Download Published by - Institute of Chartered Economists of Nigeria

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INTITUTE OF CHARTERED ECONOMISTS OF NIGERIA PROFESSIONAL
EXAMINATIONS SYLLABUS AND REGULATIONS
Published by:
The Institute of Chartered Economists of Nigeria (The Citadel of Professionally Chartered
Economists in Nigeria)
-National Secretariat:
BZ 1 & 2, Sardauna Crescent,
off Junction Road, Kaduna.
-Administrative Head Office:
31, Idimu Road, opposite Alimosho
Local Government Secretariat, Lagos.
-Benin Office:
Shop 15, Ede Plaza, Opp. Nigerian Observer,
AirPort Road, GRA, Benin.
-Warri Office:
139, Effurun/Warri Road, Effurun,
Delta State.
-Kano Office: 3, Zaria Road,
opposite State House of Assembly,
Audu Bako Secretariat, Kano.
This Syllabus can be also be obtained from all Branch Offices of the Institute nationwide from
designated and approved persons.
All correspondents to be directed to the Chief Registrar/Secretary-General at any of the
above offices.
 Email: [email protected], [email protected], [email protected]
 Website: Website: http://www.icennig.org.
(C) Copyright Reserved for:
The Institute of Chartered Economists of Nigeria (ICEN) 2007
ICEN Publishing Company, 31, Idimu Road, Opposite. Alimosho Local Government
Secretariat, Ikotun, Lagos.
Prepared and Compiled By:
Emmanuel E. Ekeng, Esq. (B.Sc, M.Sc, ACE) Principal Partner
Corporate Strategies and Management Consortium, Kano.
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CONTENTS
PART ONE
Historical Background of the Institute ---------------Objectives of the Institute ------------------------------The Philosophy of the Institute ------------------------Structure and Categories of Membership------------Designatory
Letters---------------------------------------The Council of the Institute -----------------------------Quality Control and Standard -------------------------Publications ------------------------------------------------
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6 -7
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8 -11
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11-12
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9.
10.
11.
12.
PART TWO
Approved Qualifications or Studentship ----- ---------Application for Registration as a Student ---------------Rejection of Application for Studentship Registration--Payments of Annual Studentship Subscriptions------
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14-15
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13.
14.
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20.
21.
22.
23.
24.
PART THREE
Scope of the Examination -------------------------------Communication of Examination Results -----------Credit System for Examination and Pass Mark -----Entry into Examination ----------------------------Absence from Examination ------------------------Change of Examination Centre --------------------Examination States and Centres -----------------General Regulations and Conducts in Examinations--Examination Misconducts and Appropriate Penalties -Appropriate Penalties for Disobedience -------------Guidelines on Exemptions for ACE Examination--Examination Time-Table Schedule and Period ------
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22-24
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PART FOUR
PROFESSIONAL EXAMINATIONS SYLLABUS STRUCTURE
Details of courses available for the examination of the award of Associate Chartered
Economist (ACE) are listed below:
FOUNDATION LEVEL (FL)
Courses/Subjects
1.
Principles of Economics
2.
Quantitative Techniques
3.
Principles of Banking & Finance
4.
Fundamentals of Accounting 1
5.
Business Management
Exam. Subjects Codes
F1----------------- 26-31
F2----------------- 32 -36
F3---------------- 36 -40
F4 --------------- 40-44
F5 -------------- 45 -48
INTERMEDIATE LEVEL (IL)
Courses/Subjects
1.
Microeconomics Analysis
2.
Macroeconomics Analysis
3.
Environmental Economics
4.
Management Accounting
5.
General principles of Law (GPL)-
Exam. Subjects Codes
G1 ---------48 -53
G2 --------53 -59
G3 ---------59-66
G4 ----------66 -69
G5 ----------69 -74
THE PROFESSIONAL EXAMINATION LEVELS PE 1-3
PROFESSIONAL EXAMINATIONS 1
Courses/Subjects
Exam. Subjects Codes
1.
Industrial Economics
H1 -------------- 74-77
2.
Public Finance & Investment
H2 ------------ 77 -81
3.
Financial Accounting 2
H3 -----------81-83
4.
Human Resources Management
H4 ----------83-88
5.
Business Law
H5 -------------- 88-92
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PROFESSIONAL EXAMINATION 2
Courses/Subjects
1.
Mathematical Economics
2.
Advanced Macroeconomic
3.
Structure of the Nigerian Economy
4.
Financial Management
5.
Information Technology & Management
Exam. Subjects Codes
K1 ----------92-95
K2 -----------95-99
K3-----------99-102
K4------102 -107
K5-----107-110
PROFESSIONAL EXAMINATION 3
Courses/Subjects
Exam. Subjects Codes
1.
Econometrics & Research Methodology
M1------111-115
2.
Labour Economics, Law & Industrial Relations M2------- 115-120
3.
International Economics
M3 ----120-124
4.
Monetary Economics
M4----124-128
5.
Economic Planning & Development
M5----- 128-131
1. Historical Background of the Institute
The desire to have an institute, which will embrace holders of degrees in economics, in
particular, and qualifications in other disciplines into a single umbrella institution, as a body
corporate, which regulates among other things; the professional practice of economics as a
discipline to ensure quality control, have for two decades been sought for in Nigeria.
This aspiration has led to several consultations among the holders of varying degrees in
economics. Workshops were held to sensitize persons who are interested in the emergence
of an institute that will embrace their aspirations.
Incidentally, decision was reached at one of the conferences, by a large number of persons
willing to see such body corporate come alive, and a communiqué mandating the
establishment was given to pious members of the conference, who with such passion, went
ahead to ensure that the Institute of Chartered Economist of Nigeria (ICEN) was registered
under the Companies and Allied Matters Act, 1990. Under such enabling statute, the ICEN is
a body corporate, which also qualified it to be regarded as ‘Company Limited by Guarantee”
(sections 21 (1) (b) and 26, sub. Sec 1 – 10, (CAMA, 1990).
Presently the enabling Act of parliament is being sought for to give the Institute an
autonomous status, and an amendment has been considered in the upper legislative
chamber of the National Assembly to have the name registered initially with the Corporate
Affairs Commission (CAC) Abuja, to be amended and to be known as
Institute of Chartered Economists of Nigeria (ICEN).
It would be recalled that this is a welcomed achievement, and that the Institute has already
put several structures on ground since 2002 to commence its objectives for which it was
established.
2.
Objectives of the Institute
The Institute objectives, to mention a few, are premised on the followings:
(a)
To provide for professionally qualified persons, with the Institute certification, fitting for
service in the public or private sector of the Nigerian economy, in order to be seen as
an epitome and model for quality service.
(b)
To harmonize ideas, views and researches on issues that affect the political economy
as well as providing a blue print for macroeconomic policy formulation in Nigeria.
(c)
To monitor the structures for economic growth and development in Nigerian, by
evaluating the suitability, given the epoch of our time, and or to assist government or
its agencies to formulate, develop and implement sound economic policies and
reforms for our great country, Nigeria.
(d).
To develop standards in professional practice, as an Economics Institute, with the
aim to ensure quality control adherence by its members.
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(e)
(f).
(g)
(h)
(i)
3.
-
To hold periodic examinations in economics courses and related courses, with the
aim of broadening the intellectual faculty of examines, and to issue certificates on
their successful completion of the approved programme of studies organized by the
Institute.
To create enabling atmosphere for interaction by members of the Institute and other
international institutes in economics and business studies (for example, London
School of Economics, Harvard Business School, etc) for intellectual discourse,
awareness and sharing of research experiences in related fields such as international
Economics, Development Economics, Environmental and Industrial Economics.
To hold Mandatory Continuous Education Programme (MCEP) for the Fellows and
Associates of the Institute, as a means of keeping members updated with knowledge
in a dynamic global economy and in national economic policies and performance
indices.
To organize Mandatory Induction Programme (MIP) for successfully completed study
programme by students’ members of the Institute’s examinations, for the award of
Associate Chartered Economist (ACE) certificates.
To organize conferences, seminars and workshops, where the general public and
members are invited to discourse on crucial economic policies and reforms required
for the Nigerian State.
The Philosophy of the Institute
There has been a growing trend by many holders of Bachelor of Science (B.Sc) in
Economics, and relatively, few holders of Master of Science (M.Sc) in Economics to
seek membership in professional bodies by examination of the institute, in pursuant
of special skills and training outside their discipline. To mention a few of these
professional institutions, being the:
Institute of Chartered Accountants of Nigeria (ICAN);
Chartered Institute of Bankers of Nigeria (CIBN)];
National Institute of Marketing of Nigeria (NIMN);and
Chartered Institute of Insurance of Nigeria (CIIN).
It is noted from empirical studies that the membership of the above institutes by
holders of degrees in Economics through having successfully completed their
examination, is not because the holders of B.Sc and M.Sc or Ph.D in Economics
desired to take to their profession, rather, they wanted to have a broad base
knowledge that will make them more professional in Business Management and
Finance; since the study of Economics, essentially, is an academically based
discipline.
Base upon the above facts, the philosophy of the Institute of Chartered Economics of
Nigerian (ICEN) is, holistically, premised on the need to bridge the gap seen in the
economics discipline as a profession; by making it a mutually beneficial discipline
through the acquisition of multi–disciplinary knowledge, so as to meet the yearnings
of holders of various levels of degrees in economics on one hand, and other
acceptable, but Non-Economics degrees qualifications, who also are yearning to
have themselves trained in the rudimentary and core courses offered in economics;
so as to make them very much professionally inclined.
Incidentally, it is obvious and necessary that the courses (as subjects offered) in the
ICEN examination leading to the award of ACE on it holders, must be broadly
selected to fulfill these aspirations of the potential members. The courses have been
carefully drawn up in such a manner that it will also give stronger employment
opportunities in the labour market to every holder of ACE, with the resolve for quality
service delivery in the private and public sectors of the Nigerian economy.
The promoters of the Institute have envisage it as a body corporate, which will
promote Ideals, Integrity, Discipline, Ethics, and to serve as a guardian of acceptable
standards (both for Nigeria and international countries), and to train professionally,
persons who can adapt and contribute immensely to dynamic changes in economic
thoughts, ideals, policies and reforms; within the macroeconomic settings, especially
in Nigeria.
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Therefore, it is a vision that is valued in similitude with the sanctity of life of humans in
the society and to the Creator, and is very sacrosanct.
4.
(a)
(b)
(c)
(d)
(e)
Structure and Categories of Memberships
The Institute has five (5) structures of persons categorized as members of the
institute, namely:
Fellow Chartered Economist (FCE)
Associate Chartered Economists (ACE)
Institute of Chartered Economists Diploma {ICE,Dip}
Economics Executive scheme (EEs)
Students membership
Fellow membership
To qualify as a fellow of the Institute of Chartered Economists Nigeria (ICEN), a
person must have been an Associate of the Institute with ACE qualification, and
having been found to have demonstrated sound understandings in economics for not
less than ten (10) years, with proven evidence of resourceful contributions to the
growth and development of Nigeria, in addition to the Institute’s ethics, ideals and
goals; morally, academically, professionally and perhaps, financially.
In the opinions of the Chief Registrar, the Director-General and the President of the
Institute, certain persons with proven ability, integrity and sound industrial practice in
senior management level in public and private sector, senior lecturers or professors in
academics are also awarded “fellowship status”. This is intended to make them as a
role-model for other members to emulate their hard work and quality, thereby making
the Institute Epitome of Quality recognition.
In the same consideration, the founding members, also qualifies to be accorded the
fellowship status as a “reserved right”, for which they are so acknowledge and are
described.
Associate Membership
The Associate of the Institute can only be acquired through the successful completion
of all the stages of the Institute’s examinations, from the foundation level to the
professional examination 3. On completion, the Board of the Institute, led by its Chief
Register/Secretary General, shall formally present the graduates of the Institute for
induction as members by the President of the Institute, after admission of Oaths of
Allegiance on them. Prior to the commencement of the ACE examinations, about
2000 graduates with HND in management related disciplines or B.Sc M.Sc and Ph.D
in Economics and other related management disciplines, have been inducted to date
as the pioneer members of ACE holders; after conducting character assessments
and academic quality assessments, through a comprehensive interview on individual
persons, stated at different periods.
Graduate Diploma
These are persons who hold university degrees in economics or related disciplines,
and also holders of the HND in specific fields of management, and non related
economics fields, but with MBA, M.Sc, Ph.D, ACA, ACIB, ACII, ANAN, etc.
They are conferred with ICE, DIP, where they signify there interest not to undergo
examinations for the award of ACE but to be awarded the Graduate diploma status of
the institute.
Economics Executive scheme (EES)
This membership is opened to persons who do not possess the academic
requirement for admission into the ACE examination or conferment of Graduate
Diploma membership status. Persons in this category must possess a minimum of
five (5) credits at the SSCE, WASCE or GCE, including English Language,
Mathematics and Economics.
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Holders of University Diploma from recognized universities in Nigeria, or polytechnic
Ordinary Diploma or National Certificate of Education (NCE) from institutions certified
by NUC, NBTE and National Board of Colleges of Education in Nigeria, respectively
will be admitted into the EES.
All persons registered under the EES are to write the examinations status for this
level, which are in stages 1 and 2.
On successful completion of the EES, certificates would be awarded, and such
persons are entitled to use the letter after their names as “AEE”.
 Holders of AEE can proceed to the professional examination to write ACE. They
would be exempted only in the Foundation, but will be required to commence from
the Intermediate Examination.
 Every person admitted into the EES must certify the University Matriculation
Examination (UME) requirements of five (5) credits at a sitting or six or more credits
at two sitting, irrespective of other qualifications held.
5.
Designatory Letters
Holders of the fellowship certificates of the Institute may also use the designatory
letter ‘fce’ (or FCE), whichever way may de desired, after their names to indicate their
status.
(b) Holders of the Associate membership certificates are also to use the designatory letter
‘ace’ (or ACE), whichever way desired, after their names. Members may also indicate
their academic qualifications first before the use of the designatory letters, eg, Professor.
Ita Elijah Henshaw, B.Sc, M.Sc, Ph.D, FCE, CFR [The Obong of Calabar]; Alhaji Shehu
Usman Dantata, B.Sc, M.Sc, ACE, MON.
(a)
6.
(a)
(b)
(c)
(d)
(e)
(f)
(G)
(h)
(i)
(j)
(k)
(L)
7.
The Council of the Institute
This consists of several committees, which are twelve (12) in number. They are:
Professional Conduct and Standard Committee
Examination Committee
Membership
“
Education
“
Student Affairs “
Research and Technical “
Publications
“
Social
“
Annual General Meeting “
Finance and General purpose “
Investigation Panel (IP) “
Disciplinary Tribunal (DT)
“
The various committees meet to take general decisions concerning the objectives of
the Institute as a whole, apart from their specific functions.
Quality Control and Standard
Quality Control (QC) and standard refers to the functions the Institute has put in place
to ensure that members adhere strictly to ethics of professional practice and
excellence. This, to some extent, has to do with insistence that:
(a)
Members must participate in seminars, workshops, conferences, etc, that reviews
issues of economic interest among other national interest. Importantly, these
seminars may be organize by the Institute, the Central Banks of Nigeria (CBN),
National Centre for Economics Management and Administration (NCEMA),etc.
(b)
Attendance at Mandatory Advancement and Continuous Education Programme
(MACEP) for fellows and Associate members of the Institute, at least for once a year.
(c)
Research publications of quality in the Institute journal is required.
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(8)
Publications
The institute has continuously ensured that it publishes it
Journal on half yearly
basis (Jan- June and July – December). This journal consists of numerous intellectual
discourses by academically and professionally proven members of the Institute on
issues that covers every areas and diversities in the discipline of economics,
accounting, marketing, management, etc.
Members and students of the Institute should ensure that they periodically acquire a
copy of the Journal at minimum sales price. Aside from the Journal, there are other
books, which may assist students in their examinations, which are also published by
the Institute. The Institute also published an update of members list, so members
should make these publications handy with them.
PART TWO
9.
Approved Qualifications for Studentship
The qualifications approved for entry into the examinations for the award of Associate
Chartered Economist (ACE) are:(a)
B.Sc, B.Ed, M.Sc and Ph.D in Economics.
(b)
B.Sc, M.Sc and Ph.D in Accounting, Banking & Finance, Statistics, Insurance, AgricEconomics, marketing, Insurance, Business Administration, etc.
(c)
HND Accounting, Banking & Finance, Business Administration, Marketing, etc.
(d)
B.Sc/HND in other disciplines, other those related to economics or management
(please see specifications on Exemptions Guidelines Schedule). ACA, ANAN,
ACIB,ACII, etc.
10.
Application for Registration as Student
Every applicant for admission into the institute examination must show satisfactory
evidence of integrity, worthy character of himself/herself. The applicants will be
required to purchase his/her forms at the prescribe offices named in the
advertisement, and from the Institute’s appointed banks. The followings are required
to accompany the forms purchased before submission to the appropriate ICEN
offices:
(a)
Evidence of educational qualifications of which photocopies are submitted after
certification by a holder of ACE or FCE, as having sighted the original copies of the
true credentials submitted by the applicant (by signing his or her signature on it ,and
by indicating his membership number at a section of the photocopied documents,
legibly enough to be seen by scrutinizing officials of the examination committees of
the institute).
(b)
Recent passport photograph (number required will be indicated on the form
purchased] to be certified behind by a FCE/ACE member of the institute in like
manner as the credentials, as the true likeness of the person who wish to sit for the
examination.
(c)
All fresh applicants into the Institute examinations are required, upon registration for
their examination, to purchase the Institute’s “Professional Examination Syllabus and
Regulations” at the approved price.
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11.
Rejection of Application for Studentship Registration
The Institute in its wisdom, reserves the right not to register or admit any person as a
student member of the institute, irrespective of his/her meeting the approved
qualification. If such person is suspected to have a doubtful character, known prior to
his/her registration or during registration for studentship, or upon application to the
institute, as notified by a member of the institute holding FCE or ACE supported by
facts, such person is disqualified.
Persons in this category are those known to have been:
(a)
A member of any secret cult, known through enough evidence presented, whether
indicted by a security officer or convicted by law court, such person shall not be
registered at any level of membership of the Institute,
(b) – A member of thuggery (whether social, political or religious),
(c) – A person expelled from the university, polytechnic or college of education or any other
professional and institutes for gross misconduct in examinations, can not also be
sustained as member of this institute; and
(d) – Fraudsters, mischief makers, persons who stirs up public dissension, with the intent to
achieve chaotic situations in the country; through writings, publications, organization
of rallies or dissents paid to be announced in the electronic media; including ethnic
dissensions.
12.
Payments of Annual Studentship Subscriptions
Every registered student member of the Institute is required to pay his/her annual
subscription to the nearest office of the Institute, at the beginning of each year, for the
amount currently in force for that year.
Upon registration for examination, an annual subscription not paid for the year by the
new student must become part of the registration fees.
Old student member who have not sat for the Institute’s examination for years to
complete the programme, shall pay all arrears of subscriptions in force from period of
defaults to date before registration for current examination of the Institute.
13.
Scope of the Examination
The examination for each paper shall be set to cover all aspects of the syllabus
contents of each subject.
Students are required to ensure that they study effectively to cover their syllabus for
the examination.
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Communication of Examination Results
After successful conduct of examination and marking process, the Institute would
communicate examination results by post to the postal address or post office box
submitted by the candidate to the Institute. Candidates could also check their
personal results through insertion of their personal examination numbers and
studentship registration numbers into the ICEN exam result special website. There
will be no further correspondence with any candidate in this regard.
No information as to individual scores in each paper will be provided to anybody or
the candidate.
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15.
Credit System For Examination And Pass mark
(a)
As a policy, the Institute wish to emphasize its resolve to ensure quality in manpower
training of its members, without compromising its standard, for this reason, the
examination pass mark is 50% for each subject.
(b)
A minimum of two subjects in an examination diet must be passed at 50%, and this
will be recorded in the candidate’s favour at any time examination is done. And the
candidate will be required to pass the remaining three (3) subjects at once in not
more than three (3) attempts at anytime of the Institute’s examinations.
(c)
Where a candidate has been repeatedly taking a particular diet of an examination for
upward of six (6) times, such candidate would be made to withdraw from the
Institute’s examinations henceforth, after sixth (6th) unsuccessful attempts.
16.
Entry into Examination
Every applicant for examination form will be required to enter for all subjects in the
examination diet he/she has applied for, and to state in the form, subjects in the
examination diet, which he/she has been exempted, with dates when exemption[s]
was granted. Where exemption has been given, a photocopy of examination
exemption letter, duly certified by an ACE or FCE member of the Institute, confirming
that he/she has sighted the true original copy of the exemption letter given to the
applicant, and that in all respect, the letter of exemption relates to other credentials
duly own by the applicant in character.
17.
18.
Absence from Examination
(a)
A candidate, once has applied for the Institute’s examinations, will not be allowed to
cancel his or her application by personal withdrawal, except it is connect with
disqualification, through not meeting up with the academic requirements or is found
wanting of good character, for which it is the jurisdiction of the Institute to cancel
his/her application, and no fees shall be refunded in all respects.
(b)
The Institute shall not entertain the case of examination fees carry forward to
another examination period for whatever reasons.
Change of Examination Centre:
Change of Examination centre by candidates after application and submission of
entry form, where one examination centre has been selected on the application form,
will not be allowed by the Institute. Candidates are enjoined to give due consideration
to several factors that may influence them before they choose an examination
centre, because the Institute will prepare full list of candidates for each centre they
have personally chosen, and failure to be at the venue of the centre will be treated as
an examination absence.
19.
Examination States and centres
The Examination States shall be state capital of the states, where a particular named
centre would be used for holding the Institute’s examinations.
Basically, some states capital where the Institute already has its presence for some
years are named:
Lagos, Kano, Kaduna, Abuja, Jos, Katsina, Benin City, Aba,
Enugu, Sokoto, Ibadan, Agbor.
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Interestingly other areas to be opened for the ICEN coordination offices and
examination centre are: Calabar PortHarcourt, Abeokuta, Ado-Ekiti, Uyo, Owerri,
Maiduguri, Umuahai, Akure, etc.
20.
General Regulations and Conducts in Examination
(a)
Every person who wish to sit for the Institute’s Examinations, must have, first, applied
to be registered as a student within six (6) months to the examination period he/she
intended to register for. Every person so registered shall be given a student
registration number from the Institute, by which he/she can be identified.
(b)
Every person so registered as a student is mandated to pay the studentship annual
subscriptions, which fall due from January, every new year at the new rate or current
rate in force.
(c)
Registered students, who are qualified for exemptions from some parts of the
Institute’s Examinations, can also apply for exemption, by paying the appropriate
exemption fees application to different levels of the examinations. Unless the Institute
approves an exemption to a student member for any part of its examination, through
the provision of an “EXEMPTION LETTER”, no student for examination shall be
deemed to have been exempted.
