-being.


ECO 329                                            Project Evaluation                                Credit Unit: 3

This course exposes the students to the tools of project appraisal and the difficulties faced within project evaluation. Topic covered include: the costing of project, investment criteria (PV and IRR), measures of commercial profitability, the social cost of investment, assessment of projects, desirability and success.


ECO 311                                            Research Methodology                  Credit Unit: 3

This essentially is an introductory approach to economic research. Topics to be covered include scientific method as a basis for economic analysis, the formulation and testing of hypothesis and economic models, interpretation and presentation of empirical results including their appraisal as well as comparison of different economic research methods.


ECO 344                    Introduction to International Economics                  Credit Unit: 3

This course provides an introductory background to the major theories of trade and international finance for the next session. It starts off by examining the Global Economy/Supply production possibilities: Theory of international trade, trade analysis, production possibilities, the two good, two factor model; General Equilibrium: General equilibrium analysis, excess demand; Gain from trade, causes and consequences of trade, the causes of international trade: No trade model, differences in technology; simple model of production function; The Hecksher-Ohin model: the specific factors model, Endowment changes, the pattern of trade, Government policies as determinants of trade; Gain from trade.




ECO 314                                Operation Research                                         Credit Unit: 2

The objective of this course is to introduce the students to the principles, methods and uses of Mathematics programming with particular emphasis on the formulation and solution of linear programming problem. Topics include linear programming, the dual problem, sensitivity and analysis, shadow pricing, integer programming, the transportation problem, network analysis, critical path analysis and decision trees.


ECO 346                                            Financial Institutions                          Credit Unit: 2

This course is aimed at exposing the students to financial institutions with particular reference to Nigeria. Topics to be covered include functions and organization of commercial Banks, Merchant Banks, Universal Banking, Development Banks, Central Bank, other financial intermediaries, international financial institutions such as IMF, ADB, IBRD and World Bank among others.




ECO 332                                Managerial Economics                     Credit Unit: 2


This course is basically an introductory course on economics and business environment. Topics covered includeBasic Principles in the Application of Managerial Economics such as definition of managerial economics, economic analysis and business decisions, scope of managerial economics. Decision Analysis which includes which includes decision, certainty and uncertainty in decision analysis, analysis of the decision problem, expected monetary value decision, decision-making involving sample information, time perspective in business decisions, analysis of market demand.Production and Cost Analysis which include the theory of production, the production function, optimal input combinations, input price changes and the optimal combinations, theory of cost and break-even analysis, the business cost concepts, the theory of cost: cost-output relations, economies and diseconomies of scale, break-even analysis. Market Structure and Pricing Decisions which include price determination under perfect competition pricing in market period, pricing in the short-run, pricing in the long-run, price determination under pure monopoly, monopoly pricing and output decision in the short-run, monopoly pricing and output decision in the long-run.



Supply and demand characteristics of labour by types, organization of the personnel functions; manpower planning; employee motivation, leadership styles; employee training and development; performance appraisal, disciplinary procedure; employee welfare; labour law and policies.



Overview of agro-business; strategic planning in agro-business; forecasting demand in agro-business; inventory management and control in agro-business; warehousing management in agro-business; financing of agro-business; record management in agro-business; managing risks in agro-business; the role of Nigerian agricultural insurance; corporation in agro-business; promotion strategies for agro- products; grading and pricing of agro- product; corporation in agro-business; branding and packaging of agro-products; distinction of agro products; market opportunities for agro-products.



ECO 431        Advanced Micro Economics                                       Credit Unit: 2

Comparative Statics and dynamics.Utility functions and indifferences curves.Constrained utility maximization.Applications on consumer theory – rational work and leisure; etc. Cost and production functions, optimization in theory of the firm, Market structure: Monopoly, Duopoly, Oligopoly Monopsony etc. and bilateral monopoly. Linear programming analysis of the firm. Introductory general equilibrium theory of production – comparative costs, transformation and contract curves gains from exchange, social and private costs/benefits. Theory of distribution wages, rent profit and interest. Social Welfare function and Pareto Optimum



ECO 442                                Advanced Macro Economics                    Credit Unit: 2

Revision of Macroeconomic Modeling to Closed and Open Economy; Consumption theory- short run consumption, concept of APC and MPC, Consumption Hypothesis i.e short run consumption function and Long run Consumption function; Permanent income Hypothesis- Milton Friedman income hypothesis; Investment- Keynes view about investment of marginal efficiency of Capital (MEC), Tradeoff between MEC/MEI; The IS/LM Model with graph-relating to Monetary and Fiscal Policy; General equilibrium analysis; inflation and unemployment; growth model and Economic growth analysis.



