Economics in Nigeria, Universities and Opportunities

Economics in Nigeria: Course Overview, Career Prospects & Best Universities Offering the Programme

Economics is one of the most influential and intellectually stimulating courses offered in Nigerian universities. As a discipline that explores how societies allocate scarce resources, Economics helps individuals, institutions, and governments make informed financial, social, and developmental decisions. In today’s world—shaped by globalization, technological innovation, and fluctuating markets—the importance of Economics cannot be overstated.

Nigeria, being one of Africa’s largest economies, needs trained economists in sectors such as banking, academia, oil and gas, consulting, fintech, public policy, and international development. Studying Economics offers students the analytical skills needed to understand national and international economic trends, forecast economic changes, and propose solutions to developmental challenges.

This article provides an in-depth explanation of the Economics course in Nigeria, admission requirements, career paths, and a comprehensive list of the best Nigerian universities where students can study Economics effectively.

What Is Economics?

Economics is the study of how individuals, businesses, governments, and nations make choices about allocating resources. The discipline is broadly divided into:

1. Microeconomics

Focuses on individual consumers, households, and firms.
Topics include:

• Demand and supply
• Market structures
• Consumer behavior
• Production theory
• Pricing and output decisions

2. Macroeconomics

Deals with the entire economy.
Key topics include:

• Inflation
• Unemployment
• Gross Domestic Product (GDP)
• Fiscal and monetary policies
• International trade
• Economic growth

3. Specialized Fields

As students progress, they may study more advanced branches such as:

• Econometrics
• Public Economics
• Development Economics
• Health Economics
• Environmental Economics
• Monetary Economics
• Labour Economics
• International Economics

Economics provides a strong foundation for both quantitative analysis and policy reasoning.

Why Study Economics?

1. High Employability Across Industries

Economics graduates are needed in:

• Banking
• Government ministries (Finance, Planning, Budget, etc.)
• Consulting firms
• International organizations
• Research institutions
• Private sector companies
• Oil and gas companies
• Telecoms
• NGOs

2. Strong Analytical and Problem-Solving Skills

Economists understand real-world issues such as inflation, recession, unemployment, poverty, and exchange rate instability.

3. Opportunities for Global Careers

The degree opens doors to international opportunities in development agencies like:

• World Bank
• International Monetary Fund (IMF) – https://www.imf.org
• African Development Bank (AfDB) – https://www.afdb.org
• United Nations Development Programme (UNDP) – https://www.undp.org

4. Foundation for Professional and Academic Advancement

Graduates can pursue:

• Master’s and PhD in Economics
• Professional courses (Data analysis, Econometrics, CFA exams, etc.)
• Careers in academia, consulting, or research

5. Relevance in National Development

Economists help governments design policies for:

• Employment
• Budgeting
• Trade
• Industrial development
• Poverty reduction

Admission Requirements for Studying Economics in Nigeria

1. O’Level Requirements (WAEC/NECO/NABTEB)

Candidates need at least five (5) credits, including:

• Mathematics
• English Language
• Economics
• And two other relevant subjects (Government, Commerce, Accounting, Geography, etc.)

2. UTME (JAMB) Subject Combination

The recommended subjects are:

• English Language
• Economics
• Mathematics
• One other social science subject (Government/Geography/Commerce)

3. UTME Score

Most universities require a JAMB score between 180–250, depending on competitiveness.

4. Post-UTME / Screening

Most schools conduct screening or aptitude tests to determine admission.

For updated subject combinations and admission requirements, you can check:
JAMB Website → https://www.jamb.gov.ng

Core Courses Studied in Economics

Students studying Economics in Nigerian universities take courses such as:

Year 1 & 2 Courses

• Principles of Microeconomics
• Principles of Macroeconomics
• Introduction to Accounting
• Mathematics for Economists
• Statistics for Economists
• Nigerian Economic Society

Year 3 & 4 Courses

• Advanced Microeconomics
• Advanced Macroeconomics
• Econometrics
• Monetary Economics
• International Trade
• Development Economics
• Public Finance
• Labour Economics
• Environmental Economics
• Research Methods
• Final Year Project

These courses prepare students with strong analytical and decision-making skills.

Best Universities to Study Economics in Nigeria

Nigeria has many universities that offer Economics, but the following institutions are particularly known for academic excellence, research capability, professional exposure, and strong department structures.

1. University of Lagos (UNILAG)

Website: https://unilag.edu.ng

UNILAG’s Department of Economics is among the most respected in Nigeria, known for strong theoretical and applied economics research.

Why UNILAG is excellent for Economics:

• Access to Lagos’s financial markets and industries
• Experienced lecturers
• Strong econometrics and statistical training
• Good internship and employment opportunities

UNILAG graduates often go into banking, consulting, and policy-making roles.

