If you earn a college major in economics, does it mean you end up making a fortune every year? If only it would be so easy… To be honest, the university major in economics is not the ticket to a career with a stellar salary in Nigeria. Even in the U.S., for example, the average recipient of a person in finance gets $60,000 per year, which is not much. However, a few years in the industry make a big difference.
In Nigeria, employment within the field is expected to increase by 15% between 2019 and 2026. The world is in need of specialists who understand international finance laws, regulations, and tax codes. The list of career opportunities that this major can prepare you for would include jobs such as management analyst, compliance officer, claims adjuster, investigator, appraiser, personal finance advisor, human resources & marketing & sales manager, and even real estate broker.
Is it only a wide variety of jobs that attracts students to get a degree in economics?
Why Does the Majority of Students Choose Economics Major?
It is hard to argue that a solid percentage of university graduates find themselves in high competition to find job positions they are qualified for. However, statistics indicate that students with economics majors easily find jobs upon graduating from university. The degree provides important problem-solving skills that are highly valued in the workplace. Research has shown that those who study economics not only earn higher salaries but also maintain higher earnings potential throughout their career. However, money is not the only reason for students to choose that major.
Economics helps you see the world from a different perspective. It teaches you how all in the world works. Plus, when you are watching the news, for example, you are going to understand terms such as quantitative easing, inflations, and adaptive expectations. Is not it a pleasant bonus? The world is always going to need economists. You can find them across countries and cultures. Economics is a popular topic of study because it offers a solid base to go into a lot of different career paths, including some really lucrative ones. At its core, it is the study of decision making, which means it can support careers at finance, management, entrepreneurship as well as other surprising career choices.
Economists analyze, monitor, and understand how the cogs of today’s world turn and impact us all on both a small and a large scale. For example, studying economics can help explain why diamonds cost so much more than water yet only water is necessary for our survival. Or have you ever wondered why some countries are so rich while others are so poor? Economics helps us evaluate policies that are designed to resolve this inequality.
So, if you are really interested in learning about business communications, investments, statistical techniques, electronic commerce, banking, and so on, you could either visit Mint or study economics – the academic study of wealth. Catch the list of the best universities to study economics in Nigeria 2020.
The Best Universities to Study Economics in Nigeria
Obafemi Awolowo University
Year of foundation: 1961
Address: 220005, Ife, Nigeria
Number of Students: 35,000
The Cost of Education: N100,000
The economics department of Obafemi Awolowo University is regarded as one of the most modern and forward-thinking ones in Africa. It is also about two times larger than the rest of the institutions on our list. So, this university is a great choice if you are looking for a big college with a strong economic program.
All of the students who want to study economics in that university should pass the JAMB UTME examination that consists of mathematics, geography, and the English language. Moreover, you as a candidate for admission should be a holder of Secondary School Certificate, General Certificate of Education or their equivalents with at least five credits.
Bayero University, Kano
Year of foundation: 1977
Address: BUK Along new site, Bayero university Kano Kano around, Janbulo Second Gate Rd, Nigeria
Number of Students: 19,000
The Cost of Education: N40,000
This university has economics courses at the faculty of Social and Management Sciences. It maintains an emphasis on the need for reflective thinking skills as well as the need to advocate democratic ideas and social justice.
Here, you will learn specific ways to improve an organization’s efficiency, evaluate the insurance claims, conduct business according to certain laws and regulations, and govern financial transactions, balance sheets, or the risk level of loans, etc. If all of that sounds like something you want to do, what are you waiting for?
University of Ibadan
- : 1948
- : Oduduwa Road, Ibadan, Nigeria
- : 35,000
- : N1,000.00 – N3,000.00
The economics department of the University of Ibadan is the
leading one on the African continent. Its program is designed for the standards
of a world-class education. There are a variety of courses you can choose from,
starting with Microeconomic Theory, Introductory Econometrics, and ending up
with Mathematics for Economists. And one more thing to know – you are probably
going to be getting taught by the professors who
wrote your textbooks.
The University of Nigeria, Nsukka (UNN)
Year of foundation: 1955
Address: Nsukka – Onitsha Rd, Nsukka,
Number of Students: 36,000
Main Faculties: engineering, law, basic medical sciences
The Cost of Education: N43,000 – N77,000
In recent years, this university has put a lot of effort into beefing up its economic department, and it has some of the most accomplished economics faculty in Nigeria as a result. The requirements for the admission are regular: five-level credit in English, Mathematics, Economics and two other relevant subjects at the General Certificate of Education.
The graduates of the University of Nigeria are among the most employable students in the country. And that is because its degrees equip students with a broad range of skills that are going to prepare them for success. Now, you know the reason why it is one of the best universities to study economics in Nigeria.
Michael Okpara University of Agriculture, Umudike
Year of foundation: 1992
Address: Umuahia – Ikot Ekpene Rd, Umudike, Nigeria
Number of Students: 12,000
Main Faculties: Animal Science, Agricultural Economics, Engineering Technology, Natural Science
The Cost of Education: N53,000 – N58,000
Yes, this university is specialized in agricultural segments. So, basically, all of the economics courses will be focused on natural sciences, since agriculture is one of the main areas of the economy in Nigeria. That institute can boast accomplished professors who are at the cutting edge of their field.
Moreover, Michael Okpara University of Agriculture offers a variety of economic programs, depending on what your long-term career goals are. You can choose Banking and Finance, Entrepreneurial Studies, Accounting, Human Resource Management, Social Science, etc. So, basically, in the class, you will discuss everything from the Cuban missile crisis to the idea of continuity and change. Select a program where you can engage with faculty that will take an active interest in your educational development and open yourself to new experiences
Another thing to mention – the Michael Okpara University of Agriculture offers masters and Ph.D. degrees in Economics.