ECO 453                                Applied Econometrics I                                Credit Unit: 2

This course introduces the student to the application of economic theories learnt in micro and macroeconomics. It focuses on the application of theories and quantitative techniques to the Nigerian economic problems such as; application of simple and multiple regression to solve economics policy and theory, Nonlinear Regression Models, Qualitative Response Regression Models, Panel Data Regression Models, Dynamic Econometric Models: Autoregressive and Distributed-Lag Models and their applications in the Economy.


ECO 454                                Applied Econometrics II                             Credit Unit: 2

This course continues the previous session’s work on regression analysis. It examine topics such as: simultaneous equation models, The identification Problems such as single equation methods of estimation, indirect least squares, instrumental variable method, two stage least square, full information, maximum likelihood as well as the three stages least squares among others, Times series Econometrics: for basic concepts and forecasting.


ECO 445                                International Trade and Finance 1                  Credit Unit: 2

This course builds on the previous course on international economics. Other topics include: Hecksher-Ohlin theorem, EdgeworthBowley Box, Samuelson’s factor price equalization theorem, factor reversal analysis, CES function, model of trade and growth, Rybezuski’s theorem and trade policy among others.




ECO 446                                International Trade and Finance II               Credit Unit: 2

The course provides a sort of intermediate treatment of the principles of international finance. It covers topics such as: the documents of international finance, international payments, foreign exchange markets, balance of payment and its adjustment mechanisms, transfer movement, capital movements, international reserves, the international monetary system, Euro-dollar and the Euro- currency markets.


ECO 427                                Comparative Economics                                 Credit Unit: 2

This course evaluates the working of different economic systems. Selected basic theoretical and conceptual issues comparison criteria, basic economic institution, centralization versus decentralization, and ideologies are examined. These basic economic models: capitalistic market versus non-capitalistic market, planned versus command economics are treated in-depth to embody the institutional arrangements in contrast to the USA, UK, Japan, Netherlands, Indian and Nigerian situations. Finally, the  economics of the USSR, China, Yugoslavia, Hungary and Cuba are treated following a brief discussion of Marxian Economics such that doctrinal issues in the development of the discipline particularly methodologies are treated in the context of contemporary economic system(Asian tigers and Brazil) and Nigeria.


ECO 448                                            Economic Planning II                  Credit Unit: 2

This builds on ECO 411. In this course, attention is given to techniques and models of economic planning and their problems. Topics to be covered include: input-output techniques, Social Accounting Matrix, General Equilibrium Models and Computable General Equilibrium Models among others.


ECO 449                                            Health Economics                     Credit Unit: 2

This course covers a variety of topics and issues in Health Economics. The objective of the course is to familiarize the students with a body of economic theory, techniques and empirical studies that is helpful in arriving at rational decisions with respect to resources allocation to and within the health sector. Given the link between health and economic development and the constraints on resources availability, a better understanding of the behavior of the health care system from the economic perspective could serve to improve the effectiveness of the public policy in the health sector.


ECO 452                                            Applied Statistics                           Credit Unit: 2

This course is a detailed treatment of some of the major topics earlier covered in the previous statistical courses. Topics to be treated include: Time series analysis, Analysis of variance (ANOVA) and analysis of co-variance (ANACOVA), further index numbers, the place of probability in statistical analysis, multiple regression, design of experiment and sample surveys and population theories among others.


ECO 441                                Economic Planning I                                  Credit Unit: 2

The course is aimed at exposing the students to the theories, principles, practice, processes and strategies of economic planning; experiences of economic planning from developed and developing countries (with special reference to Nigeria) will be compared.