2. University of Ibadan (UI)

Website: https://ui.edu.ng

UI has one of the oldest and most prestigious Economics departments in West Africa. The university emphasizes research-based learning and advanced economic analysis.

Strengths:

• Highly experienced lecturers
• Strong postgraduate programme
• Excellent research facilities
• High graduate employability

UI is the top choice for students who want academic depth and research experience.

3. University of Nigeria, Nsukka (UNN)

Website: https://unn.edu.ng

UNN’s Economics programme is widely known for producing outstanding economists and public sector leaders.

Why choose UNN:

• Rigorous curriculum
• Strong analytical training
• Excellent alumni network
• Competitive academic environment

UNN graduates occupy major positions in government, academia, and financial sectors.

4. Obafemi Awolowo University (OAU)

Website: https://oauife.edu.ng

OAU’s Economics department is recognized for its research output and strong teaching structure.

Highlights:

• Highly rated lecturers
• Balanced theory and practical learning
• Strong focus on development economics
• Large and competitive student community

5. Ahmadu Bello University (ABU Zaria)

Website: https://abu.edu.ng

ABU offers one of the most affordable yet academically rigorous Economics programmes in Nigeria.

Benefits:

• Large Faculty of Social Sciences
• Diverse fields of specialization
• Strong northern academic reputation
• Good postgraduate opportunities

6. Covenant University, Ota

Website: https://covenantuniversity.edu.ng

Covenant University ranks consistently high in major Nigerian and African university rankings, including Webometrics and Times Higher Education.

Why Covenant is a top choice:

• Strong academic environment
• Excellent facilities
• Modern teaching methods
• High graduate employability

7. Lagos State University (LASU)

Website: https://lasu.edu.ng

LASU has a competitive Economics department located near Lagos’s major commercial centers.

Strengths:

• Affordable tuition
• Strong research faculty
• Good exposure to Lagos job market
• High student demand

8. University of Benin (UNIBEN)

Website: https://uniben.edu.ng

UNIBEN’s Economics programme is balanced, research-oriented, and respected across the country.

Advantages:

• Good academic culture
• Strong alumni network
• Solid curriculum
• Good research exposure

9. Babcock University, Ogun State

Website: https://www.babcock.edu.ng

Babcock offers a modern learning environment with strong emphasis on excellence and professionalism.

Strengths:

• Well-equipped classrooms
• Experienced lecturers
• Leadership training
• Strong moral and ethical guidance

10. Bowen University, Iwo

Website: https://bowen.edu.ng

Bowen offers a well-structured Economics curriculum that aligns with international standards.

Pros:

• Serene campus
• Good research systems
• Qualified lecturers

Other Notable Universities Offering Strong Economics Programmes

• Federal University of Technology, Akure (FUTA) – https://futa.edu.ng
• University of Jos (UNIJOS) – https://www.unijos.edu.ng
• Delta State University (DELSU) – https://delsu.edu.ng
• Adekunle Ajasin University (AAUA) – https://aaua.edu.ng
• American University of Nigeria (AUN) – https://aun.edu.ng
• Kwara State University (KWASU) – https://kwasu.edu.ng

These institutions also have fully accredited Economics programmes.

Factors to Consider Before Choosing a University for Economics

Choosing the right university is essential for academic success. Consider the following:

1. Accreditation (NUC)

Always confirm whether the Economics programme is accredited.
NUC Website: https://www.nuc.edu.ng

2. Learning Environment

Check library resources, laboratories, and research centers.

3. Availability of experts

Experienced lecturers enhance analytical and research skills.

4. Cost

Private universities are more expensive than federal and state universities.

5. Location

Studying in urban areas like Lagos and Abuja offers better exposure.

6. Employability

Some universities have stronger connections to industries and employers.

Career Opportunities for Economics Graduates

Economics graduates can work in various fields, such as:

Finance & Banking

• Investment analyst
• Financial analyst
• Loan officer
• Risk analyst

Public Sector

• Policy analyst
• Budget officer
• Statistician
• Economic planner

International Development

• Research assistant
• Project monitoring and evaluation
• Economic consultant

Private Sector

• Data analyst
• Business development
• Market researcher
• Supply chain analyst

Academics and Research

With a master’s or PhD, graduates can lecture or become professional researchers.

Economics is one of the most intellectually rewarding and professionally versatile courses in Nigeria. It provides students with analytical skills, problem-solving ability, and deep understanding of the global economy. The best universities to study Economics include:

• University of Lagos (UNILAG)
• University of Ibadan (UI)
• University of Nigeria, Nsukka (UNN)
• Obafemi Awolowo University (OAU)
• Ahmadu Bello University (ABU)
• Covenant University
• LASU
• UNIBEN
• Babcock University
• Bowen University

These institutions offer strong academic curricula, excellent research exposure, and high employability prospects.