(d)
No student can enroll for another stage of an examination until he/she has
successfully completed one stage and is given a testimonial in that regard, duly
signed by the Director of Studies.
21.
Examination Misconducts and Appropriate Penalties
The Institute’s examination regulation prohibits that:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
No student shall be found in the possession of any script, jotter, sheet of paper,
textbook or words/text saving minicomputer-calculator, or a Global System of Mobile
(GSM) communication hand-set, any phone within and during the process of the
examination. A person shall be guilty of being in possession of illegal paper whether
what is written therein relates to the examination or not; the fact is that a
disobedience to examination rules has been established.
No student shall give assistance in the examination hall to another fellow student
overtly or covertly.
Similarity of works, ideas, errors, etc, between two or more candidates are potent
evidence of collusive examination misconducts, which were not detected during
invigilation by the “Appointed ICEN invigilators”.
Refusal to obey any “Appointed ICEN invigilator” or insulting any of the officials to the
ICEN examination will be visited with stiff penalties made provisional for this purpose.
Failure by a candidate to sit on the sit/desk, where his/her number were posted on
the desk, before or during the examination, whether he/she was inadvertently or
negligently or deliberately sitting on such sit, shall be sanctioned accordingly.
Failure to enter the examination hall, ten (10) minutes before the examinations
started or ten (10) minutes after the examinations has commenced, such
candidate/student shall not be allowed to enter the hall for that particular paper. The
chief supervisor shall mark his/her name as “Absent”.
It shall be examination misconduct and a criminal offence if any student shall assault,
insult or commit any act of battery on any official of the Institute in the examination
hall or outside the hall, or is caught in the act of disturbance or fighting anybody in the
examination halls.
Borrowing or lending of examination utilities from fellow or to fellow students is highly
prohibited. Such utilities are electronic calculators, biro/pen, pencil ruler, etc.
No student should remove unused writing paper from the hall. Defaulters shall have
their scripts for that examination cancelled.
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GUIDELINES ON EXEMPTIONS FOR ACE EXAMINATIONS
S/No
Qualification and Discipline
Exemptions prescription
1
B.Sc Economics
Exempted from All courses in Foundation and
Intermediate; but are to write GPL and
Management Accounting in Intermediate.
2
B.Sc/HND in Accounting/Accountancy
Exempted from All courses in Foundation, and
Management Accounting and GPL, in
Intermediate, but are to write Microeconomics,
Macroeconomics and Environment Economics.
3
B.Sc/HND Banking And Finance
Exempted from all courses in Foundation, and
GPL in Intermediate, but are to write,
Management Accounting, Microeconomics,
Macroeconomics
and
Environmental
Economics.
4
B Sc/HND Business Admin. Management Exempted from all course in Foundation, and
Marketing and Purchasing and Supply Law in Intermediate, but are to write,
Management
Management Accounting, Microeconomics,
Macroeconomics
and
Environmental
Economics.
5
B. Sc Economics and Statistics
Exempted in Principles of Economics and
B. Sc Agric Economics,
Quantitative Techniques in Foundation only.
B.Sc Economics (Combined Honours)
22.
Appropriate penalties for Disobedience
* Disobedience of paragraphs (a), (b) and (c) attracts a penalty of suspension from
the Institute’s examinations (and black listed) for a period of three (3) years, and
cancellation of all results
(i)
(ii)
24.
For paragraphs (d), (e), (h) and (i) these attracts two (2) years suspension and
cancellation of results. Offences in paragraph (g) attracts two penalties, depending on
the gravity, after conclusion of investigation being conducted promptly on the spot
and afterwards.
Where injury is sustained by the affected party, the party causing this act shall be
handed over to the police for further prosecution under criminal law of the state.
Where battery is committed, the offender shall be handed over to the police, and his
registration as a student will be terminated. But where assault is committed the
disciplinary committee will decide among ranges of available penalties suitable for
others who might wish to follow in precedence.
An official who, having been duly implicated and indicted by the Investigating Panel
(IP) for abetting any form of examination misconduct before or during or after the
examination, shall be visited with appropriate penalties, in accordance with the
Money Laundering and Miscellaneous offences Act, LFN, 2004.
This same provision shall apply to any candidate caught in gross misconduct in the
Institute’s examinations.
Examination Time-Table Schedule and Periods
The Examination of the Institute shall be held twice yearly after each six (6) months intervals,
that is the examination periods are in June and December each year.
Below is the structured schedule of the ACE examination time for all times:
12
DAY
Tuesday
Date XXXX
Wednesday
Date XXXX
Thursday
Date XXXX
(a)
(b)
(c)
(d)
1.1
(a)
(b)
(c)
(d)
(e)
(f)
(f)
1.2.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
TIME
9.00AM
to 12
NOON
FOUNDATION
Principles of
Economics
INTERMEDIATE
Micro economic
Analysis
P.E1
Industrial
Economics
P.E2
Mathematical
Economics
2.00pm
to
5.oopm
Quantitative
Techniques
Macro
economics
Analysis
Public
Finance &
Investment
Advanced
Macro econ
Analysis
9.00AM
To
12 Noon
Principals of
Banking &
Finance
Environmental
Economics
Financial
Accounting
Structure
Of the Nig
Economic
2.00pm
to
5.00pm
9.00AM
to
12.Noon
Fundamentals
Of
Accounting
Business
Management
Management
Accounting
Human
Resources
Management
Business
Law
Financial
Management
Monetary
Economics
Information
Technology
And
Management
Economics
Planning &
Development
General
Principles of
Law (GPL)
P.E3
Econometrics
and
Research
Methodology
Labour Econ,
Law And
Industrial
Relations
International
Economics
PART FOUR
EXAMINATION SYLLABUS
FOUNDATION LEVEL
PAPER 1 (CODE F 1): PRINCIPLES OF ECONOMICS
Objectives:
The aim of this paper is to acquaint the students with the basic requirements of
economics, as a discipline, through exposition to fundamental economic theories,
concepts and policies.
To enable students to apply correctly those well conceived basic theories of
economics and concepts in decision-making in their day – to day business
environment or public service.
To enable the students to understand the scope of economics in global perspective,
and as the fundamental concept for international relations and integration policies.
To examine the students/candidates knowledge of this paper through a written
examination.
CONTENTS
Basic Concepts of Economics
Scholastic definitions of economics
Reasons for studying economics and its scope.
Basic economic problems of society
Economic concepts: scarcity, choice, wants, money cost, and scale of preference
Economic systems: free market economy, socialism, mixed economy, communism,
communalism and feudalism.
Difference between, microeconomics and macroeconomics
Economic Static and Dynamics, Positive and Normative Economics.
Determination Of Value And Market
Theory of demand and supply and their interrelation
Factors influencing demand and supply
Movement along demand/supply curve and shift of demand and supply curve.
Exceptions to the law of demand and supply
Elasticity of demand and supply
Determination of market equilibrium price
Government intervention in the market – subsidies price controls, minimum and
maximum price, taxation, etc
13
(h)
(i)
Labour market: Efficiency, mobility, demand and supply of labour, types of
unemployment and labour unions
The functions of price mechanism in economic system.
(a)
(b)
(c)
(d)
(e)
Theory Of Consumer Behaviour
Definitions and Reasons for studying Consumer Behaviour
Assumptions of Cardinalists utility theory
Assumptions of the Ordinalists utility theory
Consumer Equilibrium and Surplus
The Revealed Preference Hypothesis
1.3.
1.4.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
1.5
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
1.6.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
Theories Of Costs, Revenue And Production
Classification of costs and revenues
Short run and Long run cost curves and their implications
“U – shaped” curves, their intersections and effects.
Break-even point (BEP) Analysis
Differences between Economists and Accountants view of cost in production
(supported with graphs)
Production: Meaning, types, factors and their characteristics (eg, land- subject to law
of diminishing returns, rent, fixed in supply, etc) and returns to factors
Scale of production: Economies and Diseconomies of Scale, Constant Returns to
scale, increasing and decreasing returns to scale.
Production Possibility Frontier (PPF) and Marginal Rate of Substitution (MRS)
Agriculture: Types, System of Agriculture, Marketing, and the importance of
Agriculture to Nigeria economy.
Theory of Firm And Market Structure
Definition of firm and industry (market)
Types of firms and industry (Eg, perfect competitive and imperfect firm)
Large scale and small-scale firms, causes, objectives, and their implications to the
economy of Nigeria.
Optimum size of firm: Growth and limitations, and the effects on and the Nigerian
economy.
Price and output determination in perfect competition, monopoly, monopolistic
competition, duopoly and monopsony.
Price leadership, price discrimination and differentiation.
Mergers and Acquisitions of firms, the advantages and disadvantages
Channels of distribution, and the problems of distribution in Nigeria
Industrialization: Location, localization; advantages and disadvantages, role of
industrialization to the economic development of Nigeria, problems of industrialization
in Nigeria, the indigenization policy of Nigeria of 1972 and its effects on Nigeria .
The petroleum industry of Nigeria: Discovery of crude oil, role of Nigerian National
Petroleum Corporation (NNPC), petroleum refineries and their contributions to the
Nigerian economy; impact of OPEC.
Money, Banking And Financial Houses
Definition of Money, Origin of Money, Barter System
Characteristics and Functions of Money.
Demand for Money, Quantity theory of Money and Price Index
Supply of Money, Gresham Law, Deflation and Stagflation
Inflation: Causes, Effects and its Control.
Functions of the Central Bank, Commercial Banks, Industrial Development Bank,
Community Banks, Bureau de-change, and Mortgage Banks.
Economic Reforms in the financial sectors such as: Universal Banking, Mergers and
Acquisitions, Micro-finance Houses, Capital Resurgence use of Information
Technology, Debts Factoring, E-banking and Anti Money Laundering Deposits and
Reports, as a policy of Central Bank of Nigeria (CBN) and Economic and Financial
Crimes Commission (EFCC).
The Nigeria Stock Exchange (NSE), Securities and Exchange Commission (SEC),
and their functions.
14
1.7
(a)
(b)
(c)
(d)
(e)
(f)
(f)
1.8.
(a)
(b)
(c)
(d)
(e)
(f)
(g)
1.9
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(h)
1.10.
(a)
(b)
(c)
(d)
(e)
*
*
*
*
*
National Income Accounting
Definition, Approaches of Measuring National income
Problems of computing national income
Uses of national, circular flow of income
Gross Domestic Product (GDP), Gross National Product (GNP), Net National product
(NNP).
GNP and per capital income, Real and Money (Nominal) GNP, Consumption,
Savings and Investment.
Determination of Equilibrium National Income the Multiplier Effects and Accelerator
Concept.
Impact of Injections and Leakages in an Economy (taking Nigeria as a case study).
Public Finance
Definitions, Scope and Objectives of public finance
Importance of public finance Policy and Administration
Types of taxes, characteristics of goods tax system
Incidence of tax, structure of public expenditure (i.e Recurrent Expenditure and
Capital Expenditure)
Fiscal policy, subsidies, budget and types of budgets
Functions of the Revenue Allocation Commission in Nigeria (i.e Revenue Allocation,
Mobilization and Fiscal Commission- RAMFC), the criteria used for revenue sharing
among federating states of Nigeria
National Debts: Causes of National Debts, Types of National Debts, Techniques of
Debts Management by government and Sources of Foreign Debts in Nigeria.
International Trade and Institutions
Objectives of International trade
Theories of International trade – Absolute Advantage and the Comparative Cost
Advantage Principles.
Trade Protectionism (Cases For and Against)
Gains of trade, Tariff, Exports and Imports, Quotas,
Foreign Exchange transactions and currencies
Currency devaluation and appreciation, and the effect on an economy, balance of
trade, balance of payment, and terms of trade.
Trade deficit and surplus, deficit financing
Globalization policies- Trade and Economic sanctions, Anti – money laundering and
Terrorism, GATT/WTO, UNCTAD, UNIDO, OPEC, ECOWAS, IMF, IBRD and
NEPAD.
Customs Union, Common External Tariff (CET) agreement by ECOWAS entered on
October1, 2005.
Economic Development And Growth
Definition and meaning of Economic Growth and Development.
Measures of economic development and Growth
Development planning in Nigeria since 1960
National Planning Office,
Functions of the Federal Office of Statistics (FOS) National Population Commission
(NPC) and Central Bank of Nigeria (CBN) in the development planning of Nigeria.
Linkages: Related with all courses in the Economics Discipline.
Textbooks Recommended:
Chalses, H (1985) Macroeconomics in Africa (Revised Pan African Edition) London,
Macmillan Publishers
Killick, T (1981) policy Economics, Ibadan, Heinemann publishers.
Wonnacott, P and Wonnacott, R (1979) An Introduction to Macroeconomics, New
York, Mcgraw- Hill Book Company.
Lopsey, R.G (1997) An Introduction to positive Economics (8 th Ed), London,
Language Book society.
Livesay, F (1982) A Textbook of Economics Preston,
Polytech publishers
15
*
*
(a)
(b)
(c)
(d)
(1)
(2)
1.0
1.1
(a)
(b)
(c)
(e)
(f)
(g)
1.2
(a)
(b)
(c)
(d)
(e)
(f)
1.3
(a)
(b)
(c)
(d)
(e)
1.4
Samuelson, P.A and Nordhaus W.D (1989) Economics (13th Ed) New York, Mc GrawHill Book company.
Jhingan, M.L (2002) Principles of Economics, Delhi, Vrinda publications (p) Ltd.
PAPER 2 (CODE F2)
QUANTITATIVE TECHNIQUES
Objectives:
To give the students a guide with the use of quantitative tools requisite for
understanding the concepts, models and operations in economic thoughts.
To support the students with basic ingredients by which he/she can utilize as
supportive analytical tools to convey his/her ideas for universal assessment through
programmed and articulated presentation of facts.
*To provide a basic understanding that would be required at an advanced stage of
the professional examination for which further advanced analytical tools would be
needed.
To examine candidates knowledge through a written examination.
Linkages:
This paper is linked with paper coded k1.
This subject (paper) is divisible into two main sub-divisions as:
Introduction to mathematics for Economics and Business
Statistical Techniques and Analysis.
Introduction to Mathematics for Economics and Business
Matrix Algebra:
Arrangement of Numbers into a given set of matrix, maximum limit of 3 by 3.
Purpose of matrices as a quantitative analysis tool in economics,
Types of matrices, Operations with matrices – Addition, subtraction multiplication
determinant with matrices – (Major and minor determinants);
Co-factor and Ad joint matrices, inverse matrix;
Cramer’s Rule – Maximum operations limited to a 3 by 3 matrix;
Uses of matrices in solving simultaneous equations and other business related
problems.
Deferential Calculus
Concepts, importance, uses and its limitations;
Measurements of slope (gradient of line) and marginal analysis;
Types of differentiation and functions;
Determination of maximum and minimum points, points of inflection;
First order and second order derivatives;
Application of differentiation to economic and business analysis.
Integral Calculus:
Concept, importance, uses and its limitations;
Determination of Total functions (total cost, total revenue and total products);
Types of integration and their applications;
Determination of consumers’ and producers’ surpluses;
Other applications of integration in economic and business analysis and problems.
(a)
(b]
(c)
Mathematics of Finance
Simple and compound interests;
Present Value of Amount (sum) compounded at given time;
Break-Even Point (BEP) and Margin Of Safety (MOS).
(a)
(b)
(c)
(d)
(e)
(f)
Functions and Graphs.
Variables and types of variables, Graph and its uses.
Linear function of one or more variables;
Quadratic functions of one or two variables;
Cost, Revenue, Profit, Total and Average functions;
Determination of Maximum and Minimum points;
Points of Inflection.
1.5
16
1.6
(a)
(b)
(c)
(d)
(e)
(f)
1.6
(a)
(b)
(c)
(d)
(e)
(f)
Linear Quadratic Equations, Inequalities and Other Equations
Linear and Quadratic Equations;
Inequality and its types;
Factorization of Quadratic Equations;
Solution of linear quadratic equation by use of factors, quadratic formula and
graphical Analysis;
Simultaneous Equations and different methods of solution;
Exponents and Logarithms.
Sets Theory and Applications Including Sequences
Types of sets, cardinality concept;
Set Operations: Union, intersection, difference and complement;
Use of Venn diagram in set theory;
Application of Set Theory to business decisions and analysis;
Arithmetic Progression (AP), meaning, terms, common difference the term of
Arithmetic progression, series and its applications to business and economic
problems;
Geometric Progression(GP); meaning, term, common ration, the term of GP, series,
sum of GP to infinity and uses in economic and business problems.
2.0
2.1
Statistical Techniques and Analysis
Introduction:
(a)
Nature and scope of statistics
(b)
Meaning of statistics and its uses
(c) Ranch of statistics: Descriptive and Inferential Statistics
2.2
Sources of data collection, methods of data collection and data
classification;
(a) Methods of carrying out a statistical survey;
(b) Variables: Discrete and continuous;
(c) Presentation of data : use of charts, table, graphs and curves.
Sampling Techniques
(a)
Meaning, Sampling size and sampling frame;
(b)
Types of sampling and the purpose of their uses;
(c)
Difference between population and sampling;
(d)
Point estimation, interval estimation, and sampling distribution;
(e)
Case study.
Measures of Location
(a)
Measures of central tendency: Arithmetic mean, median, mode, geometric mean,
harmonic mean;
(b)
Measures of partition: Quartiles, deciles and percentiles
Measures of variation and Deviations
(a)
Range, mid-range, inter-quartile range, variance’
(b)
Deviations: mean deviation quartile deviation, standard deviation mean absolute
deviation;
(c)
Skewness and kurtosis;
Regression and Correlation Analysis
(a)
Meaning and purpose of Regression and correlation Analysis;
(b)
Scatter diagrams and graphs;
(c)
Fitting of Regression line, graphical method and by equation, interpretation of
regression coefficient and forecasting;
(d)
Linear correlation: product moment correlation co-efficient, spearman’s rank
correlation;
(e)
Interpretation of Regression and Correlation parameters and coefficients.
Probability and its Distributions
(a)
Meaning, Random elements, Experiment, Sample space, Event, Dependent and
Independent events, mutually exclusive and Non exclusive events;
(b)
Types of probability, fundamental laws of probability
(C)
Discrete probability distribution and mathematical expectations. Hypothesis testing,
types I and type II Errors;
2.3
2.4
2.5
2.6
2.7
17
(d)
(e)
2.8
(a)
(b)
(c)
2.9
(a)
(b)
(c)
(d)
*
*
*
*
*
*
*
Combination and Permutation, Factorials;
Probability Distributions: Binomial, Poisson and Normal;
Time Service Analysis
Meaning and usefulness
Components: trend seasonal, cyclical, and irregular movements
Methods of estimating time series: semi average, least squares,
Index Numbers
Meaning purpose, and limitations;
Simple index: Relative indices, price, quantity, value indices;
Aggregate indices: simple aggregate index, price relative;
Composite indices: Fisher ideal index, marshal Edge worth. Index, consumers’ price
index laspeyre and pasche indexes production index, wages index and productivity
index.
Text books Recommended:
Francis, A (1988) Business mathematics and statistics London, D, P.
Publication
Ltd.
Agbadudu, A. B (1990) quantitative Techniques for
Business, Lagos, Lagos University press
Harper, W.M (1988) Statistics, London, Pitman.
Levin, R.I (1988) statistics for management,
New Delhi, Prentice Hall of India pvte. Ltd
Mason, R.D (1978) Statistical Techniques in Business
And Economics, Ontario, Irwin Press.
Morries, C. (1992) Quantitative Approach in Business
Studies, Pitman
Spiegel, M. R (1992) Schaum’s Series. Theory &
Problems of Statistics, London, Mc Graw –Hall Company.
PAPER 3 (CODE F3)
PRINCIPAL OF BANKING AND FINANCE
Objectives
(a)
To impart on the students knowledge that would be required of them if they eventually
find themselves being employed in the banking industry.
(b)
To help create in the students an appreciation of the functioning and roles of the
banking sector in the economy of Nigeria.
(c)
To help the students to understand the type of transactions carried on in the banking
industry and their distinctions with other industry in the financial sector.
(d)
To examine the candidates understanding of this paper through a written examination
Linkages:
This paper has a link with other papers coded as: F1, F5, G2, G4,
K2, K3, K4, and M3andM4.
3.1
(a)
(b)
(c)
3.2
(a)
(b)
(c)
CONTENTS
Fundamental Concepts of Money And credit
Definition, origin, characteristics, functions, types of money and credit, barter system
and its failure.
How banks create money, demand and supply of money;
Value of money, elementary quantity theory of money and the role of credits
(including the uses of credits) in the Nigeria; economy.
Structural Development of the Nigerian Financial Industry
Evolution of banking concept in Nigeria, first generation banks and bank failures;
factors responsible for bank failure in pre-independence era in Nigeria.
Evolution of banking ordinances and laws in Nigeria. The emergence of the
Regulatory banking (The Central Bank of Nigeria), its roles and shortcomings in the
first republic to the oil boom era.
The development of specialized banks and their roles in the Nigerian economy:- e.g
commercial banks, merchant banks, development banks etc, and other non-bank
financial institutions such as insurance, pension schemes, national provident fund
mortgage House, Finance House and states owned investment corporations,
Nigerian stock Exchange (NSE) Securities and Exchange Commission (SEC),
18
3.3.
3.4
3.5
Nigerian Deposit Insurance Corporation (NDIC), The Nigerian Security, Printing and
Minting Corporation (NSPMC).
Banking Transactions Documentations and Accounts
(a)
Types of banking transactions, eg foreign trade financing, foreign exchange market,
equipment leasing, loans syndication, cheques clearing houses, debts
factoring/management, guarantees and indemnifications, money market, Savings
Account (S A), money transfers (aka Western Unions) Fixed Deposit Account (FDA);
Domiciliary Account (DA), status inquiry of account openers and credit
borrowers/credit worthiness collaterals.
{b}
Documents and other devices used in transactions, e.g Form M. status enquiry,
cheques {Bearer, Order, Open and Crossed Cheques}, treasury bills and certificates,
bank drafts, documentary letter of credit, promissory notes, e-banking services,
Automatic Teller Machines {ATM} travelers’ cheques, etc.
{c}
Universal Banking: meaning, purpose, advantages and disadvantages.
Non-Banking Institutions
{a}
insurance companies in the financial sector of an economy {Nigeria as a case study}
insurance policy, indemnity, subrogation, margin of safety, premium, etc. Elementary
quantitative analysis of insurance policy, determination of premiums and indemnity;
the roles of National Insurance Commission {NAICOM};
{b}
Nigerian Stock Exchange : purpose and its role in the Nigeria economy, Price listing,
quotations of securities, price gains and price losses in stock market activities
determination, roles of stock brokers, etc.