ECO 440                                Taxation and Fiscal Policy                            Credit Unit: 2

This course builds on the foundation lain in Public Sector Economics. It is primarily concerned with the study of fiscal policies of government and the role the Central Bank in their formulation and implementation. How to use fiscal policy and taxation to achieve macro-economic objective of price stability, growth, full employment and balance of payment equilibrium are examined. Other topics include: types of taxes, benefits of taxes, efficiency of taxes, incidence of taxes, theories of tax shifting, public expenditure and the management of public debt and fiscal federalism.


ECO 443                                Energy Economics                            Credit Unit: 2

This is an introductory course meant to survey the major types of energy resource available including petroleum and synthetic fuel among others. Topics to be covered include: oil in international economic relations, the New World Economic Order, Neo-colonialism, the multi-national oil companies, the structure and characteristics of the oil sector. Others include the various types of energy resources as well as their respective place in the economic development of Nigeria,


ECO 444                                            Money and Banking                          Credit Unit: 2

Basic concepts of money and credit; interest rate; banks and other financial institutions; the role of bank and other capital market institution in the intermediation process, high powered money, monetary policy, Central bank and its functions; international monetary system.


ECO 447                                            Public Sector Economics                     Credit Unit: 2

Introduction to public sector Economics, basic principles of public finance, theory of public goods, collection, allocation of resources, survey of problems related to public debts and budgeting, externalities and market failure, Cost-benefit analysis


ECO 459                    Advanced Mathematical Economics                        Credit Unit: 2

Linear Algebra/Exponential function-Linear Algebra, Simultaneous Equation, Sequence and Series; Calculus I: Differentiation, Other Techniques of Differentiation: the Composite Function, Differentiation of Exponential Logarithmic and Trigonometric Functions; Calculus II: Integration, Integration of Exponential and Trigonometric, Integration by Substitution and by Parts; Differential Analysis: Differential Equation, Difference Equation, Optimization, Dynamics Analysis


POL 431: Third World Dependency and Development(3-Credit Units)   

Understanding the theory of Dependency as it relates to the Third World; Colonial rule in Asia, Africa and the Caribbean; The New States and their role in international order; The Third World and the Principle of Non-alignment; The New International Economic Order (NIEO), North-South and South-South Dialogues.


INR481: International Economic Relations (3 Credit Units E)

This course focuses on international political economy, but also includes a bit of work in comparative political economy, which is not otherwise taught at the graduate level. International political economy is the study of how and why international economic policies are formed, and how international factors influence domestic policy-making, while comparative political economy examines economic policy-making in a domestic context. Prior work in economics is helpful for navigating this course, but students will also learn a good bit of economic theory as they proceed. The course will deal with important contemporary topics such as foreign trade, capital flows, monetary policy and exchange rates, issues in globalization, and international organizations and institutions such as NAFTA, GATT, the IMF, and the EU.


    1. Course Development


The course will be developed to meet up the standard set by the NUC.  The programme brief and course description have been benchmarked against the NUC Minimum Academic Standard for the Economics Programme like other Universities.  Hence, there is no fear of disapproval or rejection by the NUC.



  1.         Language of Instruction


The language of instruction for all the courses in this programme is the English Language.


  1. Quality Assurance

Subject to the Senate’s recommendations, the process of developing and adapting all course materials are seriously monitored internally, so as to ensure the quality of courses being developed, right from the outset.  Besides, the 5-year period for the review of course materials is another opportunity to ensure the quality of the courses being reviewed.  Finally, NOUN policy and procedures for internal course validation follows.



  1. Library

The programme has access to the Faculty library, university physical and virtual




12. 0  STAFF





Institution Attended



Email Address

Area Of Specialization


AJUDUA, Emmanuel Ifeanyi  (Dr.)

PhD Economics (IMSU), M.Sc Economics, (UNIPORT),BSc. Economics (MADONNA).

Lecturer I

Head of Department

Monetary Economics, Quantitative economics, Macroeconomics


ONWE, Joseph Onyeamaechi

PhD (Economics, WINSCONSIN), M.Sc (Enviromental Art and Science,  WINSCONSIN ) B.Sc Business Management ( WINSCONSIN )


Staff Member

Managerial Economics


ADESINA-UTHMAN, Adejoke Ganiyat (Prof.)


