UNIVERSITY OF NIGERIA, NSUKKA

FACULTY OF AGRICULTURE

DEPARTMENT OF AGRICULTURAL ECONOMICS

M.Sc. AND Ph.D DEGREE PROGRAMMES

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UNIVERSITY OF NIGERIA, NSUKKA

FACULTY OF AGRICULTURE

DEPARTMENT OF AGRICULTURAL ECONOMICS

Postgraduate Degree Programme (M.Sc. & PhD)

Philosophy:
Agricultural Economics is a vital field of learning that continues to gain increasing recognition
in both the public and private sectors of the Nigerian society. As a discipline, it essentially
concerns the application of economic principles to the solution of agricultural production,
marketing and consumption problems. It deals with the management and allocation of scarce
productive resources to different agricultural enterprises and uses. Agricultural economics,
therefore, uses social science methodology to analyse agricultural problems. The philosophy of
the Master of Science Degree Programme in Agricultural Economics is to develop high level
manpower to pursue careers in academics and research.

Objectives:
The primary objective of the programme is to equip students with theoretical and practical tools
required to apply themselves usefully to the nation’s agricultural sector and the general
economy. Consequently, the students are exposed to research methodology, applied theory,
applied quantitative techniques, traditional agricultural economics areas like farm management,
production economics, agricultural finance, marketing, rural development and cooperatives.

Scope:
Courses are offered to students pursuing their Master of Science (M.Sc.) and Doctor of
Philosophy (PhD) degree. The students are exposed to both the theoretical concepts and
field/research studies in general agriculture. Students should be able to apply their knowledge of
theories to agricultural production decisions.

Entry Requirements:
The following are eligible for admission:

For M.Sc.:
1. Graduates of Agriculture (B. Agric.) or related areas with a minimum of second class
lower degree.
2. Graduates of Agriculture (B. Agric.) or related areas with third class honours degree,
who obtained a minimum of credit in the Postgraduate Diploma programme in
Agricultural Economics of this University or other recognized university.
3. Holders of Higher National Diploma (HND) in Agriculture who obtained a minimum of
credit in the Postgraduate Diploma Programme in Agricultural Economics of this
University or other recognized University.
4. Graduates of other disciplines who obtain a minimum of credit in the Postgraduate
Diploma Programme in Agricultural Economics of this University or other recognized
University.
5. Candidates are also expected to satisfy the university matriculation requirements.

For PhD:
(1) Master of Science (M.Sc.) holders in Agricultural Economics who score a GPA of 3.50
(A = 5.00) and above.
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MODE OF STUDY:

M.Sc.

Course work and dissertation, where research and course work shall be equally emphasised.

DURATION
MSc: (Full-time) - Four (4) semesters (minimum)
Six (6) semesters (maximum)

(Part-time) - 4 Semesters (minimum)

Six (6) semesters (maximum)

REQUIREMENTS FOR GRADUATION

The programme consists of course work and seminars or special topics. To be awarded the
Master of Science Degree in Agricultural Economics, a candidate must have fulfilled the
following conditions:
(a) Passed a minimum of 52 credit units as follows:
Course Units
Core courses 30
Electives 12
Thesis/Dissertation 10
Seminar 2
Total 54

JOB OPPORTUNITIES
Employment prospects of agricultural economics graduates are vast and bright; covering almost
the entire sectors of the country’s economy. Our graduates have been and are still being
employed as Research Officers, Farm Managers, Planing Officers, Monitoring and Evaluation
Officers in both the private and public sectors of the economy. Some have gone into full-fledge
agricultural consultancy with encouraging results. In the Finance sub-sector, agricultural
economics graduates are employed as Credit Officers, Agricultural Finance experts and Project
Analyses in Commercial, Merchant and Development Banks. Many agribusiness enterprises are
also seeking the expertise of agricultural economics graduates in the areas of Sales promotion,
Product marketing, Farm Accounting and Project Formulation, Appraisal and Execution. Many
Agricultural Economics graduates have branched out as Accountants and Financial Analysts
and Managers. Thus, the opportunities for employment are very bright and will become even
brighter as Nigeria develops economically. Also, many post graduates are self employed.
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Stress Areas
Applied Economic Theory 0
Quantitative Techniques 1
Farm Management & Production Economics 2
Agricultural Marketing & Agribusiness 3
Agricultural Cooperatives 4
Agricultural Finance & Project Analysis 5
Resource and Environmental Economics 6
Research in Agricultural Economics 7
Seminar 8
Dissertation/Thesis 9