{c}
Bureau-de change: purpose, function, limitations advantages and disadvantages in
the financial sector of Nigeria economy.
{d}
Bank of industry, Nigeria Agriculture Cooperative Bank {NACB mortgage banks;
procedures for provisions of credits, surety ship, status documentations, other
collaterals.
{e}
Discount Houses, evolution, issues and their relevance to the industry and Nigeria
economy.
International Banking And Financial Institutions
{a}
The development of the World Bank and IMF, purpose and their functions in
international liquidity management and trade {topical issues includes: Special
Drawing Rights, Eurocurrency and their impacts on a given domestic or national
currency and trade;
{b}
African Development bank {ADB, West African Monetary Unit {WAMU}, West African
Bankers Association {WABA}, West African Traveler’s cheques;
{c}
Balance Sheets of bank: Sequential arrangement of Assets and Liabilities; returns of
banks to their head offices, and from banks head offices to Central Bank of Nigeria;
{d}
Purposes of preparing branch Returns to head office and from banks head office to
the central bank; the purposes and effect of the central bank’s “Monetary Policy
Circulars”, Discount Windows, the Monetary Policy Rate {formerly known as Minimum
Re-discount Rate – MRR};
{e}
Problems of inter-banks foreign Exchange market {IFEM} Exchange rate
determination, bank recapitalization, frauds in the banking sector {internal and
External influences}, impact of Information Technology and Management in the
banking sector;
{f}
The roles of manpower training and development banks training school and external
consultancy bodies management and staff development;
Recommended Text books:
*
Adekanye, F (1986) the Elements of Banking in Nigerian
Lagos, Graham Burns.
*
Agene, C.E. (1995) The Principles of Modern Banking,
Abuja and Lagos, Gene Publications.
*
Ekezie E.S (1997) The Elements of Banking, Lagos, Africana Press
*
Enyinnaya, C. (1992) Practical Banking Operations Ituwe, C.E (1982) Elements of
Practical Banking, Ibadan, University press.
*
Nwankwo, G.O (1980) Nigerian financial system, Lagos, Macmillian Press.
*
Ojo, J.A.T and Adewunmi, W (1982) Banking And Finance in
Nigeria, Lagos, Graham, Burns.
19
*
(a)
(b)
(c)
(d)
(e)
Journals form chartered insurance institute of Nigeria (CIIN) are recommended as
well on the specific issues on insurance and including textbooks that addresses that
aspects of the syllabus.
PAPER 4 (CODE: F4)
FUNDAMENTALS OF ACCOUNTING
Objectives:
To provide students with the general frame work of financial information for recording,
computation, analysis and elementary auditing knowledge.
To ensure that students have adequate understanding of accounting records, and
how to practically record them correctly to ensure a sound maintenance of
organization financial information.
To give the students ability to interpret accounting ratio of a going concern business
or the financial statement prepared at the accounting year end.
To assist student to know how tax computation and assessment can be effected
from financial records, and to know when an enterprise makes a profit or loss from
trading, including products costing and pricing.
To examine candidates, in view of the knowledge expected to have been acquired
from the syllabus coverage, through a written examination.
Linkages: This paper is linked with the followings: linked with courses coded:
G4,H2,H3 and K4.
CONTENTS
This paper or subject consists of three basic parts, Part A deals with fundamentals of
financial Accounting,
Part B deals with Elements of Cost Accounting and Part C, Introductory Auditing
concepts.
4.1
(a)
(b)
PART A
Fundamentals of Financial Accounting
Nature and Purpose of Financial Accounting
Historical development of Accounting purpose and definitions of financial Accounting.
Basic books of accounting records and documents including cash book used to effect
transactions for accounting records.
(c)
Double entry principles, Errors and corrections, Ledgers types of ledgers (personal
and impersonal), nominal and real accounts suspense Account,
Depreciation Account and methods of computation,
Disposal Assets extracts of trial balance, and bank reconciliation statement bad debts
and its provision discounts and its provision stock valuation control Account, and
value added Tax (VAT)
4.1
Production and Balancing of final Accounts
(a)
Preparation up-dating and adjustments in Trading, Profit and Loss Accounts and
Balance Sheet of Sole Proprietorship business.
(b)
Single Entry and the books of recording
(c)
Incomplete records, Computations of Assets and Liabilities
(d)
Accounts of Non-Profits and Charitable Organizations
4.2
Partnership Accounts and Joint Venture Accounts
(a)
Historical development of partnership and types of partnership; (b)
Nature and
legal perspective of partnership agreement;
(c)
Purpose of preparation of Account;
(d)
Preparation of partnership account as a going concern business;
(e)
Preparation of partnership account during:
[i].
Admission of new partner, [ii] Change of interest and profit-sharing ratio [iii]
Retirement of existing partner(s) [iv]
Death of a partner.
(f)
Methods of computing Goodwill, purpose of goodwill computation, recognition and
de-recognition of goodwill in accounts and revaluation of Assets.
(g)
Joint venture: definition, purpose, and its accounts.
(h)
Differences between partnership and joint venture
4.3
Miscellaneous Accounts
20
(a)
(b)
(c)
(d)
(e)
(f)
Royalty Account, including sublease
Bills of Exchange
Consignment
Departmental Account and Branch Account
Manufacturing Account and Balance sheet
Voyage Account
(a)
(b)
(c)
(d)
(e)
(f)
Issue of shares and Debentures
Definition of Shares and Debentures;
Purposes for issuing Shares and Debentures;
Accounting treatment of issues of shares;
Forfeitures of shares and re-issues;
Types of debentures;
Issue of debentures, debentures interest.
4.4
4.5
4.6
4.7
PART B
Basic Elements of Cost Accounting 1
Material and labour costing
(a)
Definition and purpose of cost accounting
(b)
Classification of costs by functions, elements, responsibility and behaviour.
(c)
Material costing and control: procurement pricing, stock recording methods (Bin cards
and stores ledger card).
(d)
Inventory valuation methods (LIFO, FIFO and weighted Average price methods) and
calculation of the Economic Order Quantity (EOQ)
(e)
Labour costing and control: methods of computation, general features of various
labour incentive schemes, job evaluation, merit rating and labour turnover.
Overhead costing
(a)
Definition, purpose and types of overheads;
(b)
Analysis of overhead costs and Activity based costing;
(c)
Cost unit, cost centres, cost estimation and cost behaviour.
Integrated Accounts
(a)
Preparation of relevant books and entries for integrated and interlocking accounting
systems
(b)
Preparation of reconciliation statement for cost accounting profits and financial
accounting profits
4.8
(a)
(b)
(c)
(d)
4.9
(a)
(b)
(c)
(d)
(e)
(e)
*
*
PART C
Introduction to Auditing Concepts
Essentials of Auditing Concepts
Definition and objectives of Auditing
Auditing technique, audit evidence and documentation
Audit Quality; examples: objectivity, integrity, skillfulness, diligence confidentiality,
competence and independence.
Materiality judgment, opinion of the auditor.
Internal and External Auditors and their Functions
Scope and limitations of Internal and External Auditors and their functions in an
organization.
Types of financial records examined
Meaning purpose and functions of the internal control system (ICS) in an
organization.
Management letter, letter of weakness, Audit trail, walk-through-test, qualified and
unqualified opinion; letter of engagement, and misrepresentations,
Public sector audit: Appointment, powers and functions of Auditor-General of the
Federation and of the states.
The roles of Public Account Committees in audit process and accounts.
Recommended Textbooks
Jennings, A.R 91990) financial Accounting, London, Educational Low-priced Books
scheme (ELDS).
Pickles, W (1981) Accountancy – A textbook for professional
21
*
*
`*
*
*
*
(a)
(b)
(c)
(d)
5.1
(a)
(b)
(c)
(d)
(e)
5.2
(a)
(b)
Accountancy and Advanced commercial Examinations,
Glasgow and London, English language book society and pitman.
Wood’s, F. (1983) Business Accounting 1 (West African Ed.)
By Omuya, J.O), Essex, UK, Longman group Ltd.
Lucey.T (2002) costing (6th Ed), New York, Educational low- priced sponsored Texts.
Dandago, K. I and Tijjani B. (2003) Cost and Management Accounting, Lagos,
Malthouse Press Ltd.
Fakiyesi, S (2002) essentials of Auditings, Kaduna
Al-Shura international press.
Etuk-udo, J.S (1986) Principles of Accounts of West Africa
Book 1 and 2, Ibadan, University Press.
Lee, T (1982) company Auditing (2nd Ed) published for:
The Institute of Chartered Accountants of Scotland By gee & co (publishers) limited.
PAPER 5 (CODE F 5)
Business Management
Objectives:
To expose students to the methods and principles of managing a business unit of any
type;
To ensure that students get familiar with various concepts of management and to
appreciate their applications in given situations where they are relevant;
To develop students as would be managers and management teams, with due
application of economic and management principles for managing going concern
businesses for continuous profits and returns on investment to its stake holders;
To examine the student knowledge through written examination.
Linkages: This course is linked with courses coded:F1,F3,G2,G5,H2,H4,H5,K4,and
K5.
Case Study Question: One of the examination questions shall be a case study of a
real life practical management problem of any industry, and it shall be compulsory for
all candidates of this paper to attempt it.
CONTENTS
Concepts, Theories and Nature of Management
Definition, historical perspective of management, management as an Art and
Science, roles as management, management level and skills.
Evolution of Modern Management Theories:
The Classical School, which consist of Bureaucracy, Scientific Management and
Administrative Management.
The Human Relations School, which also is made of Human Relations or Behavioral
Management (e.g. The Hawthorne Studies),
The Human Resources School. Management theory by several scholars, this
includes Systems Theory and Contingency view.
Functions and Process of Management:- planning, forecasting, organizing,
coordinating, controlling, and motivating. Delegation of duties/Authority, purposes of
delegating, factors determining the degree of delegation of responsibilities and
authority.
Management of Objectives (MBO): Meaning, the philosophy of MBO, Processes in
MBO, advantages and disadvantages of MBO. Universality of management, its
meaning and scope. Qualities and skills of a good manager, Social Responsibility of a
Manager and types of Manager (or Management levels).
Management Principles in Henry Fayol’s views, application of Information Technology
in management, merit and demerits using computers in business.
Strategic Management of Organizations
Resource Planning: Types of planning, objectives of planning, and process of
planning
Organizing: Purpose of organizing, methods of organizing people or staff for a task,
organizational structures; cultures and communications. Purpose, and types of
departmentation and their merits.
22
(c)
(d)
(e)
(f)
5.3
(a)
(b)
5.4
(a)
(b)
(c)
(d)
*
*
*
*
*
Leadership: Theory of leadership, types/styles of leadership, and their effects on the
jobs/organization abilities and weakness of managers to command obedience of their
staff to given orders
Constituted Authority: Meaning, scope, purpose, direct orders, merits and demerits of
its recognition and application to organization.
Coordination and Discipline: purpose of coordination, the goals of coordination, types
coordination and techniques of coordination, Enforcement of discipline, reasons, and
types of enforcements of discipline in an organization.
Establishment of Control: Qualities of control, Productivity, Performance Evaluation,
Target Attainment, Quantity of products or level of services and their qualities, Time
used for job performance, Standard time of job performance, Evaluation of the
degrees of job and Time variances and their effects on the organization’s goal
pursuits.
Environment of Organization And Management
Internal Environment of Organizations: Personnel Recruitment, Selection, Training,
Induction, Motivation and Development policies.
Production Management: work study, material planning management, production
scheduling, material planning management, Total Quality Management (TQM),
products quality and control management; Trade Unions, negotiations and conflicts
management.
External Environment of Organization: Social responsibility of organizations to their
environment, influence of legislations and laws of political state, influence of taxation,
social infrastructures on the business of the organization. Influence of rival
organization’s products/services in the market on the organization, problems of
political instability, social miscreants and religious fanatics.
Marketing Management
Evaluation of market for product or service production. Sensitivity Analysis, Types of
risks and measurement, use of Decision Tables and Trees, Expected Monetary Value
(EMV), Critical Path Method (CPM); Program Evaluation Review Technique (PERT)
and Linear Programming.
Product development, Marketing Environment, the Cardinal Principles of Marketing
(i.e the four (4) Ps. of Marketing), Marketing Segmentation and Marketing Mix.
Product mix policies and strategies, brand packaging, pricing objectives, methods of
setting prices, pricing policies and strategies.
Promotion and Advertising: promotional programme, techniques of personal selling,
channels of distribution, Advertisement, media of advertisement, selection of
appropriate media for product/service advertisement, public relations, and trade fairs,
market surveys and Market Price Intelligence (MPI).
Recommended Textbooks:
Brech, E.F.L (1975) The Principles and Practice of
Management, London and New York, Longman publishers
Drucker, P.F (1980) Management: Tasks, Responsibilities and Practice, London,
Heinemann, Educational Books.
Kotler Philip (1984) Fundamentals of Marketing,
Koontz, H and Weihrich H, (1988) Management (9th Ed), London, McGraw Hill
publishers.
Paul, H and Kenneth, H.B (1988) Management of Organizational Behaviour –
Utilizing Human Resources, New Jersey, Prentice Hall Inc.
INTERMEDIATE LEVEL
PAPER 6 (CODE G I)
MICROECONOMICS ANALYSIS
Objectives:
(a)
To acquaint students with more knowledge of assessing the behaviour of the markets;
(b)
To provide adequate analytical tools for the understanding of production of goods, and
behaviours of consumers;
23
(c)
(d)
6.1
(a)
(b)
(c)
(d)
(e)
6.2
(a)
(b)
(c)
(d)
6.3
6.4
(a)
(b)
(c)
6.5
To help the students understand how scarce resources are managed and utilized
optimally during production process, and;
To examine candidates knowledge of this paper contents through a written examination.
Linkages: This paper is linked with paper coded F1,F2,H1,K1,and M1.
CONTENTS
Approaches to the Study of Microeconomics
Meaning of Microeconomics, Purpose of Microeconomics, and Relevance of the
Study of Microeconomics to the Household, Firm, Industry, and Economy of a Nation;
Problem of Scarce Resources and its Allocation for Competitive production of goods
and services.
Elasticity of Demand: Definition, Types, Measurement, Factors influencing; Elasticity
of Demand and Application to real life scenario (A case study).
Methodology of Economics: Processes in Development of Theory, Theoretical
Frameworks, Hypotheses and Testing, why Models building and testing, limitations of
Hypotheses and Models development for economic phenomena, Methods of
generalization of economic theories and laws, Cobweb Theory.
Importance of mathematical and statistical applications, to the development of
economic concepts, applications, forecasting and inference, from empirical analysis.
Theory and Mathematical Analysis of Consumer’s Behaviour.
The Cardinal Utility Theory: Assumptions, The Proportionality Rule, Individual and Market
Demand, Schedule and Curves, Exceptions to law of Demand, Backward Bending
Demand Curve, Comparison of Diminishing Marginal Utility with Downward Sloping
Demand Curve. Mathematical Approach of analyses (with calculus), Consumers’
Equilibrium in Marginal Utility.
The Ordinal Utility Theory: Assumptions, characteristics of indifference curves,
Equilibrium of the consumers (mathematical and graphical Analysis), Assumptions of
Equilibrium of the consumer, budget line, mathematical determination of the slope of the
budget line, shifting of the budget line and indifference curves, graphical corner solutions
of consumer’s equilibrium, marginal rate of substitutions (MRS), Cobb-Douglas utility
function and demand function, mathematical analysis of elasticity of demand and utility
function – calculating price, income and cross elasticity of demand co-efficient, with
application of calculus.
The Changes in consumer’s Equilibrium: Derivation of demand curve from price
consumption curve (PCC), income and substitution effect of a price change, Engel
curves, Income Offer Curves,
Slutsky Equation: Price effects, Compensated Demand function,
The Slutsky’s Substitution Effect , the Hicksaian Equation:’The Hicksian Substitution and
Price Effect, Compensated Demand function, The Marshallian Equation, Uncompensated
Demand function Giffen goods, normal goods, inferior, and luxury goods, Mathematical
and Graphical Determination of Consumer’s surplus, and Producer’s surplus.
The Revealed Preference Hypothesis/Theory
Meaning, concept of “strong ordering” and “weak ordering,” Professor Paul Samuelson’s
paradigm of revealed preference Hypothesis/Theory. Derivation of demand curve, and
The shortcomings of the revealed preference hypothesis/theory.
Theory of Production
Production Function: The traditional Approach: Traditional production function methods
of production law variable proportion, Returns to scale, internal and External Economies
of scales and their relationship, Diseconomies of scale, production possibility curve
(PPC). Isoquants, Meaning and Types of Isoquants, Product line.
Marginal Products of Factors, Technical Rate of substitution, Mathematical Analysis of
Cobb-Douglas Production Function and Euler’s Theorem, Isoclines, Determination of
Efficiency Parameter, Capital-Labour Ratio, Optimal Expansion path (short run and
Longrun Analysis), Input- Output Analysis.
Production function of the Multi-product and Multi-plant firms: Assumptions Production
Transformation Curve, Edgeworth Box, and Optimization: output maximization (ii) cost
minimization (iii) Profit Maximization.
Theory of Cost And Revenues
24
(a)
(b)
(c)
(d)
6.6
6.7
6.8
Nature of Costs: Definition, Types [- private cost, social cost, opportunity cost, real costs,
production cost, accounting cost, implicit and explicit costs]. Characteristics of costs:
fixed, variable, total, marginal, and average costs; production function.
Traditional theory of costs: under short run analysis, and long run Analysis.
Modern theory of cost: Modern theory short run costs curves, Reserved Capacity, reason
for reserved capacity, short run Average variable cost plant, with reserved capacity,
average total cost and modern theory long run costs curves.
Nature of Revenues: Definition, types of revenues [total, average and marginal
revenues, and their graphs]. Derivation of revenue from marginal revenue functions, and
vice versa, using calculus.
Models of Equilibrium Analysis (a)
Partial Equilibrium Analysis: Meaning, Equations of
the Model, Application to phenomenon and solutions;
(b)
Static Equilibrium Analysis: Meaning, Equations of the Model, Applications and
solutions;
(c)
Dynamic Equilibrium Analysis: Meaning, Equations of the Model, Application to
phenomenon and solutions;
(d)
General Equilibrium Analysis: Meaning Equations of the Model, Applications to
phenomenon and solutions.
Theory of Firm And Industry
(a)
Monopoly: Nature, Assumptions, Causes, The Demand Curve, Price and Output
decision. Short run and long run Equilibrium analysis in a dynamic market condition;
further mathematical Analysis of Basic Monopoly Models, First order and Second
order Derivatives, Demand function and supply function.
(b)
Monopolistic Competition: Nature, Demand curve and pricing Decisions in the short
run and Long run Analysis, Market Equilibrium, Product Variation and their effects on
the market.
(c)
Duopoly and Oligopoly: Definition, Nature, Cause, Typical demand curve of the firm
and industry in the short run and long run Equilibrium Analysis, problem of Resource
Allocation in the market, and Price leadership.
(d)
Mathematical models: The Cournot Model, the Edgeworth’s Model, the Barometric
Price leadership Model, the Dominant firm Model, the Chamberlin Model (Small
Group or Firm model);
[e]
Collusion Cartels, Kinked Demand Curve Model, Conjectural Variations Model and
the Stigler’s Empirical tests Model.
Evolution of New Theory of firm
(a)
Motivational Behaviour Theory: Key concepts of the behavioural Theory: (i)
Organization Goals (ii) Organizational Slack,
[iii] Organizational Expectations.
(b)
Business Goals, Price and Output Decisions: Production Goal, Inventory Goal, and
Just–In-Time, Sales Goal, Market-Share Goal and Profit Goal.
(c)
Partial Model of Price and Output Determination: Forecasting Competitors’
Behaviours, Forecasting Demand, Estimating Costs from Market Trends and
Analysis; specifying objectives of the firm.
(d)
Managerial Discretion Model: Rationale of the manger’s utility function, the Formal
Model, Resource Maximization Model, and comparison with other models.
(e)
Bayesian Analysis: Framework and Application of Adaptive Models, Firm Learning
Model, Baye’s Theorem, Subjective Probability and Backward Induction Analysis,
Mutually Reaction Function and Optimal Strategies in Multi-period.
Recommended Textbooks:
Cohen, K. L and Cyert, R.M (1975) Theory of Firm –Revenue Allocation in A market
Economy, London, Prentice Hall, Inc.
Hollander, S (1973) the Economics of Adam Smith, London,
Heinemann Educational Books Ltd
Anderson, D (1984) Intermediate Economics for W/Africa, London and Basingstoke,
Macmillan Publishers Ltd.
Fischer, S and Durnbusch, R (1983) Introduction to Microeconomics, NewYork,
McGraw-Hill Book Company.
Varian, Hal R (1990) Intermediate Microeconomics – A Modern
Approach (3rd Ed.) New York, W.W.Norton & Company.
25
Samuelson, P and Nordhaus W.D (1985) Economics (12th Ed)
New York, Mc Graw – Hill Book Company.
Lipsey, R.G (1989) An Introduction to Positive Economics
(7th Ed.) London, Buther & Tanner Ltd.
Koutsoyannis, A (2003) Modern Microeconomics (2nd Ed)
London and Basingstoke, Macmillan press Ltd.
PAPER 7 (CODE G2)
MACROECONOMICS ANALYSIS
Objectives:
(a)
Provide an understanding of the meaning, purpose and dynamics of macroeconomics
to the student;
(b)
To provide adequate knowledge derived from various economic theories, domestic
policies of government and the principles that underlie foreign trade to the student;
who should be potentially good administrators in various capacities and industries on
completion of the Institute’s study programmes;
(c)
To serve as an aid for effective and efficient administration of any organization,
enterprise or government functions, and to specifically help in the understanding of
macroeconomic policy control measures in the banking and insurance industries;
(d)
To give students the necessary appreciation of how the frameworks of
macroeconomic policies are formulated, through careful study and analysis of several
variables that are directly and indirectly influencing the performance of an economy;
(e)
To develop in the students, knowledge of an economics Technocrat, for possible
service to industries, domestic institutions, government and international institutions,
as Consultants, Managers, Administrators and Agents (or Directors of Agencies) of
government or international institutions.
(f)
To examine the students as candidates for a written examination on the topics
covered by the syllabus, in order to evaluate their understanding of same.
Linkages: This paper, coded G2, is linked to papers coded F3, H2, K2, K3, K4, M2,
M4, and M5.
7.1
(a)
(b)
(c)
7.2
(a)
(b)
(c)
(d)
(e)
[f]
7.3
CONTENTS
The Role of Macroeconomics In An Economy
Meaning, Features of Macroeconomics, Relevance of Macroeconomics in policy of
formulation for an economy.
