M.Sc Agricultural Economics

Core Courses

The following core courses normally available are:

Course No.

Title of Courses

Credit Units

L+P     T


Statistical Methods

3+0 =   3


Micro-Economics Analysis

3+0 =   3


Macro-Economics Analysis

3+0 =   3


Statistics and Research Methods

2+1 =   3


Quantitative Techniques

3+0 =   3


Production Economics

2+1 =   3

In addition the following two courses are compulsory for PhD candidates in Agricultural Economics.

AEE-701 Mathematical Economics 2+1 =   3
AEE-704 Research Methodology 2+1 =   3

Supporting Courses (Elective)

The supporting courses listed below are available. Additional supporting courses will be added as the need arises.

Course No. Title of Courses Credit Units
L+P     T
AEE-606 Advanced Farm Management 2+1 =   3
AEE-607 Agricultural Finance 3+0 =   3
AEE-608 Agricultural Policy and Development


3+0 =   3
AEE-609 Agricultural Project Analysis and


2+1 =   3
AEE-610 Agricultural Administration and Rural


3+0 =   3
AEE-611 Advanced Agricultural Marketing 2+1 =   3
AEE-612 Agricultural Price Analysis 2+1 =   3
AEE-613 Agri-business Management 3+0 =   3
AEE-614 Econometrics 2+1 =   3
AEE-615 Operations Research 2+1 =   3
AEE-616 Resource Economics 3+0 =   3
AEE-617 Land Economics 3+0 =   3
AEE-618 Advanced Production Economics 2+1 =   3
AEE-619 Appraisal of Farm Estates 2+1 =   3
AEE-702 Analysis of Farm Firms 2+1 =   3
AEE-703 Independent Study 1+2 =   3
AEE-705 Advanced Econometrics 2+1 =   3



AEE-600 Research (M.Sc. Thesis) To be arranged
AEE-700 Research (Ph.D. Thesis) To be arranged



AGR-600 Statistical Method (3 Credit Units)

Review of scientific methods and statistical concepts. Hypothesis testing analysis of variance (Model I, II and mixed model). Regression and correlation analysis. Analysis of covariance.



AEE-601 Micro-Economic Analysis (3 Credit Units)

Methodology and the role of models in economics theory – Theory of consumer behaviour – Demand functions – Theory of production – Types of production functions – Technical progress – Theory and measurement – Theory of the firm – Recent models of oligopoly and the behaviour of multinational corporations – Welfare economics including an extended discussion of externalities – Capital theory – Elements of activity analysis.


AEE-602 Macro-Economic Analysis (3 Credit Units)

From Micro to Macro-economics – The classical macro-model – The Keynesian macro – Model with fixed and variable price levels – Comparison between the classical and the Keynesian macro-model – Monetary and fiscal policy – Consumption function – Investments theories – Demand for and supply of money – Evidence on the demand for and supply of money in Nigeria – Inflation and unemployment – Inflation in Nigeria – Trade cycle – Economic growth.


AEE-603 Statistics and Research Methods (3 Semester Credit Units)

The statistic component of the course will cover: Hypothesis testing – Statistical design – Statistical decision – Linear multiple regression – Nonparametric statistics – Index number and time series.

The research methods component of the course will cover: Relations and variance – Measurement (including scaling techniques and index construction, reliability and validity). The construction of interview schedules and questionnaire design – Other methods of data collection (observation, documents and official statistics); and special problems of agricultural data collection and analysis in Nigeria.


AEE-604 Quantitative Techniques (3 Semester Credit Units)

Examination of research process in agricultural economics with particular reference to problems of measurement and estimation. Practical applications of the techniques of model building, statistical inference, regression and correlation, econometrics, budgeting and resource use models, programming models input – output analysis and systems analysis to economic problems, use of the computer.

Principles of agricultural production, agricultural marketing, agricultural policy and development strategies; Agricultural project management, agricultural manpower development – Agricultural finance, Modernization of agricultural institution.




AEE-605 Production Economics (3 Semester Credit Units)

Production principles applied to the use of land, labour and capital in agriculture, static and dynamic aspects of agricultural production, particular reference to product and resource combination, cost structure, uncertainty and expectations. Efficiency criteria in agricultural production and the causes and means for eliminating production inefficiency (with particular reference to Nigeria agriculture). Term paper and laboratory work required.


AEE-606 Advanced Farm Management (3 Semester Credit Units)

Economic principles and technique of crop and livestock management. Determination of farm resources, and farm decision making with due regard to risk and uncertainty. Farm management of small and large scale farm enterprises. Linear and dynamic programming, budgetary control and labour planning. Farmers’ attitude to agricultural investments, Application of farm management techniques to real-life agriculture problems.


AEE-607 Agricultural Finance (3 Semester Credit Units)

A detailed study of the financial requirement of individual farmers and the principles applicable to borrowing farms and cooperative organizations. Problems of financing rural development. Determinants of saving and investments in agriculture, the role of credit institutions in rural development and the financial implications of different types of farm business forms.