AREAS OF SPECIALIZATION
1. Farm Management and Production Economics
2. Agricultural Marketing and Agribusiness
3. Agricultural Finance and Project Analysis
4. Agricultural Cooperatives
5. Resource and Environmental Economics

LIST OF APPROVED POST GRADUATE SUPERVISORS

Prof C J Arene
Prof N J Nweze
Prof N Okoye
Prof E C Eboh
Prof A I Achike
Dr A A Enete
Dr B C Okpukpara
Dr N A Chukwuone
Dr N A Onyekuru
Dr A B C Ezibe
Dr P I Opata

DISTRIBUTION OF COURSES BY SEMESTER

A) Farm Management and Production Economics Option

First Semester Courses

Course No. Title Units

First Semester
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AEC 601 Advanced Agricultural Economics Theory (Micro.) 3
PGC 601 Introduction to Quantitative Research Techniques 3
AEC 613 Econometrics 3
AEC 621 Advanced Production Economics 3
AEC 615 Computer Applications in Agriculture 3
AEC 622 Methodology of Farming System Research 3
AEC 681 Seminar 2
Electives
AEC 651 Advanced Agricultural Finance 3
AEC 631 Advanced Agricultural Marketing 3 6
AEC 653 Advanced Farm Accounting 3

Sub-Total 26
Second Semester
AEC 602 Agricultural Development, Planning and Policy 3
AEC 604 Advanced Agricultural Economics Theory (Macro). 3
AEC 624 Advanced Farm Management 3
AEC 654 Agricultural Project Analysis 3
AEC 690 Dissertation 10
Electives
AEC 662 Environmental Economics 3
AEC 642
Cooperative Business Management 3 6
AEC 634
International Agricultural Trade and Policy 3
Sub-Total 28
Grand Total 54

B) Agricultural Marketing and Agribusiness

Courses No. Title Units

First Semester
AEC 601 Advanced Agricultural Economics Theory (Micro.) 3
PGC 601 Introduction to Quantitative Research Techniques 3
AEC 613 Econometrics 3
AEC 615 Computer Applications in Agriculture for Social Sciences
3
AEC 631 Advanced Agricultural Marketing 3
AEC 651 Advanced Agricultural Finance 3
AEC 681 Seminar 2
Electives
Advanced Agricultural Cooperatives 3
AEC 641
AEC 621 Advanced Production Economics 3 6
AEC 663 Natural Resources 3

Sub-Total 26
Second Semester
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AEC 602 Agricultural Development, Planning and Policy 3
PGC 601 Advanced Agricultural Economics Theory (Macro). 3
AEC 632 Marketing Management for Agribusiness Firms 3
AEC 633 International Agricultural Trade and Policy 3
AEC 690 Dissertation 10

Electives
AEC 642 Cooperative Business Management 3
AEC 624 Advanced Farm Management 3 6
AEC 662 Environmental Economics 3

Sub-Total 28
Grand Total 54

C) Agricultural Finance and Project Analysis

Courses No. Title Units

First Semester
AEC 601 Advanced Agricultural Economics Theory (Micro.) 3
PGC 601 Introduction to Quantitative Research Techniques 3
AEC 613 Econometrics 3
AEC 615 Computer Applications in Agriculture for Social Sciences
3
AEC 651 Advanced Agricultural Finance 3
AEC 653 Agro-industrial Project Analysis 3
AEC 681 Seminar 2
Electives 3
AEC 621 Advanced Production Economics
AEC 641 Advanced Agricultural Cooperatives
3 6
AEC 631 Advanced Agricultural Marketing 3