The roles of macroeconomics in adjusting the variables in the market structured
economy.
Factors responsible for the frustration of a successful formulation and implementation
of macroeconomic polices in an economy.
National Income Accounting
Definition, Approaches to Measuring National Income, Circular-Flow of Income
Models (The Classical, Neo-classical and Keynesian Models), Injections and
Leakages.
Things not included in the measure of National Income, Explanation of Terms: GNP,
GDP,NNP, Real GNP, Nominal GNP, Price Index, and
the derivations of
mathematical expressions of their combined applications for a model of an economy.
National income statistics and the implications for Economic Welfare.
Determination of National Income and Output: The Classical Theory of Income and
Employment, Equilibrium level of Income and Output in (i) The factor market (ii) The
product market (iii) The money market concept of wage rigidity and its effect
Keynesian Theory of Income and Employment: The Determination Model, The
Consumption Function, Savings and Investment Functions, Aggregate demand and
supply curves, the Equilibrium Income Determination models for three and four
sectors economy, the Multiplier, Marginal Propensity to Consume[MPC], Save and
Invest.
Distinction of Incomes: Money Income and Disposable Income, Autonomous and
Induced Consumptions, Average Propensity to Consume [APC], and to save, and
invest, Stagflation, Investment Multiplier, Government Multiplier and Government
Autonomous Tax Multipliers.
Theory of Inflation
26
(a)
(b)
(ii)
(c)
7.4
(a)
(b)
(c)
(d)
[e]
(f)
(g)
[h]
7.5
(a)
(b)
(c)
(d)
(e)
Definition, types of inflation, causes and effects of inflation, measures to curb inflation
[The fiscal policy approach, monetary policy Approach and the physical policy
approach]; The Philip’s Curve.
Economic stabilization policy measures: (i) fiscal policy measures [Expansionary
fiscal policy measures and Contractionary fiscal policy measures, with graphical
analysis; Automatic Built- in-Economic stabilizers].
Monetary policy Measures for Economic stabilization, including mathematical and
Graphical Analysis monetary growth.
Lags in fiscal and monetary policy stabilization measures- meaning of lags, types of
leg in macroeconomic policy and effects of lags in macroeconomic stabilization
policies.
Public Sector Economics
Definition, nature and the role of public sector to economic growth and development
of an economy [Nigeria as a case study].
Importance of public sector in the formulation of macroeconomic policies for social
and economic security (Eg, in Nigeria, the National Poverty Eradication Programme
[NAPEP], National Economic Empowerment and Development Strategy [NEEDS],
and the Millennium Development Goals [MDGs], policy of the United Nations [UN] for
implementation by member nations. Problems associated with the effective
implementation of public sector economics policies in Nigeria, The Macroeconomic
Policy Techniques in Poverty Eradication in a Domestic Economy.
Public finance administration in Nigeria: meaning of budgets, comparison and
analysis; types of Government expenditures and their individual preference in public
sector economic administration.
The role of taxation in public finance administration, tax evasion, manipulations and
under-payment and their effects on an economy, meaning of social security, types of
social security policies under public finance administration in Nigeria.
Taxable capacity: its meaning, factors determining taxable capacity, measurement
and limits of taxable capacity, canons of efficient government (public) Expenditures
(Nigeria as a case study).
Public debts; types of public debts, effects of public debts on an economy. Debts
rescheduling policy: meaning, purpose, merits and demerits of debts rescheduling
policy for an economy; Debts forgiveness, conditions required for debts forgiveness.
Public Accounting Records Transparency: meaning, the roles and implications of the
Freedom of Information Bill (FIB) on effective macroeconomic planning and
administration in Nigeria.
Deficit Financing: meaning, purpose, merits and demerits of deficit financing as an
economic administration policy.
Banking Industry Macroeconomic Policy Reforms
Role of the financial sector in macroeconomic stability, functions of money and
credits. Creation of money by banks and problems associated with it, demand and
supply of money, determinants of demand and supply of money, money in circulation,
portfolios theory and analysis.
Classical theory of money, Keynesian paradigm, Neoclassical, the Monetarist School,
Equations of Exchange, Quantity Theory of Money,
Monetary and Credit Policy Measures: objectives, policy strategies, open market
operation (OMO), its objectives, successes and limitation; discount window
operations (DWO), interest rate policy (i.e The minimum rediscount rate- MRR and
the monetary policy rate- MPR, introduced to replace the MRR in Nigeria), reserve
requirement – cash and liquidity ratios, the promotion and development of money
market.
Concept of Universal Banking: definition, purpose, role of universal banking in export
finance, in the promotion and financing of small and medium enterprises (SMEs),
small and medium industries (SMIs), electronics banking (e-banking), loan
syndication and project financing.
Strengthening of Banks Capital Base: purpose, importance,
yardsticks for
determination of banks sub-optimal capital base and distress state; unethical banking
practices (such as foreign Exchange round tripling and money laundering) and their
effects on the Nigerian economy, punitive measures on banks;
27
[f]
(g)
[h]
[i]
(j)
7.6
(a)
(b)
(c)
(d)
*
*
*
*
*
*
*
The Money Laundering And Miscellaneous Offences Prohibition Act, LFN, 2004:
Definition, Meaning, Purpose, and the Implications for the banking Industry.
The Roles of CBN and NDIC in the Banking Sector; Mergers and Acquisitions,
meaning, purpose, merits and demerits of Mergers and Acquisitions of banks.
Banks Transactions and Services, Identification of Sub-Optimal Bank Services.
Measures for improvement; importance of Information Technology and Devices in
banks’ Transactions and Services.
Banks Operations: meaning, functions, roles of the bank operations managers in the
banking industry, branch banking, its roles and functions in the monetary policy
objectives of CBN.
Bank Lending in a Developing Economy, Risk Analysis in the Banking industry;
nature of risk, types of risks, collateral security, banks assets management, problems
of non-performing loans and bank frauds to the Nigerian economy, and methods of
addressing them.
Insurance Industry In Macroeconomic Policy Reforms
Definition of Insurance, nature of insurance, insurance policy, risk analysis in the
insurance industry (insurable and no-insurable risks) assurance policy, distinctions of
insurance and assurance policies.
Basic principles of insurance: utmost good faith (uberrimae fidei) insurable interest,
indemnity, subrogation, proximate clause, contribution and abandonment.
Terms in Insurance Policy: proposal forms, premium, insurance policy, insurance
certificate, Re-insurance, underwriter, surrender value, actuary, loss adjustors, exgratia payments, claims form, the margin of safety, and endowment policy.
The roles of insurance industry in a developing economy (Nigeria as a case study).
Recapitalization, meaning, purpose and the economic implications to the insurance
industry and the Nigerian economy.
Recommended Text Books:
Aboyade, O (1983) Integrated Economics -A study of Developing Economies,
London, Addision-Wesley Publishers.
Central Bank of Nigeria, Monetary, Credits, Foreign Trade and Exchange Policy
Guidelines, published yearly (Tagged: “Monetary Policy Circular”, No: Any Given
One).
National Center for Economic Management and Administration
(NCEMA), Policy
Analysis Series (volume: old and New should be acquired)
Shapiro, Edward. (Macroeconomic Analysis)
Williams Branson (Macroeconomic Activities)
Jhingan, M.L (2004) Macroeconomics , Delhi, Vrinda publications (p) Ltd.
Enyinnaya, C. (1992) Practical Banking Operations, Lagos, Pace Publishers.
PAPER 8 (CODE G3)
ENVIRONMENTAL ECONOMICS
Objectives:
(a)
To acquaint students with the knowledge of Ecosystem and Environmental
Economics, so that they can appreciate the purpose of the study.
(b)
To intimate students with the economic implications of environmental degradation on
the society and the economy as a whole.
(c)
To develop the students minds towards values of human endeavours that requires
utilization of natural resources for means of economic well being and the sustenance
of environmental values.
(d)
To produce technocrats in the economics of environmental management, who can
proffer credible advices to oil industries, to pollutant prone or pollution generation
firms ,and to the government in order to ensure an all encompassing gross domestic
product (GDP) from all sectors of the economy.
(e)
To examine the students as candidates in examination by the course content of this
study in order to determine their level of understanding of it.
Scope of the Study:
The scope of this study, is divisible into four(4) major sub-topics, all of which makes
up the environmental economies examination. These are:
28
1.
2.
3.
4.
8.1
8.2
8.2
Understanding of Eco-system Preservation and Degradation,
Economics of Urbanization, Transportation and Industrialization ,
Agriculture, Petroleum and Energy Resources Economics, and
Health and Environmental Disasters Management Economics
Linkages: This paper is linked with papers coded H1, K3 and M5
CONTENTS
Ecosystem and Sustainable Development
(a)
Meaning of ecosystem and other distinctions, such as biosphere, hydrosphere,
lithosphere and atmosphere.
(b)
The co-habitations of man, animals, birds, fishes, wildlife with forestry, games
reserves, solar insolation, temperature, humidity; precipitation. micro-organisms,
mountains, desertification, vegetation, the hydrological cycle and their individual
effects on human settlements and the economy.
Human Settlements and The Economy
(a)
The effects of preservation of forestry, wild life, mountains, hills and aquatic
endowments to an economy.
(b)
Degradation: meaning, causes, effects and measures of control. Natural phenomena,
such as earthquakes, volcanic eruptions, typhoon and hurricanes; methods of their
detection, controls and their impacts on human development and settlements.
(c)
Destruction of the Ecosystem: Hunting, over-fishing and oil spills, deforestation
(through over-grazing, bush burning, oil spillage on water body and land), gas flaring
from oil processing firms, the Green House Effect (consequential to Global warming
through ozone layer depletion), types of pollutions and abatement measures; land
redemption from swamps, extension of land by sand filing activities on areas once
covered by the sea or ocean stretches (eg, the sand filing at the Lagos Lagoon or Bar
beach at Lagos to recover land for building estates), use of dynamites to demolish
rocky hills and mountains for quarrying; the economic effects of destruction of the
ecosystem on man and his environment, including the potentials for earnings from
tourism.
Remedies proffered to address the menace of oil spills in the environment and on the
economic life of the communities.
(f)
Environmental Impact Assessment (EIA): meaning, purpose, methods of E1A,
statistical analysis of data collected and interpretation, economic interpretation of
statistical data analysis on EIA, prescriptions of environmental policy management for
sustainable development and international cooperation for indentification of threats to
ecosystem.
[g]
Provision of environmental policy actions and controls for
the global economy
(E.g., “The Earth Summit”, A conference seminar held by the United Nations
Environmental Programme- UNEP, at Rio de Janeiro, Brazil 1992 and “The Agenda
21”, held in Abuja, Nigeria on January, 1993.
(h)
The Roles of Nigerian Environmental Remediation Holding Corporation (NERHC) in
ensuring human capacity building and policy thrust for environmental management in
Nigeria, and the Ministry of Environment in promotion of Nigeria policy on
Environmental Management in Nigeria.
Urbanization, Transportation and Industrialization
(a)
Urbanization: Meaning, purpose, types of urban settlements: towns (eg, market
towns, industrial towns, commercial towns, mining towns, local government area
town, ecclesiastical towns, and royal or monarch towns) and cities (eg metropolitan
cities, metropolis, and cosmopolitan cities) The economic, social and political
implications of urban planning and settlements, rural development in environmental
planning and methods of mitigating rural-urban migrations. Problems associated with
urbanizations
(b)
Transportation: types of transportation [Road, transport, Rail transport, Inland- water
transport, Air transport and Pipelines transport and the individual characteristics of
each transport type. Some attributes of transportation: passengers and freights
carriers, petroleum products and water carriers; occurrence of accidents,
environmental degradations (such as occurrence of abandoned and dilapidated
vehicles and pipelines in the environment- often refereed to as junks) and pollutionssuch as the emission of carbon gases.
29
(c)
(d)
[e]
8.3
(a)
(b)
[c]
[d]
8.4
(a)
(b)
(c)
Management of Transportation: Government formulation of transportation policies [
ports facilities and maintenance, expansion of Railways and carriages construction of
Railways workshops and maintenance, construction policy- e.g. the roles of Federal
Roads Maintenance Agencies (i.e. FERMA, an acronym known in Nigeria); Private
sectors participation in transportation and management (A case study of the Nigerian
Economy). The merits of effective and efficient transportation polices to the economic
growth and development of Nigeria.
Industrialization: Meaning, purpose of industrialization, Types of industries (market
oriented product industry and producers or intermediate products oriented industry).
Attributes of industrialization- Effluents from plants, green house gas and toxic solid
wastes dumping in the environment and effects on humans. The failure of the market
in abating industrial pollutions (supportive with the scholastic submissions of Vilfredo
Pareto, or the Pareto Optimality criterion); Jeremy Bentham criterion, Strategies of
Industrialization and Trade.
Agriculture, Petroleum and Energy Resources
Agricultural Resources: Definition, purposes; nature of Agriculture (crop farming, fish
farming and Livestock farming). Characteristics of Agriculture, climatic influence,
Tropical Agriculture, types of agricultural output associated with the tropical climate.
Factors affecting tropical agriculture (A case study of Nigerian Agriculture) functions
of river basins and dams development authority and their limitations. Soil types,
Impact of soil erosions and landslides on agricultural development;
agricultural
dependent industries (eg diary industry, soap and detergent, tannery industry,
pharmaceutical industry, textiles, etc) and the role of Agriculture industries in Nigeria;
Proportion of GDP from the Agriculture sector to other sectors of the Nigeria
economy.
Petroleum Resources: Definition, Nature of Petroleum Resources – crude oil and
natural gas, oil prospecting and drilling (students and examination candidates should
be able to sketch a fractional distillation plant, with details of processing of crude
oil different products at varying degrees of temperature).
Distinction between the petroleum industry and petrochemical industry. Roles of
petroleum industry and petrochemical industries to the Nigerian economy, merits and
demerits of the petroleum industry to the community and environment where the
natural resource is discovered. Distinctions between upstream and downstream oil
sub-sector and their characteristics.
Energy resources (solar energy, kinetic energy, hydro energy, and wind energy).
Sources of Energy: food, sunlight (ultra-violet and infrared rays), petroleum
products, electricity and coal.
Problems of electricity generation and efficient distribution in Nigeria, identification
of solutions proffered for adoptions by government, as energy sector economic
reform policy, the importance of the energy sector in the development of viable iron
and steel industry for economic and Industrial development in Nigeria.
Reorganizations of the Power Holding Corporation of Nigeria (PHCN), problems
identification, management and staff inefficiency, problem of unproductivity and
fraudulent acts, and solutions.
Health and Environmental Disaster Management
Health and Environment: Definitions, building and styles of ventilation, large windows,
cross ventilation, refuse dumps and disposal methods, drainage system
maintenance, protection of public water supply source, repair of broken water pipes
and petroleum pipelines vandalized, provision of public toilets in designated public
centres such as:
schools, motor parks, recreation centres, market stalls and shopping centres, etc.
Control of Epidemic and Pandemic Diseases: understanding the nature of the
disease (mode or method of spreading), provision of self or public quarantine
measures, provision of appropriate personnel or agency to ensure control of the
disease, provision of adequate publicity and education on the disease nature and
methods of avoidance or control. Examples of diseases that are both epidemic and
pandemic in nature are HIV/AIDS, birds’ flu and cholera (this can be derived from
food poisoning).
Environmental Disasters Management: meaning, types of environmental disasters:
Accidents- plane crash, motor accidents, train accidents, sinking of ships at high sea
30
*
*
*
*
*
*
*
*
and boats mishaps in rivers. The others are electrocution at home or at place of work,
fire disaster, public water reservoir pollution, petroleum pipelines fires, floods, etc.
Management of the disaster: foreseeing possibilities of outbreak of disaster and
avoiding it or planning and providing measures to frustrate and control its occurrence.
Authorizing certain accredited persons with the responsibility of handling national or
environmental disasters as they occur immediately.
Recommended Text books:
Bennett, R. J and Chorley, R.J (1978) Environmental Systems (Philosophy,
Analysis and Control) London, Methuen & co. Ltd.
Edel, M and Rothenberg (1972) Readings in Urban Economics, New York,
Macmillan Publishing co. Inc.
Ekeng, E.E (1999) The Impact of Environmental Degradation on Economic Growth
and Development in Nigeria (A case study of Sharada Industrial Estates, Kano) An
unpublished B.Sc Dissertation submitted to Department of Economics, Bayero
University, Kano (BUK).
Fisher, A. C (1981) Resource and Environmental Economics
(Cambridge
Survey of Economic Literatures),Cambridge. University press
Kjekshuns, H (1977) Ecology Control and Economics Development in East African
History, London, Educational Book Ltd.
Leong, G.C. and etal (2000) Certificate Physical and Human
Geography For
Senior Secondary Schools, Ibadan, University press Plc.
Lowe, J and Levis, D (1980) The Economics of Environmental Management,
Deddington, Philip Allan Publishers Ltd.
Nijkamp, P and Nijhoff, M (1976) Environmental Economics, Volume One Theories
Social Sciences Division.
PAPER 9 (CODE G 4]
MANAGEMENT ACCOUNTING
Objectives:
To acquaint students with basic understanding of management accounting, this is
further reinforced with a basic knowledge in cost accounting.
(b)
To enable the students, upon completion of the ACE Programme, to utilize the
knowledge gained in this course in practical management, such as budgeting and
execution of the budget programmes.
(c)
To educate and inculcate in the students, the character of managing resources, with the
objectivity, costs and wastages minimization; profit maximization and pursuit of target
attainment in budgets.
(d)
To examine the students as examination candidates in this course in other to ascertain
the level of knowledge acquired in this course.
Linkages: This course is linked with course coded: F4, H3, and K4.
(a)
9.1
(a)
(b)
(c)
(d)
(e)
9.2
CONTENTS
This course will consist of part A and B.
PART A:
Basic Elements of Cost Accounting 2
Specialized Cost Accounting Methods
Operations costing, specific order costing, job, batch and uniform costing, contract
costing, including work-in-progress.
Process costing (including principles of equivalent units, treatment of normal and
abnormal gains and losses, joint-products, by products and wastes), and service
costing.
Absorption costing: allocation and apportionment of over- heads; reciprocal services,
absorption of overheads and absorption costing methods.
Marginal costing: marginal costing, as a tool for decision making in production
planning, pricing, make or buy and close-down decisions.
Break Even Analysis (BEP): use of charts, calculation of BEP, margin of safety
(MOS) profit-volume ratio (PVR) and Angle of incidence.
Standard Costing and Variance Analysis
31
(a)
(b)
9.3
(a)
(b)
9.4
(a)
(b)
9.5
(a)
(b)
(c)
(d)
9.6
[i]
(ii)
(iii)
(b)
(c)
(i)
(iii)
*
*
*
*
*
Definition of standard costing, purpose of standard costing; Nature of standard
costing (that is, basic standard, current standard, ideal standard and normal
standard).
Techniques of determining standard cost and their uses and analysis of variances.
PART B:
Fundamentals Of Management Accounting
Concepts of Management Accounting
Definition of Management Accounting, purpose of Management Accounting; The role
of Management Accounting in decision making in a business environment.
Concepts of Management Accounting: Total cost, marginal or direct cost, sunk cost,
Opportunity cost and incremental cost.
Functions of Management Accounting in Planning
Types of planning in Management Accounting, short and long term Planning, budgets
and their uses in business. Objectives of Budgets, Methods of gathering data for, and
planning budget, Execution of budgets, budgets monitoring, budget performance and
evaluation, budgets execution with planned target.
Budgeting Techniques: Zero-Based Budgeting (ZBB), Programme, Performance
Budgeting System (PPBS) and Activity-Based Budgeting (ABB).
Working Capital Management
Meaning purpose, Nature and components of working capital management, the
relevance of working capital management to going concern businesses.
Stock (Inventory): The relevance of inventory, methods of inventory valuation; the
inventory model [.e Economic Order Quantity –EOQ), application of just-in –time (JIT)
technique and the implications.
Cash Analysis: cash budget, cash surpluses and deficits; cash management models
Debtor Analysis; methods of providing for and evaluating credit terms, debt collection
techniques and debt factoring; cash discount and invoicing
Management Decision Making Technique
Short-term Decision Making Technique:
Measurement of costs and benefits in the execution of any project, production,
employment, purchase of equipment or hire.
Analysis of cost- profit volume (CPV) under condition of risks and uncertainty.
Pricing methods and techniques: objectives, pricing decision, factors influencing
effective pricing decision, pricing methods and pricing strategies.
Risks and uncertainty: (i) types of risks
(ii) Risks measurement (iii) portfolio theory (iv) utility theory
(v) Sensitivity Analysis (vi) Decision Tree.
Long term Decision making Technique
Capital budgeting (ii) Methods of evaluating capital budget, net present value[NPV];
accounting rate of return[ARR], cost-benefit analysis[CBA] rate of return[IRR] and
pay back period [PBP).
Capital Rationing (single period and multi-period) and use of linear programming
technique.
Recommended Textbooks:
Asaolu, T. O and Nasser, M.L (2001) Essentials of Management Accounting, Cedar
Productions.
Dandago, K. I and Tijjani, B (2003) Cost and Management
Accounting, Lagos, Malthouse Press Limited.
Drury, c (1989) Management and Cost Accounting, New York, Prentice Hall Inc.
Lucey, T (2002) Costing (6th Ed) New York, Educational Low-priced Sponsored Texts.
Ola, C.S (1986) Management Accounting: Theory and Application, Lagos,
Heinemann Educational books Plc.
PAPER 10 (CODE G5)
GENERAL PRINCIPLES OF LAW (GPL)
Objectives:
32
(a)
(b)
(c)
(d)
(e)
10.1
10.2
(a)
(b)
(c)
[d]
(e)
(f)
10.3
(a)
(b)
To acquaint students with the basic knowledge of laws and legal procedures that
ought to be known by non- lawyers members of the public, and the need to obey the
law and rule of law;
To help develop in the students, an appreciation of the need to have a society whose
daily activity or functions of office or businesses and interrelations, are being guided
by the provisions of the law;
To provide a consciousness of the need to respect human dignity and value of life,
the students are made to understand that where such rights are violated, it is
imperative that they are acquainted with the adequate provisions of the law and court
procedures to address such;
To acquaint the students with the basic legal provisions that established certain
institutions or agencies of government, their functions and limitations, as defined by
their duties in law;
To examine the students’ knowledge of this course content through conducting of
examinations to candidates.
Linkages: This course is linked with courses code H5 and M2.
CONTENTS
Fundamental Concepts of Law
Origin/History of development of law, law as a philosophy of human developmentmoral ethics and religion.
Conducts in The Views of the Law
Constitution, Meaning and types (Constitution of a Nation-State and constitution of
associations, clubs, companies, etc); Rule of law, Democratic Principles,
Fundamental Human Rights (provisions and sections in the 1999 Constitution to be
noted); Violations of fundamental human rights; Conditions where such rights can be
lawfully violated with the plaintiff’s success to redress in courts.