PhD (Economics, U.P.M).M.Sc. (Finance, IIUM),ACMA, FMNES, FCE, H.N.D. Banking & Finance.


Staff Member

Financial Economic, Islamic Finance


BAKARE-AREMU, Tunde Abubakar (Dr.)

PhD Economics (Lagos), M. Sc. Economics (Lagos), B.Sc. Economics (Zaria), Higher Diploma in Mathematics (Zaria), Diploma in Mathematics (Zaria).

Lecturer I

Staff Member

Monetary Economics, Econometrics, Economics theories(Macro and Micro), Labour and Public Sector


OBAKA, Abel Inabo (Mr.)

Abel Inabo, M.Sc. Economics (UNIJOS), B.Sc. Economics (UNIJOS)

Lecturer I

Staff Member,

Monetary Economics, Econometrics and Taxation


OHIOZE, Wislon Friday (Mr.)

M.Sc. Economics (UNILAG), B.Sc. Economics (Ilorin),

Lecturer I

Staff Member

Health Economics and Public Sector Economics


OLUSANYA,  Samuel  Olumuyiwa  (Mr.)

.Sc. Economics (Ibadan), B.Sc. Economics (UNAD).

Lecturer I

Staff Member

Development Economics and Energy Economics.


ODISHIKA, Vivian Anietem (Mrs.)

M.Sc.Economics (LAGOS), B.Sc. Economics (DELSU)

Lecturer I

Staff Member

Development Economics, Feminist Economics




The University equally has facilitators spread across all the 71 Study Centres nation-wide, who handle economics courses. 



13.0                 REGISTRATION PROCEDURES


Candidates, who meet up the programme’s entry requirements as stated in item 2 above, will apply on-line.  When admitted, they will equally register their courses on-line as it is for other NOUN programmes.




The instructional method is through the course materials distributed to students at the Study Centres.  Facilitators are used to give students additional aid on any area of the course materials requiring further explanation. The facilitators will be closely monitored by the Head of department, the Study Centre Director and staff to ensure the quality of the services being render to the students.


15.0                 EVALUATION


Evaluation of all the courses would consist of Tutor Marked Assignments (TMAs) and end of Semester examinations. The TMA constitute 30% of the total score. The End of Semester examination is 70%.




As part of the evaluation mechanism, each course would be provided with 4 TMA’s out of which the best 3 would be used for the Continuous Assessments for a course. To qualify to sit for examination therefore, each student must turn in at least three TMA’s for each of the course.




Each course will also be examined at the end of the semester. Course facilitators would be encouraged to provide data bank questions to the examination data bank in the School. Lecturers of the School who are experts in the various course areas, would be given the task of selecting two sets of question papers to conform to a particular house style and format provided by the University. Thereafter, the questions would be internally moderated by the Deans in some cases and the Senior Lecturers at other times, before they are sent to an External Assessor for moderation. The external assessor will be chosen from tertiary institutions.




The marking guides for each course as moderated by the external assessor would be used in

the marking of the scripts by the Course Facilitators.



Similar to other students receiving tertiary education, students in Distance Education require various academic and administrative support services from the University. The existing academic support services are from Directorate of Learner Support Services (DLSS) that currently coordinates various Study Centres, student Counselors and Facilitators. The Faculty of Social Sciences on its own part take steps to enhance Study facilitation by following up on facilities available for its courses in all Study Centres and employ more Facilitators as the need arises.


17.0      TARGET GROUP


Being an Open University, the B. Sc. Economics programme is targeting both young and old candidates who are interested in acquiring academic and professional qualifications.  The target group thus includes teachers, bankers, economic and business analysts and a wide range of other professionals. It is hoped that the enrolment will continue to increase with time.







From the time the programme started in 2014, it has recorded not less than 9000 students. The annual students’ population is expected to increase at the rate of 30%.




In view of the fact that there are a lot of prospective candidates for B.Sc. Economics programme, there is a bright future for them to acquire knowledge and develop their innate ability that will assist them in critical thinking and analysis of economic issues. It is sincerely hoped that this programme will be of immense benefit to the majority of graduate students and knowledge-based workers in the private and public sectors.