Sub-Total 26
Second Semester
AEC 602 Agricultural Development, Planning and Policy 3

AEC 604 Advanced Agricultural Economics Theory (Macro). 3

AEC 652 Advanced Farm Accounting 3
AEC 654 Agricultural Project Analysis 3
AEC 690 Dissertation 10
Electives 3
AEC 642 Cooperative Business Management
AEC 624 Advanced Farm Management 3 6
AEC 634 International Agricultural Trade and Policy 3
Sub-total 25
Grand Total 54

D) Agricultural Cooperatives

Course No. Title Units

First Semester
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AEC 601 Advanced Agricultural Economics Theory (Micro.) 3
PGC 601 Introduction to Quantitative Research Techniques 3
AEC 613 Econometrics 3
AEC 615 Computer Applications in Agriculture for Social Sciences
3
AEC 641 Advanced Agricultural Cooperatives 3
AEC 651 Advanced Agricultural Finance 3
AEC 681 Seminar 2
Electives
AEC 663 Natural Resources
3
AEC 631 Advanced Agricultural Marketing 3 6
AEC 621 Advanced Production Economics 3
Sub-Total 26
Second Semester
AEC 602 Agricultural Development, Planning and Policy 3
AEC 604 Advanced Agricultural Economics Theory (Macro). 3
AEC 642 Cooperative Business Management 3
AEC 652 Advanced Farm Accounting 3
AEC 690 Dissertation

Electives
AEC 662 Environmental Economics 3
AEC 634 International Agricultural Trade and Policy 3 6
AEC 624 Advanced Farm Management 3
Sub- Total 28
Grand Total 54

E) Resource and Environmental Economics

Courses No. Title Units

First Semester
AEC 601 Advanced Agricultural Economics Theory (Micro.) 3
PGC 601 Introduction to Quantitative Research Techniques 3
AEC 613 Econometrics 3
AEC 615 Computer Applications in Agriculture for Social Sciences
3
AEC 661 Land Resource Economics 3
AEC 663 Natural Resources 3
AEC 681 Seminar 2
Electives
AEC 631 Advanced Agricultural Marketing 3
AEC 621 Advanced Production Economics 3 6
AEC 651 Advanced Agricultural Finance 3

Sub-Total 26
Second Semester
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AEC 602 Agricultural Development, Planning and Policy 3
AEC 604 Advanced Agricultural Economics Theory (Macro). 3
AEC 653 Agro-industrial Project Analysis 3
AEC 662 Environmental Economics 3
AEC 690 Dissertation 10

Electives
AEC 624 Advanced Farm Management 3
AEC 642 Cooperative Business Management 3 6
AEC 634 International Agricultural Trade and Policy 3

Sub-Total 28
Grand Total 54
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COURSES FOR PhD CANDIDATES (OTHER POSTGRADUATE STUDENTS BY
PERMISSION OF DEPARTMENTAL POSTGRADUATE COMMITTEE)
Common Courses
First Semester
AEC 701 Advanced Microeconomic Theory 3
AEC 705 Agricultural Policy Analysis 3
AEC 703 Advanced Macroeconomic Theory 3
AEC 771 Research Methodology 3
AEC 711 Advanced Quantitative Techniques in Agricultural Economics
PGC 701 Synopses and Grant Writing 3
AEC 781 Seminar 1 1 To be given any
time the student is
AEC 783 Seminar 2 1 ready
Sub-Total 20

Second Semester
Farm Management and Production Economics Option

AEC 716 Advanced Production Economics 3

AEC 712 Applied Econometrics 3
AEC 714 Operations Research Techniques 3
AEC 790 Thesis 16
Sub-Total 25
Grand Total 42
Second Semester