Conducts against Good Governance and Social Justice: Treason and Treasonable
Felony, Disobedience to Courts Orders and
Judgments, Official Corruption and
Abuse of Office; State of Emergency, Anarchy, Abuse of Court Process and
Detention of Persons without trial in courts.
Criminal Law, Definition, meaning, differences between the criminal code and penal
code; with their various areas addressed in Nigeria. The Electoral Act 2006, Process
of Conducting Election, Voters Register;
Process of Recalling Members of National Assembly and States Houses of Assembly,
Impeachment of The President/Vice President and Governor/Deputy Governor, in line
with constitutional provisions.
The implications of the provisions of section 308 of 1999 Constitution on good
governance in Nigeria.
Office of the Attorney General (AG) of The Federation and in the States, purpose,
powers and duties of the office of the AG; powers and duties of the office of Director
of Public Prosecution (DPP) of the Federation and in the States, Conditions where
Applications to DPP can be sought for prosecution by private initiative and by a legal
firm, other than the Police. The Nigeria Police Public Order Act, 1990, LFN.
Evidence Act, LFN, 1990: Presentation of Evidence, Purpose of Requesting for
Evidence, Relevancy of Facts to the Case; Proofs of Evidence (and facts), Admissible
and Non-Admissible Facts/Evidence; Wants of Evidence.
The Nigerian Legal System
Sources of Nigerian law: Statutes law, Legislation, Received English law (Common
law, Doctrine of Equity, Statutes of General Applications) Customary law, Islamic law,
Judicial Precedent and International law.
Interpretation of Statutes (Literal rule, Golden rule, Mischief rule, Ejusdem Generis
rule, Resjudicata and Purposive rule).
Hierarchical Structure of Nigerian Courts: The Supreme Court, Court of Appeal,
Federal High Court, High Courts of the States of Nigeria, Magistrate courts,
Customary and Sharia Courts of Appeal, Customary courts, Area courts, National
Industrial Court, Industrial Arbitration Panels [IAP], and Tribunals. Candidates should
be familiar with the specific sections of the current Constitution which established
these bodies.
33
(C)
(d)
10.4
(a)
(b)
10.5
(a)
(b)
(c)
10.5
(a)
(b)
(c)
*
*
*
*
(a)
(b)
(c)
(d)
Interpretations of Courts Declarations and Judgments: Executor Judgment /Orders;
Interlocutory Judgments/orders; Judgment in persona; Judgment il-rem, Stay/Arrest
of a High Court’s Judgment, Motion Expert, Mandamus, and Contempt of Court.
Elements of Nigerian Law: Legal/Natural Persons; categories of Natural Persons
[minor, insane persons, aliens; judicial or artificial person, and its characteristics].
Law Of Torts
Meaning of Law of Torts, Nature of Tortuous Liability: Assault Battery, Trespass to
Persons and to Property, Nuisance, False Imprisonment, Defamation, Conversion;
Detinue and Malicious Prosecution.
Negligence of Lawful Duties (E.g., Negligent by a motorists to exercise duty of care
on the roads thereby resulting in accidents –is an action in court) Passing-Off,
Deceit/Fraud, Principle of Vicarious Liability; distinction between Civil law and
Criminal law, Master and Servant relationship, and their liabilities in law ; liabilities of
Independent Contractors,
Law of Contract
Definition, purposes of the Law of Contract, Types and Classification of Contracts;
Essentials Features of Lawful Contract; Formation of Contract. Factors giving rise to
Vitiation of Contract: Mistakes, Illegality, Misrepresentations, Privities of Contract,
Doctrine of Estoppels, Duress and Undue influence; Uberrimae fidei
Breach of Contract, Conditions and Warranties, Content of Contract – Implied Terms
and Express Terms; Consideration [E.g., Executed and Executory Consideration],
Adequacy and Sufficiency of Consideration.
Discharge of Contract: Discharge by Agreement, Performance, Breach, Frustration,
Lapse of Time and Operation of law. Remedies for Breach of Contract [ Damages,
Quantum Meruit, Restitution, Injunction, Specific Performance, Rescission and Right
of Deduction from the other party’s benefits. Methods of Ratification of Contract.
Elements of Mercantile Law
Property Law:- Purpose, characteristics – choice of Action,
Ownership and
Possession; Types of Property: Real Property and Personal Property.
Mortgages Law: Definition, Types of Mortgages, Methods of Creating Mortgage
Contract; Land Use Decree (Act) of 1978 – the provisions of the Act in Review,
Certificate of Occupancy, Statutory and Customary Rights of Occupancy, The State
Governor’s power to revoke any right of occupancy and payments of compensation.
Administration of Estates: Meaning of Will, Purpose of a Will, Testate and Intestate,
Requisites of a Valid Will, Testamentary Capacity, Proofs of Testamentary Capacity
and Invalidity of Will. Probate Wills, Formal Will, Revocation of Will and Contentious
Will; Letter of Administration, Probate Court, Beneficiaries of Will, Executors/Executrix
of Wills, Administrators/ Administratrix of Wills, Executor-de-son-tort, and personal
representatives of Testator.
Recommended Textbooks:
Dada, T.O (1998) General Principles of Law, Lagos,
Folarin Nigerian Company.
Okany, M.C. (1992) Nigerian Commercial Law, Onitsha, Africana
Publishers.
Olakanmi, O and Lamikanra, U (2002) Evidence Act, Cap. 112 LFN, 1990, Synoptic
Guide, Lagos, Lawlords Publications.
Schmitthoff, C.M (1984) Charles worth’s Mercantile Law
London, Stevens & Sons Ltd.
THE PROFESSIONAL EXAMINATIONS SECTION
PROFESSIONAL EXAMINATION ONE (PE1)
PAPER 11 (CODE H1)
INDUSTRIAL ECONOMICS
Objectives:
To acquaint students of the need for industrialization of an economy;
To illuminate the problems confronting effective industrialization in Nigeria and in the
LDC’s;
To examine the economic strategies of industrialization and the influence of
industrialization on foreign trade and earnings;
To examine the various domestic policies of industrialization in Nigeria, and to
evaluate their success in view of development of industrial promotion structures;
34
(e)
To examine the students knowledge in this course through the provision of
examination.
Linkages: This course is linked with courses coded: F1, G1, G2, G3,
K2,K3,M3 and M5.
11.1
(a)
(b)
(c)
11.2
(a)
(b)
(a)
(d)
11.3
(a)
(b)
(c)
(d)
(e)
11.4
(a)
(b)
(c)
[d]
CONTENTS
Industrialization as an Economic Policy
Definition, Historical perspective of industrialization, Nature of industrialization and
goals of industrialization, role of industrialization in economic development.
Strategies of industrialization: import substitution, exports promotion, and resource
exploitation, labour and capital intensive industrial strategy.
Technology transfer: Definition, objectives of technology transfer; strategies of
technology transfer, losers-gainers dichotomy in technology transfer; effect of
technology transfer on developing or less developed economies.
Development of Industrialization Strategy
The concept of strategic industrialization economic policy, a study of the successes of
the “Asian Tigers” in industrialization.
Identification of the strength of policy thrusts in industrialization by the “Asian Tigers”
Nations (Singapore, Hong Kong, South Korea and Taiwan), which have helped to
ensure economic breakthrough for these four nations.
The New Industrialize Countries (NIC): yardsticks for measuring new or relatively
industrialized countries (GDP of the manufacturing sector, GDP of the financial
sector, rate of exchange of its domestic currencies to major international currencies,
GDP of the transport sector, GDP of the energy sector and Technology Advancement
index, etc.
Foreign Direct Investment (FDI): The internal strategy, external strategy of
encouraging FDI by developing and least developed countries (LDC’s) economies,
The market economy strategy and command economy strategy of industrialization,
The role of multi-national
corporations (MNCs) in a domestic macroeconomic
industrial development of LDC’s.
Industrialization and the Gap between the Rich and Poor Nations
Gap between rich and poor Nations: The resultant effect, global poverty, poorly
developed and endowed natural resources nations, problems of poorly developed
manpower and specific skills among nations.
The scholarly views of Simon Kuznets, Gustav Ranis, Ragner Nurkse and Jagdish N.
Bhagwati to be presented.
International trade in the provision of industrial goods: role of international trade in
industrial development of domestic economy, problems of the international imposition
of economic sanctions/trades blockade, tariffs and trade embargo on industrial goods
of developing economies and the LDC’s by developed countries.
Labour-intensive and capital intensive industrialization, the factor prices perspective,
resource allocation and market theory, utility and production theory.
Growth of GNP as a criterion for industrialization, enhancement of social and
economic welfare from
industrialization. The Bentham criterion, The Paretooptimality criterion, and The Cardinalist criterion; The Edgeworth’s box to explain
efficiency in the allocation of factors of production among producers.
Policies For Successful Industrialization
Trade liberalization – uniform tariffs, real exchange rate, devaluations, removal of
trade protectionism, promotion of incentives for competitive market structures and
environment, reduction on excessive dependence on manufacturing enterprises.
Provision of proactive national energy policy for industrialization, review of electricity
production capacity, petroleum energy and products for industrial growth,
encouragement of FDI in the energy sector for steering the ship of industrialization;
exports promotion and imports substitution strategy (Nigeria as a case study).
Problems confronting effective industrialization and privatization of government
enterprises in Nigeria, and their proffered solutions.
The roles of the Nigerian Investments Promotion Council [NIPC].
Recommended Textbooks:
35
*
*
*
*
*
Aboyade, O (1983) Integrated Economics- A study of Developing Economies,
London, Addison-Wesley Publishers.
Bennell, P (1998) Industrial Restructuring in Africa during the 1990s: Outcomes and
Prospects, Economic Research Papers No. 40, Abidjan, African Development Bank
Jhingan, M.L (2004) The Economics of Development and Planning (37 th Ed) Delhi,
Vrinda Publications (p) Ltd.
Koutsoyannis, A (2003) Modern Microeconomics (2nd Ed.) London, Macmillan Press
Ltd
Ranis, G (1972) The Gap between Rich and Poor Nations, London, The Macmillan
Press Ltd.
PAPER 12 (CODE H2)
PUBLIC FINANCE AND INVESTMENT
(a)
(b)
(c)
(d)
12.1
(a)
(b)
(c)
(d)
12.2
(a)
(b)
(c)
12.3
(a)
(b)
Objectives:
To intimate students with the knowledge of this course so that they can appreciate
the function of government in sourcing for income and how expenditures are carried
out;
To enable students understand the role of taxation in an economy, which is aimed at
enhancing and establishing social and economic infrastructures for the public;
To help the students develop adequate knowledge and professionalism in the
administration of public finance in Nigeria, in order to achieve the macroeconomic
policy thrust of government;
To examine the students by the contents of the course, in order to determine their
level of understanding of it.
Linkages: This course is linked with those coded as; F1, F4, G2, H3, K3, K4, M3,
and M4.
CONTENTS
The Fundamentals of Public Finance
Scholastic definitions of public finance, scope of public finance, purposes of public
finance.
Taxation: progressive, regressive and proportional taxes; direct and indirect taxes,
canons of taxation, incidence of taxation, characteristics of good tax system, taxable
capacity and determination of persons to be taxed.
Public Revenues and Expenditures: definition, sources of public revenue in Nigeria,
sector by sectors contributions to sources of public revenue in Nigeria, public
expenditure, types of public expenditures, criteria for selecting items for public
expenditure.
Revenue Allocation in Nigeria: formula for revenue allocation (Federal, States and
local government),evaluation of the socio-economic implications of the revenue
allocation formula, criteria used for revenue allocation in Nigeria; the f resource
control agitation as a topical issue in Nigeria, meaning, merits and demerits of
resource control agitation, functions of the Revenue Allocation Mobilization and
Fiscal Commission (RAMFC).
Nigeria’s Public Debts and Management
Definition of public debt, types of public debts, categories of Nigeria’s foreign debts
(The Paris club, London club, multilateral and promissory notes).
Problems associated with managing Nigeria’s external debts, moratorium, debts
rescheduling, debts redemption, the role of debts management office of Nigeria in
accurate data and management of debts, factors responsible for increasing value of
Nigeria’s foreign debts, implication of foreign debts to the economic development of
Nigeria.
Deficit Finance: Definition, purposes, role of deficit finance, effect of deficit finance on
the borrowing and lending country, merits and demerits of deficit financing.
Accounting Treatment of Public Finance and Taxation
System of Taxation and Administration: Documents used for assessment and filing
of tax returns, tax clearance certificates-meaning purpose and merits of tax clearance
certificate and tax administration.
The relevant tax administration and authorities in Nigeria, their powers and
authorities, composition of boards and functions[The Federal Board of Inland
36
(c)
[d].
[e].
12.4
(a)
[b]
[c].
[d].
e]
*
*
*
*
*
*
Revenue –FBIR-, Federal Inland Revenue Service –FIRS-, various states Board of
Internal Revenue –SBIR-, Local Governments Revenue Committee, and Joint Tax
Board], categories of persons/incomes or property, and the tax boards having
jurisdiction by law to assess and collect taxes, distinction between taxes and levies,
functions of the body of Appeal Commissioners[AC].
The provisions of Companies’ Income Tax Act (CITA) cap. C21, LFN, 2004; Personal
Income Tax Act (PITA) cap. P8, LFN, 2004; Petroleum Profits Tax Act (PPTA), Cap.
P 13, LFN, 2004; Education Tax Act (ETA) Cap. E4, LFN 2004 and Value Added Tax
Act (VATA) Cap. V1, LFN 2004.
Taxable persons – meaning, lawful duties, registration for taxation and tax payers (if
such person is an incorporated company) list of benefits–in–kind (B.I.K), and
purposes of their provisions in taxation.
Assessment of companies’ profits or losses for tax: computation of adjusted
profits/losses, allowable and disallowable deductions; non-taxable incomes and
taxable incomes, determination of basis of tax assessment on going -concern
businesses during business commencement; on the change of business accounting
date; on cessation of business, and to ascertain total profits of the business.
Computation of Personal Income Tax Assessment: on minimum tax basis (sec. 33
CITA, 2004), on turnover basis (Sec. 30 CITA, 2004) on dividend basis (Sec. 19 CITA
2004); and computation of business loss relief.
Public and Private Sectors Investments in Nigeria
Pure and Public Goods: Meaning, purposes, benefits, the
distinctions between
pure goods and public goods and their limitations. Problems associated with public
sector investments, types of public sector investments, effects of public sector in
investment on the economy of Nigeria;
Methods of evaluating the public sector Investments (or projects) and remedies
proffered to solve the problem of public sector investment; the concept of “Free
Riders” in public goods; cost-benefit of analysis [CBA] valuation of public goods,
introduction of prices/fees for allocation of public good for consumption by
households and firms by government.
Market failures: Definition, meaning nature, the problem of externality and inability of
the market to ensure appropriate
intervention; the solution to the problem of
externality occasioned by market failures.
Private sector Investment: Definition, nature of private sector I investment in the
production of goods and services, maximization of profits, expansion of plants;
minimization of costs and wastages.
Types of private sector investment – real sector investment (i.e. manufacturing,
transportation, marketing, mining and quarrying, including teaching and medical
services); the portfolio investment (this includes the money market and capital market
securities).
Evaluation of Private Sector Investment: Use of cost-benefit analysis, internal rate of
return, net present value, accounting rate of return and pay-back period (A case study
required from the real sector or money market).
Recommended Text books
Boadway, R. W (1979) Public Sector Economics, Boston, Little Brown & Co.
Brown, C.V & Jackson P.M (1990) Public Sector Economics (4th Ed), Oxford, Basil
Blackwell Ltd.
Buffers, Keith. J (1969) Case Problems in Finance (8th Ed.) Illinois, Richard D. Irwin
Inc.
Delupis, Ingrid (1973) Finance and Protection of Investments in Developing
Countries, Gower Press.
Fischer, Donald. E & Jordan, Ronald. J (1975) Security Analysis and Portfolio
Management, New Jersey, Englewood Cliff, Prentice Hall.
Wonnacott, P and Wonnacott, R [1984] An introduction to Macroeconomics, New
York, Mc-Graw-Hill Book company.
PAPER 13 (CODE H3)
FINANCIAL ACCOUNTING 2
Objectives:
37
a.
To inculcate in the students the ability to prepare, analyze and interpret financial
statements.
b.
To inculcate in the students the ability to monitor business performances, through the
knowledge of accounting ratios, used for performance evaluation.
c.
To prepare the students for the ability to effect the responsibilities of financial
management of the enterprises or organizations they find themselves, and
d. To be able to provide services as an Economic Adviser to the President or the Governor
or to be able to perform such services in government as a Commission of Finance or
Minister of Finance in government, added with adequate knowledge in economics as
a discipline.
e.
f.
13.1
a.
b.
c.
d.
e.
f.
g.
h.
i.
13.2
a.
b.
c.
d.
e.
13.3
a.
b.
c.
13.4
a.
b.
c.
*
*
*
*
To enable the students, after graduation, to establish consultancy, that can provide
services to clients in specific areas of accounting and other professional areas.
To examine the students knowledge in this course through a
written examination.
Linkages: Linked with courses coded: F4, G4, and K4.
CONTENTS
Accounting for Professional Businesses
Hire Purchase Accounts
Pension Scheme and Private Fund Accounts
Stock Brokerage Accounts
Oil and Gas Operations Accounts
Underwriters and Unit Trusts Accounts
Leasing and Investment Accounts
Solicitors and Property Accounts
Cooperative Societies and Farmers Accounts
Trustees and Estate Agency Accounts.
Contemporary Business Accounts
Contract Account
Sinking Fund and Annuities
Containers Account
Partnership Accounts – Amalgamation, Absorption, Dissolution (Garner V. Murray,
Piecemeal Realization and Distribution), and
Conversion to Limited Liability
Company Accounts.
Redemption of Shares and Debentures; Convertible Loan Stock.
Accounts.
Reorganization of Business Enterprises
Mergers or Amalgamation of Companies and Accounts
Absorption and Purchase of Businesses Accounts
Accounting for Reconstruction and Reorganizations
Business Performance and Evaluation Accounts
Computation and Analysis of Financial Ratios
Cash flow and Funds flow Statements and Analysis
Consolidated Accounts: Accounting for Associated Company, Accounting for Holding
Company and Subsidiary Company.
Recommended Textbooks:
Jennings, A. R (1990) Financial Accounting, London, Educational Low-Priced, DP
Publications.
Lewis, R and Pendrill [1982], Advanced Financial Accounting,
Pitman.
Pickles, W (1974) Accountancy (-A Text Book for the Professional Accountancy &
Advanced Commercial Examinations), London, The English Language Book Society
and Pitman.
Wood, F (1985) Frank Wood’s Business Accounting 2 Edited by J.O. Omuya, For
West Africa, Essex, Longman Group Ltd.
PAPER 14 (CODE H4)
HUMAN RESOURCES MANAGEMENT
Objectives:
38
a.
b.
c.
d.
e.
14.1
a.
b.
c.
14.2
a.
b.
c.
d.
14.3
a.
b.
14.4
a.
b.
To educate students about the functions of Human Resources Department and the
Duties of the Human Resources Manager in an organization;
To inculcate in the students the objectives of establishing the Human Resources or
Personal Department of organization;
To prepare the students as future Human Resources Manager, who has set goals to
achieve, which would enhance organizations productivity and profit;
To illuminate on various ways the Personnel Department, through the Manager, can
assist to develop the staff proficiency and intellectual awareness on the job (e.g
through in-house training school and courses or through seminars, workshops, etc;
To examine students knowledge of the course content through an examination.
Linkages: This course is linked with courses code: F5 and M2.
CONTENTS
Concept of Human Capital
Definition of Human Capital, importance of human capital, objectives of human capital
acquisition in organization, nature and characteristics of different employees or
human capital in organization.
Returns on Investment in Human Capital: Assessment of human capital (employees)
productivity, A dehumanized and conflict less working environment.
Personnel Department: Functions, scope of personnel administration, The personnel
department role in policy making, behavioural views of personnel, personnel
research; encountering enthusiasm, and auditing role., The
Role
of
Human
Resources Manager.
Manpower Planning and Management Development
Meaning of manpower planning, purposes of manpower planning, manpower
forecasting, job analysis and job descriptions, designing career paths, ensuring
stability of employment, seniority and ranking staff.
Meaning and purposes of management development, managerial career pattern,
development of managerial responsibilities; forecasting managerial need and
recruitment of managerial staff, management training; techniques of management
training.
Evaluation of training scheme for the personnel and managerial staff, techniques for
evaluation of staff and managerial staff, pre and post-training scheme, job
performance, seminars, conferences, lectures; simulation based development
methods, organizational development; focus on action-research and sensitivity
training.
Sources of Manpower Training for Industries: Programmes in specific manpower
needs organized by government approved public training institutions, the roles of
universities, polytechnics, colleges of education and agriculture, technical colleges
and professional institutes in manpower training and development for industries.
Personnel Recruitment, Selection and Placement
Recruitment of personnel, sources of recruiting candidates for jobs, techniques of
selecting candidates for jobs (selection tests and oral interviews), types of selection
tests (performance tests, intelligence test, aptitude test and personality tests), role of
the human resources manager in recruitment of applicants.
Validity of test, empirical and content validity. Appointment letter, contents of
appointment letter, confirmation letter and its content, annual leave and the
allowance, seven-day casual leave, sick/maternity leave, termination letter,
orientation course and training techniques for newly recruited staff.
Employees Motivation and Performance Appraisal
Definition and meaning of motivation, evaluation of staff needs in the organization,
methods of motivation: financial motivation (promotion and salary increase, leave
grants, overtime pay, bonus allowance, children allowance, medical allowance); nonfinancial motivation scheme (job enrichment), training, delegation of duties and
authority, medical and recreational facilities, proper ventilation and cooling facilities)
Management By Objectives (MBO), job rotation, job security, job design and
leadership style.
Theories of Motivation: Frederick Hertzberg, Abraham Maslow, Douglas Macgregor,
Needs Achievement Theory, Equity Theory, Expectancy Theory; Objectives of
Motivation Theories.
39
c.
d.
14.5
(a)
b)
c)
d)
e)
14.6
a)
b)
(i)
(ii)
c)
d)
*
*
*
*
Job Evaluation Methods, job analysis, purposes of job analysis, job description and
job evaluation, factors militating against appropriate job evaluation. Work-study, its
meaning, method study and work measurement; characteristics of method study and
work measurement.
Staff appraisal techniques, objectives of staff appraisal, nature of the appraisal,
factors undermining performance appraisal.