AEE-608 Agricultural Policy and Development Planning (3 Semester Credit Units)

Theory, origins and implications of various development models for agricultural policy – Dimensions of agricultural policy – Employment in the agricultural sector and inter and intra-sectoral income disparities – Technological change and agricultural development – International dimensions of agricultural development and policy – Objectives and scope of agricultural planning – Dimensions of agricultural planning – The time horizon – Linkages, inter-sectoral aspects of agricultural planning, balanced vs unbalanced plans – Data requirements and infrastructure for agricultural planning – A critical analysis of Nigerian National Development Plans in relation to agriculture.


AEE-609        Agricultural Project Analysis and Management (3 Semester Credit Units)

The project office as a management and decision–making unit – States in project management – Dimensions of project management, Planning, implementation and monitoring and evaluation – Elements in project planning and implementation – The role of project appraisal and evaluation – Criteria for and problems in project evaluation – Shadow pricing and externalities – Sensitivity analysis – Project appraisal and planning in practice with special reference to Nigeria – Alternative approaches to project appraisal – Organizational aspect of project management – Problems of project management in bimodal agricultural communities – The area approach to agricultural project management – Nigeria case studies. Field case study is required.


AEE-610        Agricultural Administration and Rural Institutions (3 Semester Credit Units)

The main characteristics of traditional rural institutions and their effectiveness for agricultural development – The modern study of organizations – Methods of organizational analysis – Organizational dynamics and the development of organizations – Management and administration of decentralized organizations – Principles of management for working with field staff – Principles of management for local participants.




AEE-611        Advanced Agricultural Marketing (3 Semester Credit Units)

The possible imperfections in food distribution in developing countries – The analysis of organizations, costs and performance of markets serving various agricultural consumers – Types of marketing institutions and their suitability for developing countries – Government policies towards agricultural markets and the role of marketing in economic development – International aspects of agricultural marketing – The areas of market research and the problems of market management in private firms.


AEE-612 Agricultural Price Analysis (3 Semester Credit Units)

The analysis of demand, supply and the equilibrium price – The measurement and uses of the various types of elasticities – The measurement of pricing efficiency of food commodity systems – The construction and use of index number – Types and bases of government price policies – Methodology in price analysis – Selected empirical application.


AEE-613 Agri-business Management (3 Semester Credit Units)

Establishment of objectives, policies, operating methods and the general organization of agri-business firm – personnel management. Design and control of production systems – Selection of equipment and processes – Product design – Location – Inventory and production control – Labour control – Quality control – Maintenance and system reliability.

Use of accounting record for management control – The balance sheet – The income statement – Financial ratio – Tests of profitability and efficiency – Break-even analysis – Budgetary control and capital budgeting.

Marketing strategy and marketing plan – The market target and the market and branding – Pricing policy – Place strategies and promotional strategies.


AEE-614 Econometrics (3 Semester Credit Units)

Specification, estimation and interpretation of economic models and application to empirical problems. Review and extension of single-equation regression models, properties of least-square estimators under alternative specifications. Errors in variables, autoregressive and heteroscedastic models.


AEE-615 Operations Research (3 Semester Credit Units)

Emphasis is placed on analytical tools and their application. Topics to be covered include application of linear programming, transportation models, inventory theory, computer mapping, simulation models and topics in non-linear programming.


AEE-616 Resource Economics (3 Semester Credit Units)

Impact of resource development on firm location and regional economic development. Interaction between technological change and resource utilization. Application of economic principles in analyzing natural resource problems and policies.


AEE-617 Land Economics (3 Semester Credit Units)

Principles problems and policies related to the control, development and utilization of land. Discussion of factors affecting economic use of land and space resources, input – output relationship, development, investments and enterprise location. Land markets, property rights and planning, zoning and land use controls.




AEE-618 Advanced Production Economics (3 Semester Credit Units)

Advanced topics in agricultural production including aggregation problems, spatial equilibrium, dynamics of the firm and industry.


AEE-619        Appraisal of Farm Estate (3 Semester Credit Units)

Valuation of farm estate traced from theory of value. Practices and factors used in farm appraisal. Appraisal procedure to be analyzed for special purpose such as farm loans, tax assessment and fore-closure.


AEE-701        Mathematical Economics (3 Semester Credit Units)

The purpose of the course is to review mathematical concepts and relate mathematical techniques to the various types of economic analysis in such a way that the relevance of the two disciplines can be clearly brought out. Topics include calculus of variation, integration, linear algebra, classical optimization, games theory and the application of these techniques in economic analysis, (Compulsory for PhD candidates).


AEE-702 Analysis of Farm Firms (3 Semester Credit Units)

Advanced topics in farm management including philosophical approaches to farm management research, application of risk and uncertainty theories to farming decisions and measurements of managerial capacity. Reading and seminars in farming systems investigation techniques, managerial processes, management problems of small and large scale agriculture, relationship between management and production processes.

AEE-703 Independent Study (3 Semester Credit Units)

Research problems other than thesis. Individual or group study of special research problems, literature review and arranged seminar under the supervision and evaluation of a departmental faculty staff.


AEE-704 Research Methodology (3 Semester Credit Units)

Selection planning and conduct of research. Role of theory, beliefs and valuation. Critical appraisal of research methods (Compulsory for Ph.D candidates).


AEE-705 Advanced Econometrics (3 Semester Credit Units)

Specification, interpretation and estimation of simultaneous equation models. Non-linear models and Bayesian approach to estimating problems. Recent developments in econometrics.