Agricultural Marketing and Agribusiness Option

AEC 731 Consumer Behaviour 2
AEC 732 Agribusiness Risk Management 3
AEC 733 Human Relations Mgt. and Control 3
AEC 790 Thesis 16
25
Grand Total 42

Second Semester
Agricultural Finance and Project Analysis
Course No. Title Units
AEC 756 Advanced Agricultural Finance 3
AEC 754 Advanced Agricultural Project Analysis 3
AEC 752 Cost-Benefit Analysis 3
AEC 790 Thesis 16
Sub-Total 25
Grand Total 42
Second Semester
Agricultural Cooperatives
AEC 744 Advanced Agricultural Cooperatives 3
AEC 742 Cooperative Business Management 3
AEC 756 Advanced Agricultural Finance 3
AEC 790 Thesis 16
42

Second Semester
Resource and Environmental Economics
AEC 762 Advanced Land Economics 3
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AEC 763 Advanced Environmental and Natural Resource Economics.
3
AEC 756 Advanced Cost-Benefit Analysis 3
AEC 790 Thesis 16
Sub-Total 25
Grand Total 42

COURSE DESCRIPTION

AEC 601 – Advanced Agricultural Economics Theory (Micro)

Microeconomic concepts applied to agriculture, e.g. Theory of consumer behaviour, theory of
the agricultural production markets structures, maximization and minimization, matrices.
(3 units)
AEC 602 – Agricultural Development, Policy and Planning
Role of agriculture in economic development; cultural and economic barriers to development;
theories and models of economic development and policy; price support; taxes; case studies.
(3 units)
AEC 603 – Advanced Agricultural Economics Theory (Macro)
Macroeconomic concepts relevant to agriculture e.g. the multiplier, growth models, inflation
and national income accounts, employments and labour productivity; material resources prices
and the agricultural sector, sectoral allocation of resources; international economy; inflation and
deflation; effectiveness of monetary and fiscal policies. Case studies.
(3 units)
AEC 611 – Introduction to Quantitative Research Techniques Statistical and
Mathematical methods for agricultural research and economic analysis e.g. linear regression and
correlation, experimental designs, non-productive statistics, hypothesis testing; differential
calculus, linear algebra, input-output analysis, constrained and unconstrained optimization,
linear programming, Case studies.
(3 units)
AEC 613 – Econometrics
Application of economic methods to agricultural economic analysis, including: methods of
ordinary least squares, generalized least squares, simultaneous equation systems etc; matrix
algebra, multiple regression and correlation.
(3 units)
AEC 615 – Computer Applications in Agriculture for Social Sciences
_ Introduction to various programmes in computer, the use of computer to solve farm
problems, statistical analysis with the computer, farm budget, linear programming.etc.
(3 units)

AEC 621 – Advanced Production Economics

Estimation and analysis of production and cost functions. Firms’ decision making under
uncertainty; Bernoulli and Bayesian decision theory and application to agriculture. Further
application of costs and production function, linear programming to firm planning, case studies.
(3 units)
AEC 622 – Methodology for Farming Systems Research
Meaning and evaluation of farming systems. Cultural and environmental determinants. Stages
in farming systems research and problems; Methodology of farming systems research,
Relevance of farming systems programme in setting research priorities, Case studies.
(3 units)
AEC 624 – Advanced Farm Management
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Principles and concepts of farm management, enterprise combination, and budgeting. Analysis
of risks and uncertainties in agriculture, management tools for planning; Breakeven analysis;
Management of farm resources including personnel.
(3 units)
AEC 631 – Advanced Agricultural Marketing
The systems approach to the study of agricultural markets, marketing problems and policies of
developing countries; Choice of markets; The futures market and its relevance to farmers;
Marketing risks and their management; Case studies.
(3 units)
AEC 632 – Marketing Management for Agribusiness Firms
A study of marketing decision making in agribusiness. Analysis planning, control and
evaluation of marketing opportunities; The marketing mix and demand creation; Marketing in
the internet; Consumer and industrial markets; The SWOT analysis; Market research; Case
studies.