Communication in Human Resources Management
Definition of communication in human resource management, nature of
communication [to top level management , line or functional managers, and to
employees across board in all departments], policies of human resources
department; disciplinary policies and method of effecting disciplines on employees,
issue of queries, suspension from work either definite or indefinite, and the purpose
for each adoption, termination of appointment and dismissal.
Advertisement of vacancies for employment: Internal source (within the organization)
and external source. Advantages and disadvantages of internal sourcing of
employees in filing vacancies.
Requests for documentary reports from applicants’ or Employees’ referees,
confirmation of the authenticity of employees’ credentials and academic
qualifications.
Communication with labour union on employees’ welfare package plan, resolution of
union and top management fuss, employment and welfare crises, communicating
with third parties on confidential and official information about employees records.
Communication of factory safety standards to employees and employees’ personal
provident fund contributions scheme with the company insurance policy.
Social and Private Costs of Human Capital Development
Definition of social and private costs of human capital development, nature of social
and private costs of human capital development.
Types of human capital development:
Government Subvention on Tuition fees, tuition fees subsidies, provision of
infrastructure for learning and studies, payment of teachers, lecturers and nonacademic staff; provision of books, library or training workshops.
Provision of Academic infrastructure by community efforts, payment of teaching staff
and provision of books.
Private cost: self financing of tuition fees, educational materials and transportation.
Investments in educational development of the community. The importance of
investment in human capital development, resource allocation theory in human
resource development and contingency approach.
Recommended Textbooks:
Dessler, G (1981) Personnel Management and Techniques (2 nd Ed),
Virginia,
Reston Publishing company, Inc
Hilgert, R.L, etal (1978) Cases and Policies in Human Resources Management (3 rd
Ed), Boston, Houghton Mifflin Company.
Irvine, S and Haman, H (1993) Making Sense of Personnel Management, Oxford,
Radcliffe Medical Press.
Myers, C.A (1981) Personnel Administration: A Point of View and a Method, [9 th Ed],
New Delhi, McGraw Hill International Books Company.
PAPER 15 (CODE H5)
a.
b.
c.
d.
BUSINESS LAW
Objectives:
To intimate the students of the importance of the knowledge of business law in any
business transaction they may engage in.
To create awareness in the students of the legal provisions available for the conduct
of any given type of business, that must be complied with.
To intimate the students of the need to know their rights in law and liability, as well as
for any proper or wrong conduct in business or with a third party.
To educate the students in the knowledge of this course so that they can be a
successful business managers or administrators of organization that will guide the
40
e.
organization rightly to achieve its goals, without incurring liability from
ignorance of
the provisions of business law.
To examine the students knowledge on the contents of this course through an
examination.
Linkages: This course is linked with courses coded as F1, F4, F5, G5, H3 and M2
CONTENTS
Negotiable Instruments and Nigeria’s Banking Law
[a].
Meaning of Negotiable instrument definition of bill of exchange and promissory notes,
drawer, drawee and payee.
[b].
Acceptance, Acceptance for Honour, Negotiation, Endorsements,
Holder
in
Due Course, Holder for Value, Payment, Liability of
Parties, Forged Signature,
Discharge of Bill and lost of Bill.
[c]
Definition of cheques, types of cheques, crossed and uncrossed cheques, Banker
and Customer relationship, confidentiality of Account and Third Party Relationship
and influence.
[d]
Provision of the Bank and Other Financial Institution Act (BOFIA) No 24 and 25 of
1991, the Roles of the CBN in line with BOFIA No24 of 1991, and the Nigerian
Deposit Insurance Corporation (NDIC) Act, 2003, and 2007 as Amended.
15.2
The Nigerian Insurance Law
[a]
Definition and purpose of insurance. The Provisions of the Insurance Act, 2003.
Nature of insurance, types of insurance in Nigeria, and their legally authorized share
capital, including revision by the apex regulatory authority in the insurance industry.
The functions and powers of the National Insurance Commission (NAICOM).
[b]
Insurance Contract, Stamp Duty, Declaration Clause, Insurance Policy, Temporary
Cover-Notes, consensus ad-idem, the proposal form, its meaning and its general
characteristic ; premium, Refund of premiums and the vitiating factors
[c]
Insurable Interest, Disclosure of material facts types of material
facts
previous Refusal by other insurers, previous insurance contract /policy character or
moral Hazard and previous conviction, Utmost good faith, Principle of Indemnity,
Condition and Warranty, Construction of Policies (e.g., the Ejusdem Generis Rule),
Claims, Settlements (i.e., Notice of loss, particulars of loss, proof of loss, assessment
of loss, salvage and settlement by compromise), Doctrine of Subrogation,
Contribution, Assignment of policy.
15.3
Trusteeship, Bankruptcy and Hire Purchase Law
[a]
Definition, Nature of Trusts, Appointment, Duties, Obligations and Presentation of
Accounts. Classification of Trusts: Formal and Valid Trusts, Types of Trusts (Public
Trusts or Charitable Trusts, and Private Trusts) and Control. Beneficiaries of “Cestui
Que Trusts”
[b]
Definition of Bankruptcy in law, Nature; the Bankruptcy Act,
LFN,1990;
Procedures to Adjudication – Before Receiving Court
Order, and
After Receiving Court Order; Appointment of Official
Receiver, Trustees
in bankruptcy, Proof of Debts, Division of
Property, Discharge
of the Bankrupt.
[c]
Hire Purchase Law: Definition of Hire Purchase, provision of the law on the rights
vendor. The laws regarding hire purchase contract in Nigeria, provision of Notice to
Buyer or Hire Purchaser by the vendor, Repossession, and Conditions for
Repossession of Property to be fulfilled by the seller.
15.4
Company Law in Nigeria
[a]
Definition, Nature, and Procedures for the formation of companies, types of
companies, functions and powers of the corporate affairs commission (CAC), Nigeria.
[b]
Authorized and issued capital of companies, Memorandum and
Articles of
Association, Alteration of Memorandum and Articles, Conversion of companies and
Re – registration , Promoters of
companies ,Prospectus; Ultra-Vires Doctrines,
Constructive Notice of Registered Documents and Membership of a company,
Meetings, Resolutions ,Minority Protection and Majority Rule.
[c]
Shares and Debentures: Definition of Share and Share Capital, Alteration of Share
Capital, Authorized and Issued Shares; Definition and creation of Debentures and
Debentures Stock, Types of Debentures, Debentures Trusts Deed.
15.1
41
[d]
[e]
15.5
(a).
(b)
15.6
(a)
(b)
(c)
*
*
*
*
*
*
Directors and Company Secretary, Duties and Powers, Appointment of Auditors,
Auditors reports, Termination, Disclosure of Directors’ interest, Removal of Directors
and Company Secretary, Directors’ reports, Annual returns,
Liquidation (winding up) of companies, methods of winding up (voluntary and courts
order), Appointment of Official Receiver, Liquidators and Offences Antecedent to or
during the course of winding up companies.
Law of Partnership and Agency
Partnership Deed, formation of partnership, types of partnership, rights and duties of
partners, inter-relations between partners, accounts of partner, share of profits and
losses, relationship of partners with third party, disagreement and dissolution.
Creation of Agency, nature of agency, types of agency, author the agent relationship
of agent to third party in contract, rights and duties of principal and agents;
termination of agency and liability of agents.
Laws Of Guarantorship, Copyright And Trade Marks
Distinction between a guarantee and indemnity, statement of the guarantors, liability
of the guarantor, right of the guarantor against the creditor and the debtor; discharge
of the guarantor.
Definition of Copyrights, Nature of Copyrights, Legal provisions in the Copyright law,
Distinction of Copyright works – Literary, Dramatic and Musical works. Criminal
Infringements on Copyright works. (A case study of the Nigerian economy, and the
legal provisions for criminal and civil offences), Including the Protection of Intellectual
Property in line with International Conventions and Law. Legal Exemptions for
Infringements of Copyright; Primary and Secondary Infringements.
Legal Interpretation of the following under copyrights: Qualified Person, Originality,
Industrial Designs, Universal Copyright Convention, Sound Recording, Television
Broadcast and Films or Videos; Ownership, Assignment and Licensing; Live
Performance.
Recommended Textbooks:
Adesanya, M.O and Oloyede, E.O (1984) Business Law in Nigeria, Lagos,
and
Evans Bothers Publishers.
Daddah, P.O (1989) A Text in Principles of Law, Lagos, Law Publishers.
Okany, M.C (1992) Nigerian Commercial Law, Onitsha, Africana
Publishers.
Olakanmi, O & etal (1990) Companies and Allied Matters Act, 1990 Federal
Government of Nigeria Gazette Extracts, published by LawLords Publications.
Schmitthoff, C.M (1984) Charles worth’s Mercantile Law, London, Stevens and Sons.
Yerokun, O (1992) Insurance Law in Nigeria, Apapa, Nigeria Revenue Projects
Publications.
PROFESSIONAL EXAMINTION TWO (PE.2)
PAPER 16 (CODE K1)
MATHEMATICAL ECONOMICS
Objective:
a.
To provide a quantitative guide for the understanding of economic theories and
principles;
b.
To provide the logical methods for the evaluation of variables and factors or
elements, which makes up a composite set, an event or phenomena;
c.
To provide the basic tools for building up models considered as a microcosm of the
actual real life idea, which the researcher wish to present;
d.
To help broaden the mathematical understanding of students, which will assist them
in appreciating various mathematical models and analysis in economic courses;
e.
To examine the students understanding of the course content through a written
examination.
Linkages: This course is linked with course coded as F2, G1, G2, H2, K2, M1, M3, and M4.
16.1
CONTENTS
Uses of Derivative in Economic Analysis
42
[a]
[b]
16.2
Application of Graphs and Equation in Economics
Mathematical Functions and Graphs, Quadratic Function (Parabola),
Linear
Quadratic and Cubic Functions (Equations and Graphs), the Relationship between
Functions and Graphs.
(b)
Equations and Graphs of Income Determination Model, Equations of Supply and
Demand Analysis.
Calculus of Multivariable Functions
[a]
Rules of Partial Differentiation – The Product Rule, Quotient Rule, Generalized Power
Function Rule, The Second-Order Partial Derivatives, Constraint Optimization and
Lagrange Multipliers,
(b)
Income Determination Multipliers, Homogeneous Production Function Optimization of
Cobb- Douglas Production Function, Constraint Optimization of Production Function.
Application of Exponential and Logarithmic
Functions in Economics
(a)
Exponential and Logarithmic Functions, Solving Natural Exponential and Logarithmic
Functions.
[b]
Uses in Economics for Determining: Effective and Nominal Rates of Interest in
Portfolio Investment, Discounting a Future Stream of Income with the use of Natural
Exponential Function.
[c]
Estimation of Growth Rate and Optimal Time with the use of Exponential Function,
First and Second Order Derivatives with Exponential Functions, Partial Derivatives.
Application of Special Determinant Matrices
[a]
The Jacobina Determinant Matrices, The Hessian Determinant Matrices, Higher
Order Hessian Determinant Matrices
[b]
Use of Hessian Determinant Matrices for derivation of Marshallan Demand Function,
Input- Output Analysis and Optimization, Price Discrimination and Elasticity of
Demand.
Linear and Dynamic Programming in Economic Analysis
[a]
Graphical Solution to Linear Programming Problem,
The Extreme Point Theorem, Slack and Surplus Variables and The Basis Theorem,
Maximization and Minimization Approaches.
[b].
The Simplex Algorithm – Maximization and Minimization Approach,
The Dual Approach (Maximization and Minimization), Shadow Price Theorem and
The Lagrangian Multiplier.
[c]
Mathematical/Dynamic Programming (Optimization).
Definite and Indefinite Integral
[a]
Definite Integral and application to economic problems.
[b]
Indefinite Integral and application to economic problems.
Operation Research
[a]
Critical Time/Project Analysis: Program Evaluation Review Technique
(PERT)
Critical Path Method (CPM).
[b]
Decision Theory: Types of Decision, Maximin, Maximax and Minimax Regret.
Expected Monetary Value (EMV), Expected Opportunity Loss; Decision Trees and
Optimal Decision Strategy [ODS].
[c] Transportation Problem: Solution by Algorithms; The Northwest
Corner Rule
[NCR], Vogel Approximation Method [VAM] and the
Stepping – Stone
Method [SSM].
[d]
Markov Processes: Market Share Analysis, Accounts Receivable Analysis, Allowance
for Doubtful Debts Accounts.
[e]
Waiting line Models: Single Channel Waiting Lines, Arrival Distribution, Single and
Multiple Channel Waiting Line Models, with Poisson Distribution.
(a)
16.3
16.4
16.5
16.6
16.7
16.8
Limits, Continuity, Rules of Differentiation, [constant, linear and power function rule,
quotient rule, the generalized power function rule and chain rule]. Higher Order
Derivatives and Implicit Differentiation.
Increasing and Decreasing Functions, Concavity and Convexity, Relative Extrema,
Points of Inflection, Optimization of Functions, The Application of Derivative in
Marginal, Average and Total Functions, Price Elasticity of Demand and Supply;
Marginal Rate of Technical Substitution (MRTS).
43
*
*
*
Recommended Textbooks:
Anderson, D.R (1982) An Introduction to Management Science (Quantitative
Approaches to Decision Making). Minnesota West Publishing Co.
Dowling, E.T (1992) Schaum’s Outline of Theory and Problems of Introduction to
Mathematical Economics, New York, and Schaum’s Outline Series McGraw Hill
Publishers.
Khoury, S.J and Parsons, T.D (1981) Mathematical Methods in Finance and
Economics, New York, North Holland.
PAPER 17 (CODE K2)
ADVANCED MACROECONOMICS
Objectives:
a.
This course is aimed at providing an advanced knowledge of macroeconomics to the
student, so that they can understand the extent to which economic theories have
been integrated to state policies formulation;
b.
To provide the students with advance knowledge for the purpose of undertaking of
research on macroeconomic variables, which affect or influence the structure of an
economy;
c.
To help students in the understanding of the nitty-gritty of economic stabilization,
which is provided from the knowledge of advanced macroeconomics.
d.
To examine the students understanding in this course through an examination
administered to them, covering the contents of the course.
Linkages: This course is linked with courses coded F1, F3, G2, H2, K3, M2, M3, M4, and M5.
17.1
[a]
[b]
[c]
[d]
17.2
[a]
[b]
[c]
17.3
[a]
[b]
[c]
CONTENTS
Determination of National Income and Output
The Classical Theory of Income and Employment : The Full Employment Model, the
Quantity Theory of Money, Money Wages and Real Wages, Labour Market and
Theory of Employment, Say’s Law of Market, Equilibriums in Factor, Product and
Money Markets with Graphical Analysis, The Concept of Wage Rigidity, and the
Effects of Wage Rigidity.
The Keynesian Theory of Income and Employment : The Determination Model, The
Consumption Function Equations and Graphs, Savings and Investment Functions;
including their equations and graphs. The Keynesian paradigm of aggregate demand,
and the impact of the money market in an economy.
Theories of Consumption : The absolute income Hypothesis, The relative income
Hypothesis, The permanent income Hypothesis, The permanent income hypothesis
and the life cycle Hypothesis.
The Neoclassical Theory of Income and Employment
The Multiplier Models
The Multiplier Models : Meaning of Multiplier, Determination of the Value of the
Multiplier, Derivation of the Multiplier Model and substitution with hypothetical
variables of equations and graphs;
Assumptions of the Multiplier: Multiplier Coefficient, Leakages of Multiplier and Roles
of the Multiplier the in a developing economy.
Types of Multiplier and their equations (models): Investment Multiplier Model
Equation, Government Multiplier, and Government Autonomous Tax Multiplier (or
simply Tax Multipliers). Equations and Coefficients; the Aggregate Demand and
Multiplier.
The Acceleration Principle and Investment Function.
The Accelerator Principle: Meaning, Assumptions of the Accelerator Principle, The
effect of change in Capital – Output ratio (Accelerator), Present Value of Future
Yields in Investment, Rates of Returns, Net Investment.
Principles of Investment: Definition, Meaning of Investment, Discounting, Income
Stream, Discounted Cash Flow, Marginal Efficiency of Investment [MEI], Impacts of
Investments in Nigeria.
The Keynesian Portfolio Theory of Investment:, Effective Rate of Interest, Real,
Nominal Interest and Equilibrium Rates of Interest, Investment Demand Curve, the
Investment – Saving Curves (the IS curve), LM curve, the Money Market Equilibrium
44
17.4
[a]
[b]
[c]
NB
17.5
[a]
[b]
[c]
*
*
*
Determination Model, The Liquidity Trap and its effect on the Money Market, Impacts
of Taxation on Portfolio Investment.
Evaluation of Economic Performance
Real Sector Performance Appraisal Techniques:
[i]
Calculating Consumers’ Price Index (CPI): Definition and Meaning, Types of
Price Index – Weighted and Unweighted, The Laspeyres’s Price Index,
Paasche’ Price Index, Fisher’s Ideal Equation, Fixed Weighted Aggregate
Method, Schedule of Empirical or Hypothetical Data for Analysis and
Determination of CPI, The Relevance of CPI in Macroeconomic Planning.
[ii]
Calculation of Consumers’ Quantity Index [CQI]: Schedule of Empirical or
Hypothetical data of commodities using Laspeyres’s or Paasche’s Index
Determination of Real income (Real wage) in an economy, Determination of
Purchasing power for a given set of years, Determination of Rate of Inflation
(inflation digit) for an economy from empirical or hypothetical data.
Monetary Sector Appraisal Technique : Monetary Policy Performance Evaluation, The
Equation of Exchange, Quantity Theory of Money, the Cash Balance Approach;
Milton Friedman and Keynesian paradigms.
Domestic Economy Performance Appraisal Techniques: Determination of Growth
Rates, Development Indexes, Investment Index, Gross Domestic Products [GDP],
National Income and Value of National Currency vis-à-vis Major International
Currencies.
[Students/candidates are expected to be familiar with the quantitative techniques of
calculating or determining the economic performance of an economy, taking Nigeria
as a case study].
Crises in Macroeconomic Theories
Theoretical Inconsistencies from different Schools of Economic Thoughts.
The Rational Expectation Theory, the New Keynesian Theory and New Classical
Theory, the Neo-Classical Theory, and the Monetarists Theory.
Disequilibrium in Macroeconomic Theory, Static and Dynamic
Equilibrium Analysis Models, Government Autonomous Expenditure Multiplier, Tax
Multiplier, the Balanced Budget Multiplier.
Recommended Textbooks:
Begg, D (2000) Economics (6th Ed), London, The McGraw Hill Company.
Mc Connell, R. C (1999) Economics – Principles, Problems and Policies (14th Ed),
Boston, Irwin McGraw Hill.
Piggott, J and Cook, M (1999) International Business Economics, New York, Addison
Wesley Longman Ltd.
PAPER 18 (CODEK3)
STRUCTURE OF THE NIGERIAN ECONOMY
Objectives:
a.
To acquaint students with the structural formation and the sectors that makes up
the Nigerian economy;
b.
To review the historical development policy of Nigeria, and the extent to which
they have been achieved;
c.
To evaluate the relevance and function of each sectors to the Nigerian economy;
d.
To examine the students appreciation of the course content through a written
examination.
Linkages: This course is linked with courses coded:
F1, F3, G2, H1, H2, K2, M3, M4, and M5.
CONTENTS
Briefs: The Nigerian Economy is composed of several sectors, each with
structures. They are, however, given below.
81.1
[a]
their individual
The Petroleum Sector of the Nigerian Economy
Historical Development of the Nigerian petroleum industry, licensing of oil firms,
prospecting, extracting and exports of crude oil and natural gas. Distinction between
the upstream and downstream petroleum sub – sector.
45
[b]
[c]
[d]
[e]
[f]
18.2
[a]
[b]
[c]
18.3
[a]
[b]
[c]
[d]
18.4
[a]
[b]
[c]
[d]
[e]
18.5
[a]
Development of petroleum refineries in Nigeria, purposes, function, the role of the
Nigerian National Petroleum Corporation (NNPC) in the petroleum industry ,and the
role of petroleum refineries in industrial and energy development of Nigeria.
Oil Sector Reforms: meaning, objectives; qualitative and quantitative reviews of
several reforms policies in the petroleum industry of Nigeria and the need for
sustainable development. The role of OPEC in global oil production and pricing and
its influence on Nigeria’s economy.
The Petrochemical Industries – meaning, function, the roles of petrochemical industry
in the Nigerian Economy.
Problems arising from the petroleum industry in Nigeria and the proffered policy
thrusts required, as recommendation to mitigate or eradicate them.
The contributions of the oil sector to the federally collected revenue. Oil and Gas
sector as an Engine of growth in Nigeria’s economy, statistics of oil and gas sector,
and the GDP in Nigeria.
The Agricultural Sector of the Nigeria Economy
The sub-sectors of Nigeria’s Agricultural sector: Crops cultivation or plantation
agriculture, fish farming and animal husbandry, agric – sector statistics and GDP.
Function of River basins and Dams Development Authority and their relevance to the
development of crops for food production.
The roles of Agricultural Research Institutes in Nigeria, Agricultural Credit Guarantee
Scheme Fund [ACGSF]. The problem of pests, diseases and Land use Act, 1978, on
the Agricultural industry in Nigeria.
The Education Sector of the Nigerian Economy
Purposes of National Education Policy plan: the role of effective and efficient
educational structures and products in national development.
Structures of the Nigerian Education System:[i]
The 6-3-3-4 system and the 9-3-4 system,
[ii]
Curricula Development in school for industries
[iii]
Ratio of Science and Humanities graduates of higher institutions, and the
implication for the Nigerian economy.
Stakeholders in the Education Sector: The government at Federal, State and Local
Governments, lecturers of universities, polytechnics and colleges of education,
represented by their unions (such as ASUU and ASUP), industries (such as banks and
insurance), Parents- Teachers Association [PTA], private initiatives in the education
sector, Professional training institutions (such as ICAN, ICEN, CIBN, CIIN, etc) and
philanthropists.
Problems of the Education Sector: Education Sector Reforms and the Millennium
Development Goals (MDG’s), Roles of the International Institutions in the Nigerian
education sector reforms [e.g. the UNICEF, British Council, United States Agency For
International Development-USAID-]
Banking and Transportation Structure of the Nigerian Economy.
The roles of the banking industry in the Nigerian economy, problem of low G.D.P from
the banking industry, exports finance, capitalization, merger and Absorption,
Deregulation.
Bank Reforms, minimum share capital, bank structures –operations, installation of
computerized service system, the V-sat, e-banking via internet and GSM, inter banks
cheques clearing system from different states with the use of computers to speed up
accounts verification and minimize clearing time.
Frauds and Bank Distress:- Types of bank frauds and use of computers in frauds,
mis-management of bank, bank distress and their implications. The role of the CBN
in banks supervision.
Transportation system of the Nigerian economy: Waterways, the Railway and roads.
