Economics

The Economics department offers courses leading to the award of a B.Sc Degree in Economics. The basic thrust of the programme is to equip the students with the required capacity for economic analysis and policy making through rigorous instructions in theories, quantitative analysis, research and public policy applications. This prospectus will explain the structure of the B.Sc. (Hons.) programme including the admission requirements.

Economics as a discipline was born in the eighteenth century when Adam smith (1776) separated economics from political economy. Thus, he is regarded as the father of Economics and he laid the foundation of Economics as a discipline. The philosophy underlying the course of economics as a social science is to produce a flow of graduates imbued with an enthusiasm to make their contributions to Nigeria, Africa and world community by equipping themselves with a broad foundation of knowledge in the field of economics. The subject matter of economics is the study of mankind in everyday business of life. Economics has centered its attention on the activities of man as a consumer, producer, distributor of goods and services and to an extent as a voter.

Objective

The main objective of economics department is to produce graduates who are able to assist in the solution of societal problems. The specific objectives are to:

i. Develop and improve students understanding of economics at various stages of development.

ii. Develop the student’s critical judgment, their ability to observe, understand, analyse and synthesize data on socio-economic problems using economic methods and technologies.

iii. Produce appropriate environment that enables the students to raise their level of creativity and promote the spirit of self reliance.

iv. Create an atmosphere for desirable behavioral changes which would help to develop values that are in consonance with the national objectives such as hard work, probity, commitment, patriotism and discipline.

v. Isolate relationships among observable data which will provide an explanation of various events and facilitate predictions of the reactions which are likely to occur in response to changes in particular data. These principles guide empirical research in explaining actual behavior in the economy and in providing basis for economic policy.

vi. Provide, through intensive teaching and in depth research, the needed high level manpower for our institutions of higher learning.

Admission Requirements

To earn a degree in economics, all compulsory courses must be taken, and passed. All courses taught during each semester shall be examined at the end of that semester. Candidates will be credited with the number of courses units assigned to the course, which they have passed. The total number of units taken with the number of courses shall also be recorded for the purpose of computing the cumulative grade point average (CGPA).

The continuous assessment has 30 percent of the marks for any course taught. Classes of degree are to be awarded depending on the CGPA obtained. Even when a student repeats the same course once or more before passing it, grades scored at each, and all attempts shall be included in the computation on the CGPA. Grades obtained in all the registered courses whether compulsory or optional, whether passed or failed must be included in the computation. The minimum number of credit units required for the award of a degree is 130 units. This must be satisfied by a student befa

A candidate seeking admission into the B.Sc. programme in Economics has to satisfy both university minimum entry requirements, and departmental requirements. The basic entry requirements into Economics Department are clearly spelt out by the NUC, and further elaborated in the Madonna University General Academic Rules and Regulation (MUGARR). Admission is usually through Unified Tertiary Matriculation Examination (UTME), direct entry, inter university transfer, or inter departmental transfer.

For admission through UTME, candidates must possess at least five O’ Level credits in SSCE, GCE, NECO or their equivalent. These credits must include English Language, mathematics, Economics, and any other two subjects in not more than two sittings.

In addition, the candidate must have acceptable scores in the Unified Matriculation Examination (UTME). Candidates for direct entry admission must in addition to satisfying the above basic requirements, possess at least two “A” level passes or any of the following qualifications OND, HND from recognized polytechnics or a B.Sc. degree from recognized University.

Requirement for award of a degree.

To earn a degree in economics, all compulsory courses must be taken, and passed. All courses taught during each semester shall be examined at the end of that semester. Candidates will be credited with the number of courses units assigned to the course, which they have passed. The total number of units taken with the number of courses shall also be recorded for the purpose of computing the cumulative grade point average (CGPA).

The continuous assessment has 30 percent of the marks for any course taught. Classes of degree are to be awarded depending on the CGPA obtained. Even when a student repeats the same course once or more before passing it, grades scored at each, and all attempts shall be included in the computation on the CGPA. Grades obtained in all the registered courses whether compulsory or optional, whether passed or failed must be included in the computation. The minimum number of credit units required for the award of a degree is 130 units. This must be satisfied by a student before a degree is awarded.

• Course load 

A student shall be required to register for an approved combination of courses with a minimum of 15 units, and a maximum of 24 units per semester. No student may register for a number of units higher than the approved maximum units unless with the approval of the university senate.

• Award of degrees

A student shall qualify for the award of B.Sc. degree in Economics, when he has

i. Completed and passed prescribed number of units including all compulsory courses specified by the university, and department.

ii. completed, and met the standards for all required, and optional courses,

iii. Obtained a minimum cumulative GPA (Grade Point Average) of 1.00, and

iv. Met other requirements that may be specified by the faculty, and the university.

• Classes of degree

The classes of degree to be awarded will depend on the cumulative Grade Point Average (CGPA) obtained. The following classes of degree are approved:

Approved scoring and grading system

The table below shows the university senate approved scoring, and grading system.

 

Credit Unit: This varies according to contact hours assigned to each course per week, per semester, and according to work load carried by student.

GPA (Grade Point Average) is calculated by multiplying the credit units, and divided by total credit units. When a similar process is repeated at the end of the second semester, an average is computed with what was obtained in the first semester to obtain the Cumulative Grade Point Average (CGAP) that determines the classification of pass.

Coding

The coding are in three digits.

1st digit ……………………………………..Year of study

2nd digit ……………………………………. Stress areas

3rd digit ……………………………………. Semester courses

Odd number ……………………………. First semester

Even number ………………………….. Second semester

For example:

ECC 101 Principle of Economics I

This implies one hundred level course, economic theory, and first semester course.

ECC 102 Principles of Economics II

This implies one hundred level course, economic theory, and second semester course.

Job Opportunities

Economics programme involves theory, quantitative methods and policy analysis and is designed to equip the students for a variety of positions. Graduates of economics are found in various fields of human endeavour, both in the public and private sectors of the economy. A growing number of economists serve as advisers, Administrative personnel officers, Public Relation Officers, Career diplomats, Bankers, Intelligence Officers, Social Workers. Investment Executives, Lecturers, research specialists in all levels of government, in university and private research organizations. Above all, our graduates are equipped to pursue graduate porgrammes in economics and business administration to become certified accountants and Economists.

Stress Areas

Economic Theory 0

Resource Economics 1

Labour Economics/Industrial Relations 2

Monetary and Financial Economics 3

Development Economics/Planning 4

International Economics 5

Economic History 6

Applied Economics 7

Quantitative Economics 8

Research Project