(3 units)
AEC 633 – International Agricultural Trade and Policy
International Trade Theory; Tariff barriers to trade; Exchange rates; Economic integration,
Balance of international payments as they affect agriculture; ECOWAS; NEPAD; Case studies.
(3 units)
AEC 634 – Agricultural Price Analysis
Quantitative analysis of demand and supply of agricultural products; impact of elasticities, price
flexibilities, marketing margins, and price discrimination on agricultural commodities;
Government intervention in pricing farm products, Spatial price relationships; Price indices;
Case studies.
(3 units)

AEC 635 – Marketing Research for Agribusiness Management

Role of research in agribusiness marketing decision making. Choice and interpretation of
techniques for solving agribusiness marketing problems; Questionnaire design; Research
design; Secondary data; Attitude measurement; Case study.
(3 units)
AEC 632 –Marketing Management for Agribusiness Firms (Non-majors)
Concepts, principles and functions of agribusiness management. Marketing in agribusiness.
Sales promotion; Case studies.
(3 units)
AEC 641 – Advanced Agricultural Cooperatives
Evaluation of Nigerian Cooperatives. Case studies
(3 units)
AEC 642 – Cooperative Business Management
Elements of financial management in-depth study of the economic and social functions of
cooperation. Functions and techniques of cooperative management, credit building, and
producer cooperatives.
(3 units)
AEC 651 – Advanced Agricultural Finance
Formal and informal sources of agricultural finance; in-depth evaluation of Nigerian credit
institutions, costs of capital, loan repayments.
(3 units)
AEC 653 – Agro-industrial Project Analysis
Economic factors affecting the demand and supply of agro-industrial products. Government
policies in agribusiness promotion, incentives, prices, etc. Problems and prospects of agro-
industrial projects in development.
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(3 units)
AEC 652 – Advanced Farm Accounting
Significance of farm records, types of farm records, banking and credit procedures, balance
sheet, income statement, cash flow statement, accounting principles and methods.
(3 units)
AEC 654 – Agricultural Project Analysis
Techno-economic features of agricultural projects design, scale, taxation, choice of technology
and timing. Uncertainty risk and sensitivity analysis. Network analysis, investment criteria.
(3 units)
AEC 661 – Land Economics
Review of land as a factor of production. Property rights as related to land tenure, mortgages
and assessment. Location theory, land utilization.
(3 units)
AEC 663 – Natural Resources
Concepts, meaning and types of natural resources. Future consequences of present exploitation
and conservation of natural resources for agricultural production, external economies and
diseconomies.
(3 units)
AEC 662 – Environmental Economics and Policy Affecting Agriculture and
Natural Resources
The types of environmental degradation. Types of economic and social costs of environmental
pollution in agriculture, mining, oil exploration, refuse disposal etc. Methods of environmental
impact assessment and control. Pollution control legislation; incentives and enforcements.
(3 units)
AEC 690 – Dissertation
This is designed to train students on the application of theoretical concepts, statistical and
econometric techniques to formulation and analysis of agricultural research problems. These
will include: preparation of proposals, sample surveys, sampling techniques, data collection
methods, advanced analytical interpretation of results and reporting.
(10 units)
AEC 701 – Advanced Microeconomic Theory (Ph.D Level)
Role of theory and mathematics in microeconomic theory; demand theories. Ordinary and
compensated demand functions; elasticities of demand; substitution and income effects;
constrained output maximization and cost minimization; equilibra analysis. Pareto optimality;
optimization over time.
(3 units)
AEC 702 – Agricultural Policies Analysis
Advanced analysis of the role of agriculture in the general economy and of economic, political
and social forces which affect the development of agricultural policy. effects of government
policies on output, prices and income. review of past and current government agricultural
policies. Case studies.
(3 units)
AEC 711 – Advanced Mathematical Economics
Mathematical economics vs econometrics; economic models; linear models and matrix algebra;
differentiation of functions, and variables; partial differentiation; application to comparative
static analysis; market models; national income model; input-output model; constrained and
unconstrained optimization; exponential and logarithmic functions; dynamic analysis; game
theory.
(3 units)
AEC 712 – Applied Econometrics
Uses of summary statistics in linear regression. Bias in estimates, non-linear estimates
distributed lags. Applications to agriculture. Pooling of cross-section and time-series data,
forecasting with time series models.
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(3 units)
AEC 714 – Operations Research Techniques
Selected economic decision – making models as they apply to rural economy, e.g., linear
programming, games theory and Markov chain process.
(3 units)
AEC 731 – Consumer Behaviour
The study of the shopping, purchasing and consumption behaviours of persons and groups as
they interact with marketing efforts and other sources of information, with particular reference
to agribusinesses.
(3 units)
AEC 732 – Agribusiness Risk Management
Concept and principles of risk management. The typology of risks. The operation and influence
of financial, legal, labour, laws, trade union laws and technological limitations. Strategies to
control and manage risks.
(3 units)
AEC 733 – Human Relations Management, and Control
Concept and principles of human resource development, staffing and development procedures,
job evaluation, wage determination and incentives. Groups and group dynamics. Promotion of
productivity in agribusiness enterprises, role of social security and work incentives.
(3 units)
AEC 755 – Cost-Benefit Analysis of Agricultural Projects
Economic concepts of costs and benefits; external effects; environmental spillovers, social
rationale of welfare economics; economic measures of exact compensation; investment criteria
– IRR, DPV normalization procedure for public investment; particular problems in project
evaluation – the value of time saved, benefits of recreation area; opportunity cost of
unemployment labour, and measuring pollution damage; uncertainty; case studies.
(3 units)
ACE 741 – Advanced Agricultural Cooperatives
Case studies in Cooperatives evaluation.
(3 units)
AEC 742 – Cooperative Business Management
Management analysis and evaluation of cooperatives and cooperative business
(3 units)
AEC 751 – Advanced Agricultural Finance
Advanced evaluation analysis of financial indicators, financial determinants of agribusiness and
capital structure.
(3 units)
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AEC 752 – Advanced Cost-Benefit Analysis