Federal and States governments programmes, and policies in the development of
effective and efficient transport systems in Nigeria. The importance of transportation
to the economic development of Nigeria.
The problems of the transport industry, and private initiative in the transport industry
in Nigeria.
The Nigerian Tourism Industry
Tourism Potentials and Locations in Nigeria (e.g Obudu Cattle Ranch of Cross-River
state of Nigeria, and the Yankari Games Reserve of Bauchi state of Nigeria).
46
(b)
[c]
National and States own Museums and Monuments, Artifacts,
Traditional
Settlements, First Storey Building in Nigeria at Badagry in Lagos State.
The Historical relics – The Mary Slessor Tomb at Calabar, Kingdoms of Jaja of
Opobo, The Old Calabar and The Obong of Calabar, The Benin Kingdom, The
Kanem Bornu, The Sokoto Caliphate, and The Alafin of Oyo Empires
Recommended Textbooks: Students should lay their hands on any useful materials
for this course.
PAPER 19 (CODE K4)
FINANCIAL MANAGEMENT
Objectives:
a)
To provide the scope of Financial Management to students so as to enable them
appreciate the usefulness of the course in the areas of human endeavour where such
knowledge need to be put to use.
b)
To provide an in-depth knowledge of the course to students so that they can become
familiar with the appropriate concepts and techniques to be used in sourcing for finance
for business.
c)
To provide financial techniques that would enable the students to evaluate the costs and
benefits of carrying out a project.
d)
To examine candidates understanding of the contents of the course, through a written
examination.
Linkages:
This course is linked with papers coded: F1, F4, H2, H3, and M3.
19.1
19.2
19.3
CONTENTS
Fundamentals Of Financial Management
(a)
Scope and objectives of Financial Management. The Taxonomy of Financial
Management; Fixed–income Securities, Equity Securities, and Derivative Securities.
(b)
Financial Markets in the Nigerian Economy. Roles of the Nigerian Stock Exchange
and Discount Houses in the Management of Financial Assets to ensure Financial
Sector Stability, Investment Process – Assets Allocation, Security Selection and
Security Analysis.
(c)
Financial Intermediaries, Investment Bankers, Types of Capital Markets – Primary
Market, Secondary Market, Globalization of Capital Markets Trading (E.g. Purchases
of Securities in the London, The Tokyo and New York Stock Exchange Markets) and
the influence on individual domestic economy investors (like Nigeria Investors).
Money and Capital Markets Instruments
(a)
Money Market Activities in an Economy: (i) The Treasury Bills, objectives and uses.
(ii) Call Money (iii) Commercial papers (iv) Bankers Unit Fund (v) Certificates of
Deposits (vi) Bankers Acceptances.
[b]
Discount Houses in Nigeria:
Definition, Meaning, Evolution, Objectives,
Developments in Ownership Structure of Nigerian Discount Houses.
[c]
Capital Market Activities: Government Bonds, Debenture Stock, Equity Shares or
Preferred stock.
Calculation of Stocks and Bonds Markets Performance Indexes
[a] Bond and Stock Markets Performance are measured using “Dow Jones Averages” (or
Price Weighted Average); Standard and Poor Composite Stock Index, Equally
Weighted Stock Indexes, Foreign and International Market Stock Indexes
NB: Candidates are required to be familiar with the various techniques of stock
evaluation indexes, as real data or hypothetical data will be presented in examination
to test their understanding].
[b]
Bond or Stock Market Performance Indicators, Application of Investment
Mathematics, such as: Yield on Investment, Sinking Fund, Time Value of Money,
Present Value and the Net, Loan Amortisation, Discounting Techniques, and
Compounding Methods.
[c]
Investment Appraisal Techniques: Cost Benefit Analysis (CBA) NPV,
ARR,
Returns on Investment, Pay Back Period.
47
19.4
19.4
19.5
Analysis Of Bonds Prices And Yields
[a]
Bond as a fixed Income Security: Definition of Bond, nature of Bond – Issued at
Market Price, Nominal Price, Discount or Par Values. The Bond Coupon Rate or
Interest Rate, Quoted Prices and Unquoted Prices of Bonds, Convertible Bonds or
Stocks, Including determination of the Conversion Ratio, Market Conversion Value
and Conversion Premium).
[b]
Ratios for Determination of Safety in Bonds Investment:
(i) Coverage Ratio (ii) Leverage Ratio (iii) Liquidity Ratio
(iv) Profitability Ratios (v) Cash Flow or Debts Ratio.
[c]
Bond Yields: Definition, Meaning, Nature of Bond Yields, Types of Bonds Yield to Call
(YTC), Computation or Calculation of YTM and YTC from Data, and The rate of
Returns on Bond, The Yield Curve, The Expectation Hypothesis or Theory, The
Keynesian Liquidity Preference Hypothesis and Curves, and The Market
Segmentation Theory.
Determination of Equity Shares Performance in The Stock Market and Investment
Analysis
[a]
The Balance Sheet Valuation Methods: The Net Worth of the Company, Liquidity
Value versus Market value per share, Replacement cost.
[b]
The Intrinsic Value and Market Price Method: Valuation of the intrinsic value of
shares with market value of shares, Market Capitalization Rate.
[c]
Dividend Discount Models (DDM): The Constant Growth Model, The Life Cycles and
Multistage Growth Models; Price Earnings Ratios and Aggregate Stock Market or The
Earnings Multiplier Approach.
[d]
Financial Statement Analysis: The Income Statement and Balance Sheet, Cash flow
Statement, Review of Auditors’ Reports and Directors’ Reports,
[e]
Computations of Accounting Ratios: Returns of Equity (ROE) or Returns on Capital
Employed (ROCE), The Leverage Ratio, Debt Equity Ratio, Average Collection
Period or Days Receivables, Liquidity and Interest Coverage Ratios, Market– to–
Book–Value Ratio, Price/Earning Ratio and Earning Yield. The views of Professor
Benjamin Graham, an academic Icon, on The Theory of Investment (or Portfolio)
Theory and Analysis.
Risk Management And Investment Finance
[a]
Definition of Risk, Natures of Risks in Investment, Types of “Risks in Investment,
Techniques of Risks Spreading in Investment, Investment Timing and Speculations;
Taxed Investment and Tax Free Investment, Risk Adjustments.
[b]
Practice of Investment, Portfolios Planning and Management, Objectives of Portfolios
Planning and Management.
[c]
Techniques of Portfolio (or Security) selection: The Treynor – Black Model, MultiFactor, Single Factor Model, Market Model – Capital Asset Pricing Model (CAPM),
Arbitrage Pricing Model (APM).
[d]
Sources of Economic and Financial Information for Portfolio Planning and
Management – Economic Data, Industry Data, Corporation or Firm Data, Security
Market Data and Computer Data Bases.
19.6
Corporate Management And Capital Re-Structuring
[a]
Strategic Corporate and Financial Management: Development of Corporate Plans,
Capital Budgeting, Total Quality Management TQM), Just-In-Time (JIT); Operating
and Finance Leases, their Advantages and Disadvantages.
[b]
Recapitalization:
Definition, Meaning, Purposes and the Effects on a Corporate
Business Organization.
[c]
Mergers and Acquisitions: Techniques of Capital Restructuring, Takeover Processes,
Valuation of Financial Assets, Yardsticks for Determination of Financial Distress
Organizations.
[d]
Privatization of Public Enterprises: Take over of Public Enterprises Processes,
Injection of Funds into Acquired Public Enterprises through the Leverage Buyout.
Recommended Textbooks:
 Bodie, Z and Etal (1998) Essentials of Investment (3rd Ed), Boston, Irwin McGraw-Hill.
 Foulke, R.A. (1968) Practical Financial Statement Analysis (6th Ed.), New York, McGrawHill Book Company.
48
 Horne, James, C.V. (1980) Financial Management and Policy. (5 th Ed.), London,
Prentice-Hall International Inc.
 Simons, L. (1978), The Basic Arts of Financial Management (2 nd Ed.) England, Business
Book Ltd.
 Viscione, J.A. and Etal (1980), Cases in Financial Management, Boston, Houghton, Miffin
Company.
49
PAPER 20 (CODE K5)
INFORMATION TECHNOLOGY AND MANAGEMENT
Objectives:
[a]
To provide students with the knowledge of computer systems, which would be
required to solve daily, complex human activities speedily and accurately;
[b]
To intimate students with computer processes which involves computer files and
documentations, which also ensures saving of storage space for file systems;
[c]
To intimate students about computer auxiliary services, such as the internet –
websites, e-mail, e-banking, e-commerce, etc;
[d]
To enable students appreciate the role and importance of computer in enhancing
management planning and decision making through the MIS, and
[e]
To examine the students’ knowledge of the contents of the course through an
examination.
Linkages: This paper linked with virtually all the papers in this programme.
20.1
20.2
20.3
CONTENTS
Introduction To Information Technology (InfoTech)
[a]
Definition of Information Technology, Nature and Objectives of Information
Technology. Distinction between Computer and Data Processing, and the Stages.
[b]
Data Processing, Types of Information needs. (Strategic Information, Tactical
Information and Operational Information) Characteristics of Information.
[c]
The Role of Information Technology as a tool for human development and economic
empowerment.
Computer System Hardware
[a]
Historical Development of Computers: Generation of Computers, Nature of
Computers, Types of computers – Analog Computers, Digital Computers and Hybrid
Computers, Classification of Computers (Super-Computers, Mainframe, Minicomputers and Micro-computers). Types of Micro-Computers and their uses – FullTower, Mini-Tower, Desktop, Lap-Top, Notebook and Palmtop.
[b]
Physical Structure of the Computer System: The Computer Configuration – Input Unit
and Devices; The Central Processing Unit and Backing Storage, and Output
Unit/Device, ROM, RAM, VDU, Types of Printers, Computer Output on Microform.
[c]
Storage Devices: Auxiliary Storage Devices – Sequential Access Storage Devices
(SASD) and Direct Access Storage Device (DASD). Types of DASD: Floppy Disk,
Hard Disk and Optical Disks.
Computer System Software
[a]
Computer Software: Definition of Software, Components of System Software,
Operating System and its Types (single user Environment, Multi-User and Network
Environments). Functions of the Operating System (OS), Computer Language
Translators. Application Software, Advantages and Disadvantages of Application
Software Packages, Sources of Application Packages, Utilities and Services
Programs.
[b]
Computer Networking:
Data Transmission/Communication, Media of Data
Transmission, Equipment of Data Transmission, Local Area Network (LAN),
Metropolitan Area Network (MAN), and Wide Area Network (WAN), other Network
Terminologies.
[c]
Network Topologies: – Definition, Meaning, Linear Bus, Star, Ring and Mesh
(including their advantages and disadvantages); The Internet – Internet Protocol,
Internet Services and Internet Browser.
[d]
Computer System Security: Physical Security, Password and Personal Identification,
Functions of System Analyst, Programmer, Data Processing Manager, Data
Preparation Supervisor, Data Control Supervisor, The Librarian and Computer Room
Supervisor.
[e]
Computer Program Malfunctioning: Meaning, Causes, Problem Identification and
Solution, Computer Virus: Causes, Effects and Control (Provision of Computer
Software Solution to Control System Virus)
50
20.4
20.5
20.6
Files And Database Structures And Management
[a]
Computer Files Management: Definition and Meaning of files Management,
Meanings of Bits, Byte, Character, field, Records,
[b]
Files and Database Classification: Classification of files, file organization, types of file
access.
[c]
Data Base Management System:
Definition of Database, Advantages and
Disadvantages of Database, Meaning and Process of Database Management System
(DBMS), Advantages of DBMS, Types of Database – Relational, Network and
Hierarchical Databases. Computer Frauds, Abuses and Trespass.
Introduction To Microsoft Disk Operating System (MS-DOS)
[a]
MS DOS Windows: Definition of MS-DOS, Meaning and Types of Devices used with
MS-DOS (Window 95/2000) on Computers: Motherboard, Hard Drive, Modern Sound
Card, CD-ROM Drive Scanner, Joystick, Printer, Disk Formatting, Debugging, File
and Directories, Text Files, Mouse, System File, Batch Files, Executable File, and
File Delete.
[b]
Window Operation: Definition of Windows, Advantages of Windows, Elements or
Characteristics of Windows (Control Menu Box, Title Box, Title Bar, Menu Bar, Scroll
Bars/Locks, Maximize and Minimize Button, Window Border/Corner, Program
Manager, Application Window and Document/Group Windows. Types of Applications
– Windows Applications, Non-Window Application, and Memory Resident Programs.
Information Systems And Strategies
[a]
Definition of System, Types of System (Open System, Closed System, Hard/Soft
System, Deterministic/Mechanistic System, Self-Organizing System, Probabilistic or
Stochastic System, Adaptive or Cybernetic System).
[b]
System Transformation Process, System Environment, System Boundary, Feedback
and Control, Characteristics or Attributes of Information, Classification of Information
System – Transaction Processing System (TPS), Management Information System
(MIS), Decision Support System (DSS) and Models.
[c]
Information Strategy: Business Information Strategy, Information Management
Strategy, Information System Strategy and Information Technology Strategy.
[d]
System Development:
Phases of System Development, Life Cycle, System
Implementation Phases, System Management and Evaluation.
Recommended Textbooks:
 Adewunmi, W and Akinlade, T. (1990) Data Processing and Management Information
System, The Macmillan/ICBN.
 Brightman, R.W. (1986) Using Computer in An Information Age, Delmar and Dimsdale
Publishers.
 Omojefe, G.O. (1998) Information Technology, Goody, Stevens, Lagos.
PROFESSIONAL EXAMINATION THREE (PE3)
PAPER 21 (CODE MI)
ECONOMETRICS AND RESEARCH METHODOLOGY
Objectives:
[a]
To acquaint students with the quantitative tools for carrying out research;
[b]
To provide research methodologies, through models formulation, hypothesis and theory
as research guide;
[c]
To familiarize student with the courses in economics which are quantitatively biased, and
to help the students in understanding the approaches required to present their view to
their audience or readers using quantitative techniques;
[d]
To examine candidates knowledge in the course through a written examination.
Linkages: This course is linked with courses coded F2, GI, KI, M3 and M4.
21.1
CONTENTS
Fundamental Concepts Of Econometrics
[a]
Definition and Scope of Econometrics, Objectives of Econometrics, Process of
Developing the Theory of Econometrics, The Relationship between Econometrics and
Mathematical Economics, The Relationship between Econometrics and Statistics.
51
[b]
21.2
21.3
21.4
21.5
21.6
21.7
Goals of Econometrics: Analysis and Testing of Economic Theories, obtaining
Numerical Estimates of Coefficients of Economic Variables to establish their
Relationship, for Policy and Decision Making.
[c]
Forecasting Economic events and the future values of their Economic Magnitude.
Processes of Econometrics
[a]
Model: Definition, Meaning, Purpose of Formulating Models, Definition of Variables
of Model estimation of the Model, Evaluation of Parameter estimates and the
Forecasting Power of the Model.
[b]
Theory of Correlation: Positive, Negative and Zero Correlations, the Population
Correlation Coefficient and its Sample Estimate. The Rank Correlation Coefficient,
Partial Correlation Coefficient and the Limitations of the Theory of Linear Correlation.
[c]
Linear Regression Model:
The Ordinary Least Square Regression (OLS),
Assumptions under the Linear Stochastic Regression Model, Least Square Criterion
and Equations of OLS.
[d]
Statistical Tests of Significance: Test of Goodness of Fit with R2, Test of Significance
of the Parameter Estimates, Confidence Intervals of Parameters, and Desirable
Properties of Estimators.
Multiple Regression And Analysis Of Variance
[a]
Model of two or three Explanatory Variables Partial Correlation Coefficient,
Relationship of Linear Regression Model and Nonlinear Regression Model.
[b]
Analysis of Variance, Comparison of Regression Analysis with Analysis of Variance,
Testing the Significance of the Regression and Parameter Estimates, Test of Stability
of Regression Coefficients to Sample Size, Test of Restrictions imposed on the
Relationship between two or more Variables.
Problems In Econometric Research
[a]
Assumptions of Randomness, Zero Mean, Constant Variance. The Disturbance of
Variable U, the Homoscedasticity Disturbances.
[b]
Meaning of Auto Correlation, Sources of Autocorrelation, the 1st Order test of
Autoregressive Scheme, Estimation of Autocorrelation Parameter, Consequences of
Autocorrelation, and Tests for Autocorrelation – the Von Neumann Ratio, the DublinWatson Test.
[c]
Multicollinearity: Meaning, Assumptions and Consequences of Multicollinearity, Tests
for Multicollinearity – The Frisch’s Confluence Analysis, and the Farrar-Glauber Test,
Misspecifications of Variable.
Errors in Variables, Time as a Variable, Dummy Variables and Lagged Variables/Models
[a]
Errors in Variables, and the Assumption of no errors in the Measurement of the X’s,
Consequences of the Violation of the Assumption of no errors of Measurement,
Testing for errors in the Regressors.
[b]
Time as a Variable, Dummy Variables ( or the Binary Variables), Dummy Variables as
proxy to Qualitative and Quantitative or Numerical Factors, Use of Dummy Variables
for Measuring Shift of Function and Change of Parameters over time and for
Dependent Variables.
[c]
Grouping of Observations in a Model with a Single Explanatory Variable and
Extension to two or more Explanatory Variables.
[d]
Lagged Variables Distributed with Lag Models, Exogenous Lagged Variables, the
Almon Scheme of Polynomial Lag, Endogenous Lagged Variables; the Koyck’
Geometric Lag Scheme, Nerlove’s Partial Adjustment Model, Cagan’s Adaptive
Expectation Model, the Compound Geometric Lag Model, and the Pascal LagScheme.
The Simultaneous Equation Models And Methods
[a]
Simultaneous Dependence of Economic Variables, Consequences of Simultaneous
Relations, Solutions.
[b]
Solution to Simultaneous with Bias to:
i.
The Reduced Form Method or Indirect Least Squares (ILS)
ii.
Method of Instrumental Variables
iii.
Two-Stage Least Squares (2.SLS)
iv.
Limited Information Maximum Likelihood (LIML).
Research Methodology
[a]
Definition and Purpose of Research, Importance of Research, Types of Research
(Pure and Applied),
52
[b]
Methods of Gathering Research Facts: By Experimentation, Field Survey, Case
Study, Extracts of Secondary Research Materials.
[c]
Process of Effecting a Research: Problem Identification, Review of Related
Literature, Research Design and Methodology, Sampling Techniques Adopted,
Sampling Size and Definition of the Population of the Study.
[d]
Sources of Knowledge for Research Work, Methods of Obtaining Research Data from
Field Survey, Techniques of Analyzing Data Obtained From Field Survey, Types of
Reliability Tests of Research Data and Parameter Estimates, Preliminary Survey and
Post Enumeration Survey (PES).
[e]
Interpretation of Research Findings From Manual Quantitative Analysis and
Computer analysis.
[f]
References and Bibliography, The Distinctions between References and
Bibliography, Styles of Presenting References and Bibliography – the Harvard
University Style, the Chicago University Style, the APA Schools, and the Library of
Congress Approach.
[g]
Presentation of Appendices (where necessary).
21.8
General Approach To Research
[a]
Methods of Scientific Research: Inductive Scientific Enquiry and Deductive Scientific
Enquiry the Wallace Model of Research.
[b]
The Basic Concepts of Research: Theory; Hypotheses, Purposes of Theory and
Hypotheses, Functions of Theory and Hypotheses, Types of Theory and Hypotheses,
and their Functions.
[c]
The Research Topic: Meaning, Purpose, Criteria for Developing and Preparing the
Research Topic, Merit of Research Topic.
[d]
The Research Plan: Meaning, Objectives and Stages of Research Plan.
Recommended Textbooks
 Kautsoyiannis, A (2001) Theory of Econometrics (2nd Ed),
Houndmills and Basingstoke, Pelgrave Publisher.
 Osuala, E.C (1993) Introduction to Research Methodology,
Onitsha, African FEP Publisher Ltd.
 Owojori, A.A (2002) Managerial Research, Ado- Ekiti,
Kaycee Publishers.
PAPER 22 (CODE M2)
LABOUR ECONOMICS AND LAW, AND INDUSTRIAL RELATIONS
These course consist of three sections; Sections A, B, and C, which makes up the contents.
Objectives:
[a]
This course is intended to provide knowledge to students on the methodology of
labour management and the relationship which existed between productivity and
wage rate;
[b]
It intends to present the legal provisions on the right of workers; that must not be
infringed upon by employers of labour;
[c]
It also intends to present the ways workers can ventilate their views and present a
common position to employers through their representatives;
[d]
To bring to the knowledge of students ways of effecting industrial disputes
harmoniously between the workers’ representatives and the employers’
representatives, in order to promote industrial relations, harmony and productivity,
and
[e]
To examine students knowledge through written examination drawn from the course
contents.
Linkages; This course is link with courses coded F1, F5, G1, G5, H1, H4, H5, K3 and M5.
CONTENTS
SECTION A: LABOUR ECONOMICS
22.1
Concepts in Labour Economics
[a]
Meaning of Labour Economics, The Role of Labour in National Economic
Development, History and Development of Organized Labour for Enterprises in
Nigeria.
53
[b]
[c]
22.2
[a]
[b]
[c]
[d]
[e]
22.3
22.4
Concepts of Output, Wage Rate and Productivity Determination. Demand and Supply
for Labour, Equilibrium Wage Rate, Shift in Demand and Supply of Labor at different
Equilibrium Levels. The Total, Average and Marginal Products of Labour with Graphs.
The Laws of Exceptional Supply CURVE (background Bending Supply Curve) for
Labour, the Influence of Elasticity of Demand on Labour Demand and Supply,
Government Intervention in the Labour Market ( Through Minimum And Maximum
Wage Rates Legislation). The Implications of Government Intervention in the Labour
Market.
Market Imperfection Tendency in Labour Market
The Existence of a Monopoly as Employer of Labour in the Labour Market and the
Labour Union ( including Graphs). Examination of the Goals of the Labour Union
under the Monopoly Market, and Equilibrium in the Market.
The Existence of Monopsony in Labour
Wage Fixation by the Firm and Labour Union (with Graphical Analysis) under
Monopoly Market and Monopolistic Market.
Adoption of Rational Expectation Theory in the Analysis of labour Market Behaviours.
Perfect Competitive Market in the Labour Market, Wage Determination and
Equilibrium.
Theory of Distribution and Welfare
[a]
Determination of Factor Price , Value of Marginal Physical Product (VMPP), Marginal
Revenue Productivity (MRP),
[b]
Price Exhaustion Theory (or Adding Up Theory), Euler Theory, Walrasian Theory and
Maxian Theory.
[c]
Theory of Unemployment: Definition, Types of Unemployment, The Natural Rate
Hypothesis, The Philip’s Curve, Theory of Second Best, Market Failures, Types of
Employment.