Case studies, costing criteria, benefit evaluation decision variables in project studies.
(3 units)
AEC 754 – Advanced Agricultural Project Analysis
Networking and sensitivity analysis, feasibility and evaluation plans project criteria and
externalities.
(3 units)
AEC 790 – PhD Thesis
This is designed to train the candidates in theoretical analysis and scientific research on
agricultural economics subjects. It is expected that from this training will emerge a contribution
to agricultural economics knowledge, which will be embodied in the thesis.
(3 units)

PGC 701: SYNOPSIS AND GRANT WRITING 3 Units

Identification of types and nature of grant and grant writing; mining of grants application calls
on the internet Determining appropriate strategy for each grant application. Study of various
grant application structures and contents and writing of concept notes, detailed project
description, budgeting and budget defense. Study of sample grant writings in various forms and
writing of mock research and other grants. Identification of University of Nigeria synopsis
structure and requirements (Introduction, Methodology and Results). Determining the contents
of each sub-unit of the synopsis. Steps in writing of synopsis from the Dissertation/Thesis
document. Structural and language issues. Common errors in synopsis writing and strategies for
avoiding them. The roles of the student and the supervisor in the production of a synopsis.
Writing of mock synopsis. All registered Ph.D students must attend a solution-based interactive
workshop to be organized by the School of Postgraduate Studies for a practical demonstration
and application of the knowledge acquired from the course conducted by selected experts.