[d]
Models of Unemployment: Classical Model of Unemployment, Keynesian Model of
Employment, the Noeclassical Model of Unemployment, Labour Turnover Model,
Efficiency Wage Model, The Shirk Model, The Search Model, The Walresian Model,
the Keynesian Adjustment Model, and The Utility Maximization Model.
Productivity Measurement and Improvement in Nigeria
[a]
Definition of Productivity, Meaning, Types, Objectives and Methods of Measuring
Productivity, Evaluation from Organization and Domestic Economy Points of Views.
[b]
Improvements in Productivity: Objectives of Improving Productivity, Methods of
Improving Organizations and National Productivity, Calculation of Different
Productivity (Direct Labour Cost Index, Labour Productivity Index, Capital
Depreciation Productivity Index, Total Cost Productivity Index)
[c]
Establishment of Productivity Policy: Definition and Meaning of Productivity Policy,
Objectives, Work-Study and Work-Study Groups, Industrial Engineering Dept, and
Due Process Office (A Nigerian Nomenclature for evaluation of process of awarding
contract to minimize corruption and abuse of office).
[d]
Reward for Productivity; Productivity versus Quality of Life, Productivity versus
Creativity and Innovations, Productivity versus Leadership and Management,
Concept of Social Productivity ( Education And Training) .The Role of Government in
Promoting National Productivity.
SECTION B: THE NIGERIAN LABOUR LAW
22.5
Law Relating to Employment Contract
Provision of the Labour Act of 1974, as amended by Cap 198, LFN 1990
[a]
Definition of an Employee, Worker and a Professional from the Legal Point of view,
Meaning of Control Test, Multiple Test, Organization Test, the Labour Statutes and
Employees.
[b]
Contract of Employment: Form of Contract, Capacity to Contract, Employments of
Infants, Insane Persons, Married Women and Aliens and the Provisions of the Law
stating the Terms of Employment, Medical Examination, Hours of Work to be done,
Rest or Break Time, Rest Day, Sick Leave, and Annual Leave.
54
[c]
22.6
Characteristics of Contract of Employment: Express Terms and Implied Terms,
Terms arising from Collective Agreements, Duties of Employer, Duties of Employee,
Avoidance of Falsehood and Misrepresentations.
[d]
Termination of Contract of Employment: Quantum Meruit Provision – when it can be
Applicable and when it can not be Applicable in Contract of Employment, Policy of
Employments in the Organization (by Employer) when the Employee is being Sick,
being placed on Suspension or during Frustration of Contract; Summary Dismissal.
Deductions of Employee’s Wages, must be with his consent, except Provisions of the
Personal Income Tax Deductions and other Government Levies required by Law to
be made to all Employees across board, without Employees’ consents being
required.
[e]
Injuries at Work: Employer’s Duty of Care, Breach of Duty of Care, Causation of
Injury, Action for Breach of Statutory Duty of Care, a Plea for “Volenti–Non–FitInjuria”, Contributory Negligence and Vicarious Liability.
Workmen Compensation Act and Factory Act
[a]
Meaning of Workmen Compensation Act, Objectives of the Act, Basis of Claim,
Personal Injury, Accident, Liability to pay Compensation, Persons entitled to
Compensation, Duty to Report Death, Incapacity to Earn Income, Temporary and
Permanent Incapacity.
[b]
Medical Examinations and Treatment, Calculation of Earnings, Procedure for Claims,
Review of Payment, Compulsory Insurance, Rules of the Court and Regulations,
Provisions of the Factory Act.
SECTION C:
INDUSTRIAL RELATIONS
22.7
Trade Union Law and Collective Bargaining
[a]
Historical Development of Trade Unions in Nigeria: Emergence of Trade Unions in
Nigeria, the Role of Labour Law in enhancing Industrial Relations in Nigeria, Registration
of Trade Unions, Appointment of Officials of Trade Unions, Duties of the Appointed
Officials of the Unions, Duty of the Employers to the Union, Union Constitution, Fines and
Subscriptions.
[b]
Labour Disputes in Nigeria: Factors Responsible for Labour Disputes, Collective
Bargaining and Agreements on Workers Welfare, Types of Labour Disputes (Strikes,
Lockout, Work–to–Rule, Picketing).
[c]
The Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) Acts, Duties and
Functions, Powers and Limitations. National Minimum Wage Agitation and Enforcement
of the Law.
[d]
Settlement of Labour Disputes: Processes, the Industrial Arbitration Panel (IAP), the
Legal Prohibition of Strike Action, Work–to–Rule, Sit– Down Strike by any Member of the
Teaching or Non–Teaching Staff Employed in Primary, Secondary and Tertiary
Institutions in Nigeria from going on strike. (Section 2 (1) Teaching (Essential Services)
Act 1993, No. 30).
[e]
National Industrial Court (NIC), Roles of the IAP and NIC in Labour Disputes, Jurisdiction
of the Court in Labour Disputes, Persons or Institutions Legally Barred from Joining or
Forming Unions in Nigeria, and Reasons for Barring. The International Labour
Organization (ILO), Functions and Objectives.
Recommended Textbooks:

Begg, D (2000) Economics (6th Ed) London, The McGraw Hill Companies.

Christiano, A and etal (1992) The Economics of Industrial Modernization, London, Academic
Press.

Farnham, D and Pimlott, 5 (1988) Understanding Industrial Relations (British Lib. Cat)
Mackays of Chatham Ltd.

Mc Connell, R. Campbell (1999) Economics – Principles, Problems and Policies (14thEd.),
Boston, Irwin McGraw Hill.

National Productivity Centre (1987) Increasing Productivity in Nigeria – A Publication of the
National Productivity Centre, in Conjunction with Macmillian, Nigeria.

Oladosu, O (1991) Nigerian Labour and Employment Law In Perspective, Ikeja, Folio
Associates Ltd.

Otobo, D and Omole, m (1987) Readings in Industrial Relations in Nigeria, Ibadan, Malthouse
Press Ltd.

Unieghara, E.E (2001) Labour Law in Nigeria, Ikeja, Malthouse Press Ltd.
55
PAPER 23 (CODE M3)
INTERNATIONAL ECONOMICS
Objectives:
[a]
[b]
[c]
[d]
[e]
Linkages:
23.1
23.2
23.3
[a]
[b]
[c]
23.4
[a]
[b]
To illuminate the importance of international trade in the development of domestic
economics such as Nigeria;
To present the ways and methods of international exchange rate determination, and
the foreign factors that determine the value of domestic currency;
To equally examine the benefits of several international institutions of money and
trade, in the provision of economic Road Map for international cooperation in trades
and monetary development;
To present the current issues across the globe, which centres on trade, such as
money laundering, international terrorism and economics sanctions imposition by the
international community on non compromising states, and
To examine candidates understanding of the provisions of the contents of the course
outline through a written examination.
This course is linked with courses coded F1, F2, F3, G2, H1, H2, K1, K2, M4.
CONTENTS
Theories of International Trade
[a]
The Mercantilist’s Theory of Trade, Favourable Trade Balance and Price – Species
Flow Doctrine.
[b]
The Absolute Advantage Theory, Concepts of FREE Trade and Labour Theory of
Value.
[c]
The Comparative Advantage Principle, Comparative Advantage in Money Terms,
Assumptions of Comparative Cost Principles, Concept of “Money Illusion”,
Transformation Schedule.
[d]
The Constant Cost Condition of Constant Opportunity Cost, Production Gains from
Trade Specialization, and Consumptions Gains from Trade Specialization.
Distribution of Gains of Trade, Productivity and Comparative Advantage Principle.
[e]
The Free Trade or Trade Liberalization advocacy, the Economic Implications of Trade
Liberalization Policy on a Domestic Economy (Taking Nigeria as a Case Study),
Hecksher – Ohlin Theory of International Trade, Factor Endowment Theory.
[f]
Use of Edge Worth Box to Explain International Trade Principles, Marginal Rate of
Substitution (MRS), Determination of Optimal Trade Satisfaction Point from the Box.
International Equilibrium In Trade Relations
[a]
Commodity Terms of Trade, Autarky Equilibrium, Offer Curves, Community
Indifference Curves, J.S Mill’s Theory of Reciprocal Demand, Equilibrium Terms of
Trade, Estimation of Terms of Trade, with Exports and Imports Indexes (from Data
Collected from Authoritative Documents about different Countries or as determined
Hypothetically).
[b]
Impact of Trade in the Global Distribution of Income among Nations, Effect of
International Trade on Economies of Scale and Specialization. The Theory of
Overlapping Demand – Staaffan Linder.
Commercial Policy of International Trade.
Tariffs: Meaning, Purpose, Types of Tariffs (Specific Tariff, Ad-Valorem Tariff and
Compound Tariff), Effective Tariff Rate (Value Added), Nominal Tariff Rate, Consumer
and Producer’ Surpluses, and Protective Tariff.
Economic Arguments for Trade Restrictions, Non Economic Arguments for Trade
Restriction.
Non – Tariff Trade Restrictions: Export Quota, Import Quota, Selective Quota, Terms – of
– Trade Effect, Trade Diversion Effect, Anti-Dumping Duty, Export Subsidy and buy
Domestic – made Products Policy.
Concept of International Trade Institutions and Reforms
History of the Formation of the General Agreement on Tariff and Trade (GATT),
Objectives of GATT, Principles of GATT and the Achievements of GATT, Trade Rounds
Under GATT.
Trade Provisions under Tokyo and Uruguay Round of Trades, World Trade Organization
(WTO), Principles of WTO, Structure of WTO and Achievements.
56
[c]
[b]
Concepts of Strategic Trade Policy, Economic Sanctions, and the Factors giving rise to
the Success of Economic Sanctions, New International Economic Order (NIEO) United
Nations Conference on Trade and Development (UNCTAD), Organization of Petroleum
Exporting Countries (OPEC), New Partnership for African Development (NEPAD), African
Growths and Opportunity Act (AGOA), Custom Unions and Free Trades Zones (FTZ).
Abuses in International Trade: Money Laundering Practices, International Terrorism with
Traded Goods, Unfair Trade Practices (Eg Piracy of Intellectual Property Right, Trade
Marks, Copy Rights and Patents, Discriminatory Practices of Goods from Unfavoured
nation), Environmental Degradation and Pollutions.
23.5
Injection of Foreign Capital and Debts Problem.
[a]
The Role of Multinational Corporations in the LDCs. Foreign Direct Investment (FDI);
Definition, Meaning and Roles of FDI in Domestic Economy. Policies of State which
Discourages FDI, FDI in Exports Promotion Strategy and Imports Substitution Strategy in
a Developing Economy.
[b]
Incentives for attracting FDI in LDCs, Economic Benefits of Increasing FDI in a Deficit
Financing Strategy Economy.
[c]
Debt Burden, Causes of Foreign Debts, Effects of Increasing Foreign Debts on a
Domestic Economy, Measures of Management.
23.6
International Monetary Relations And Institutions
[a]
Balance Payments (BOP) and its Adjustments Composition of BOP, the Double Entry
Accounting Principle in BOP, Terms of Trade and Balance of Trade.
[b]
The International Monetary System: The Bretton Woods System, Meaning of the Bretton
Wood System, History, Objectives and Achievements.
[c]
Foreign Exchange Market (FEM), Types of Foreign Exchange Transactions, Inter–Bank
Trading and Market, the Bid Rate, Offer Rate and Spread.
[d]
The Determination of Exchange Rate, Meaning, Purpose and Objective of Currency
Devaluation and Appreciation on the Domestic Economy of a Country.
[e]
Cross – Exchange Rate, its Determination given major International Currencies in the
Basket with a Domestic Currency, Futures Market, Spot Market, Forward Market (Spot,
Forward and Swap Transactions). Demand and Supply of Foreign exchange.
[f]
Equilibrium Rate of Exchange, Exchange Arbitrage, Two–Point and Three–Point
Arbitrage; Floating and Fixed Exchange Rates, Interest Arbitrage, Method of Determining
Exchange Rates.
Recommendation Textbook:
 Carbaugh, R.J (2000) International Economics (7 th Ed.) Cincinnati, Ohio, South – Western
college publishing.
 Ethier, W.J and etal (1993) Theory, Policy and Dynamics in International Trade, Cambridge,
Cambridge, Cambridge University Press
 Meier, G.M (1973) International Economic Reform–Collected Papers of Emile Despres,
NewYork, Oxford University Press.
 Pilbeam, K (1998) International Finance (2nd Ed.), Houndmills, Palgrave Publisher
 Shone, R (1972) The Pure Theory of International Trade, London, The Macmillan Press Ltd.
PAPER 24 (CODE M4)
MONETARY ECONOMICS
Objectives:
[a]
To guide students on the techniques of monetary policy formulation and implementation;
[b]
To highlight government interest in monetary policy formulation for a qualitative
management of money supply in an economy;
[c]
To understand the policy programme under monetary management in Nigeria under the
mandate of the CBN;
[d]
To understand monetary policy measures, targeted at controlling rising inflation, through
coercive monetary policies, and
[e]
To examine the students knowledge through a written examination spread through the
entire course outline.
Linkages:
This course linked with courses coded F1, F3, G2, H2, K2, K3, and M4.
57
24.1
[a]
[b]
[c]
[d]
24.2
[a]
[b]
[c]
[d]
24.3
[a]
[b]
24.4
[a]
[b]
[c]
[d]
[e]
[f]
24.5
[a]
[b]
[c]
24.6
[a]
[b]
[c]
CONTENTS
Developments in Monetary Theory
History of the Evolution of Money, Forms of Money, Functions and Characteristics of
Money, Role of Money in LDCs and in a Developing Economy, The Gresham’s Law, The
Purchasing Power of Money.
Contributors to the Theory of Money; Purpose, Divergences in the views of the Proponents
Revealed, Areas of general Interest in Monetary Theory by the Vast Contributors,
Relevance of the Theory to the Modern Epoch.
Money and Price Mechanism, The Dynamic Force of Money in an Economy in Regulating
Economic Activities.
Monetary Survey and Theory:
i.
The Classical (Orthodoxy) School;
ii.
The Monetary (Chicago) School;
iii.
The Keynesian (Stock Approach) School;
iv.
Gurley And Shaw Approach, and
v.
The Dennis Robertson (Flow Approach)
The Classical and Neoclassical Theories of Money.
Classical Monetary Theory, Neo-Classical Theory of Money, the Marxian Views.
The Dichotomy Issues in Monetary Theory, The Real-Balance Effect, Price Dynamism,
Full Employment Goal of Money, The Neutrality of Money.
Demand and Supply of Money: The Fisher’s Equation, The Cambridge Equation, The
Quantity Theory of Money, The Classical View of Money Supply and Demand.
Keynesian Paradigm of Demand and Supply of Money, Velocity of Money and
Measurement, High Powered Money (Monetary Base) and Determinants, Interest
Elasticity of Demand and Supply of Money, The General Equilibrium Model.
The Great Debate
The Ideas of Monetarism and Keynesian on Monetary Theory. The Issues in the Great
Debate.
Money Transmission Mechanism, Monetary Growth Theory and Models, Monetary
Programming, Monetary Inflation and Forced Savings.
Domestic and International Policy of Money
Domestic Monetary Policy–Monetary Policy, its Meaning, Objectives, Targets,
Instruments, Indicators and Goals.
Effectiveness of Monetary Policy, Lags in Monetary Policy and Incidence, Inflation
Forecasting, Models of Foresting Inflation, Philip Curve.
Money in International Economy, Balance of Payment Problems, Over–Valuation of
Exchange, Exchange Rates Adjustments. Real, Nominal and Effective Exchange Rates
Exchange Arbitrage, Spot and Forward Exchange Rates, and their Determinations Open
Economy Money Multipliers.
Elasticity and Absorption Approaches to Balance of Payment.
The Derivation of the IS Schedule and LM Schedule for the Domestic and Open
Economy. Money Supply Expansion under Fixed and Floating Exchange Rate. Monetary
Exchange Rate Equations. Effects of an Increase in Income under Fixed Exchange Rates
Monetary Models of Exchange Rate Determination
Purchasing Power Parity (PPP) Theory, Measurement, Problems and Failures of the PPP
Theory, Asset Prices, The Sticky–Price Monetary Model, Money Supply Expansion and
Exchange Rate “Overshooting”.
The Portfolio Balance Model: Concept of Risk Premium, Types of Portfolio Risks, The
Analysis of the Portfolio Balance Model, The Dynamics of the Model, Exchange Rate
Models and its Empirical Testing.
Effectiveness of Monetary Policy (A Retrospect of Nigeria’s Paradigm): Historical
Perspective, Era of Passive Monetary Policy and the Effects, Era of Active Monetary
Policy and the Achievements.
The Economics Concept of Theory of Value
Concept of Value: Implicit and Explicit Values Concepts.
Classical Theory of Value: The Adam Smith Theory of Value, David Ricardo’s Theory of
Value, Neo-Classical Theory of Value; Propositions of Alfred Marshall and Jeron.
Determination of Value: The Production Coefficients (Emperical Relationship Between
Input and Output, Use of Equations and Graphs; Price, Wage Rate, Profits, Scarcity,
Marginal Utility and Percentage of Market Share as Determinants
58
Recommended Textbooks:
 CBN, Monetary Policy Circular.
 Day, A.C.L (1967) Outline of Monetary Economics, Oxford, Clarendon Press.
 Eltis, W.A and Sinclair, P.J.N (1981) The Money Supply and the Exchange Rate,
Oxford, Clarendon Press.
 Kaufman, G.G (1977) Money, The Financial System and The Economy (2nd Ed.),
Chicago, Rand McNally College Publishing Company.
 Pilbeam, K (1998) International Finance, (2 nd Ed.), Houndmill, Palgrave Publishers.
 Rose, P.S (1983) Money and Capital Markets, The Financial System in the Economy,
Texas, Business Publications, Inc.
PAPER 25 (CODE M5)
ECONOMIC PLANNING AND DEVELOPMENT
Objectives:
[a]
To help the students in understanding the techniques of economic planning as a guide to
formulating government economic policies;
[b]
To present the past National Development Planning Policies of Nigeria for critical review,
and as a guide to understanding the basis for current national planning policy;
[c]
To intimate students about the processes involved in economic development and the role
of economic development in macro economic policy formulation, and
[d]
To examine candidates knowledge of the contents of the course, through a written
examination administration to candidates.
Linkages: This course is linked with courses coded F1, G2, G3, H1, H2, K3, M2, M3 and M4
CONTENTS
25.1
Fundamentals of Economic Planning
[a]
Economics Planning: Definition, Meaning, Objectives and Goals of Economic Planning.
Types of Economic Planning, Planning Strategy, Controls in Planning and Types of
Control.
[b]
Yardsticks for Planning and Evaluation of Programme and Projects: Use of the Cost
Benefit Analysis (CBA), Benefits of CBA in Evaluating Projects.
[c]
Resource Mobilization and Sources: Sources of Data for Economic Planning, Sources of
Finance for Planning.
[d]
Planning Focus: Manpower Development Planning: Energy Resource Planning,
Employment and Economic Empowerment Planning, Defence and Security Planning,
Budget Planning for Infrastructural Development, Agricultural Extension and Development
Planning, Industrial and Urban Housing Development Planning.
25.2
Techniques of Planning
[a]
Use of Input–Output Model, The Leontief Solution Model, The Use of Linear Programming
and Dynamic Programming Techniques in Planning and Forecasting of variables used for
planning.
[b]
Planning Technique Under Market or Capitalist Economy, Nature of Planning, Goals and
Limitations.
[c]
Planning Technique under the Command Economy, Nature of Planning, Goals and
Limitations.
[d]
Marxist Planning Paradigm and its Limitations.
25.3
Development Planning in Nigeria
[a]
History of Development Planning in Nigeria, Nigeria’s Planning Experience. And Planning
process.
[b]
Nigeria Planning During Post-Independence, Scope of the Planning, Nature, Objectives,
Targets and Goals of the Planning Programme.
[c]
Overview of various Nigerian Development Planning, Definition, Aims, and the Merits.
Exchange Control, Fiscal and Monetary Policy Planning, Export Promotion, Educational
Infrastructure and Students Enrolment, Industrial and Energy Development Plans.
[d]
Method of Project Planning in Nigeria:
i.
Project Identification and Selection
ii.
Project Formulation
iii.
Project Appraisal, Types of Appraisal – Economic Appraisal, Technical Appraisal,
Commercial Appraisal, Financial Appraisal and Organization and Management
Appraisal.
59
25.4
Methods of Measuring Economic Development
[a]
Measurement of Economic Development:
GNP Index, Per Capita–Income, Welfare status of the population of the Country.
[b]
Human Development Indices: Physical Quantity of Life Index (PQLI), Human
Development Index (HDI) of Selected Nations, Income Inequality. The Simon Kuznet
(1955) Relative Income Distribution Hypothesis – Causes of Increases and Reductions in
Income Inequality with Development.
[c]
Economic Policies for Sustainable Development: Definition and Meaning of Sustainable
Development, Objectives of Sustainable Development, Parameters of Enhancing
Sustainable Development, Human Capital Development, Control of Environmental
Degradation, Relative Mineral Exploitation with Level of Population for Economic
Sustenance.
25.5
Theories of Developed and Under-Developed Economies
[a]
Definition and Meaning of Under-Developed Economy, Characteristic of UnderDeveloped Country.
[b]
Obstacles to Economic Development, Theories of Economic Development (i.e. The Adam
Smith’s Theory and its Applicability to Under-Developed Countries, David Ricardo’s
Theory, The Malthusian Theory, J.S. Mill’s Theory and Schumpeter’s Theory).
[c]
Ragner Nurkse Theory of Disguised Unemployment.
[d]
John Fei and Gustav Ranis (Simply, Fei-Ranis) Theory of Economic Development.
[e]
Harris–Todaro’s Model of Economic Development from Migration and Unemployment
Perspective.
[f]
The “Big–Push” Theory of Rosenstein–Rodan’s Thesis.
[g]
Doctrine of Balanced and Unbalanced Growth, and Dualistic Theories.
[h]
Gunner Myrdal Theory of Circular Causation.
25.6
Models of Economic Growth
[a]
The Harrod –Domar Models for Growth, Assumptions, Steady Growth, Equilibrium Level,
Limitations of the Model.
[b]
Kaldor’s Model of Growth
[c]
The Solow’s Model of Growth
[d]
The New Endogenous Growth Theory, The Convergence – Divergence Controversy,
Kenneth Arrow’s Learning Models.
Recommended Textbooks:
 Ayo, E.J (1988) Development Planning in Nigeria, Ibadan, University Press Ltd.
 Jhingan, M.L (2004) The Economics of Development and Planning (37th Ed.), Delhi,
Vrinda Publications (P) Ltd.