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: icennig@yahoo.com, info@icennig.org, registrar@icennig.org 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 PartnerCorporate Strategies and Management Consortium, Kano.

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CONTENTSPART ONE

1. Historical Background of the Institute ---------------- 52. Objectives of the Institute ------------------------------- 6 -73. The Philosophy of the Institute ------------------------- 7-84. Structure and Categories of Membership------------- 8 -115. Designatory Letters---------------------------------------- 116 The Council of the Institute ------------------------------ 11-127. Quality Control and Standard -------------------------- 128 Publications ------------------------------------------------ 12

PART TWO9. Approved Qualifications or Studentship ----- ---------- 1310. Application for Registration as a Student ---------------- 1411. Rejection of Application for Studentship Registration--- 14-1512. Payments of Annual Studentship Subscriptions------ 15 -16

PART THREE13. Scope of the Examination -------------------------------- 1614. Communication of Examination Results ------------ 16 15 Credit System for Examination and Pass Mark ------ 1716 Entry into Examination ----------------------------- 1717 Absence from Examination ------------------------- 1818 Change of Examination Centre --------------------- 1819 Examination States and Centres ------------------ 18 -1920. General Regulations and Conducts in Examinations--- 1921. Examination Misconducts and Appropriate Penalties -- 19 -2122. Appropriate Penalties for Disobedience -------------- 2123. Guidelines on Exemptions for ACE Examination--- 22-2424. Examination Time-Table Schedule and Period ------ 25

PART FOURPROFESSIONAL EXAMINATIONS SYLLABUS STRUCTUREDetails of courses available for the examination of the award of Associate Chartered Economist (ACE) are listed below:

FOUNDATION LEVEL (FL) Courses/Subjects Exam. Subjects Codes

1. Principles of Economics F1----------------- 26-312. Quantitative Techniques F2----------------- 32 -363. Principles of Banking & Finance F3---------------- 36 -404. Fundamentals of Accounting 1 F4 --------------- 40-445. Business Management F5 -------------- 45 -48

INTERMEDIATE LEVEL (IL) Courses/Subjects Exam. Subjects Codes1. Microeconomics Analysis G1 ---------- 48 -532. Macroeconomics Analysis G2 --------- 53 -593. Environmental Economics G3 ---------- 59-664. Management Accounting G4 ----------- 66 -695. General principles of Law (GPL)- G5 ----------- 69 -74

THE PROFESSIONAL EXAMINATION LEVELS PE 1-3PROFESSIONAL EXAMINATIONS 1 Courses/Subjects Exam. Subjects Codes1. Industrial Economics H1 -------------- 74-772. Public Finance & Investment H2 ------------ 77 -813. Financial Accounting 2 H3 ------------ 81-834. Human Resources Management H4 ----------- 83-885. Business Law H5 -------------- 88-92

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PROFESSIONAL EXAMINATION 2 Courses/Subjects Exam. Subjects Codes1. Mathematical Economics K1 ----------- 92-952. Advanced Macroeconomic K2 ------------ 95-993. Structure of the Nigerian Economy K3------------ 99-1024. Financial Management K4------- 102 -1075. Information Technology & Management K5------ 107-110

PROFESSIONAL EXAMINATION 3Courses/Subjects Exam. Subjects Codes

1. Econometrics & Research Methodology M1------- 111-1152. Labour Economics, Law & Industrial Relations M2------- 115-1203. International Economics M3 ----- 120-1244. Monetary Economics M4----- 124-1285. Economic Planning & Development M5----- 128-131

1. Historical Background of the InstituteThe 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 InstituteThe 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) 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.

(f). 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.

(g) 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.

(h) 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.

(i) 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.

3. The Philosophy of the InstituteThere 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. Structure and Categories of MembershipsThe Institute has five (5) structures of persons categorized as members of the institute, namely:

(a) Fellow Chartered Economist (FCE)(b) Associate Chartered Economists (ACE)(c) Institute of Chartered Economists Diploma {ICE,Dip} (d) Economics Executive scheme (EEs)(e) 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 MembershipThe 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(a) 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.

6. The Council of the InstituteThis consists of several committees, which are twelve (12) in number. They are:

(a) Professional Conduct and Standard Committee(b) Examination Committee(c) Membership “(d) Education “(e) Student Affairs “(f) Research and Technical “(G) Publications “(h) Social “(i) Annual General Meeting“(j) Finance and General purpose “(k) Investigation Panel (IP) “(L) 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.

7. Quality Control and StandardQuality 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, Agric-Economics, 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.

14 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. 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.

18. 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) 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.

(b) No student shall give assistance in the examination hall to another fellow student overtly or covertly.

(c) 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”.

(d) 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.

(e) 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.

(f) 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”.

(g) 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.

(h) 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.

(i) 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 EXAMINATIONSS/No Qualification and Discipline Exemptions prescription1 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 Marketing and Purchasing and Supply Management

Exempted from all course in Foundation, and Law in Intermediate, but are to write, Management Accounting, Microeconomics, Macroeconomics and Environmental Economics.

5 B. Sc Economics and Statistics B. Sc Agric Economics, B.Sc Economics (Combined Honours)

Exempted in Principles of Economics and Quantitative Techniques in Foundation only.

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

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.

(i) 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.

(ii) 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.

24. Examination Time-Table Schedule and PeriodsThe 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:

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DAY TIME FOUNDATION

INTERMEDIATE

P.E1 P.E2 P.E3

TuesdayDate XXXX

9.00AMto 12

NOON

Principles of Economics

Micro economic Analysis

Industrial Economics

Mathematical Economics

Econometrics and

Research Methodology

2.00pmto

5.oopm

QuantitativeTechniques

Macro economicsAnalysis

PublicFinance &Investment

AdvancedMacro econ

Analysis

Labour Econ, Law AndIndustrial

RelationsWednesda

yDate XXXX

9.00AMTo

12 Noon

Principals of Banking &Finance

EnvironmentalEconomics

FinancialAccounting

StructureOf the NigEconomic

InternationalEconomics

2.00pmto

5.00pm

FundamentalsOf

Accounting

ManagementAccounting

HumanResources

Management

FinancialManagement

MonetaryEconomics

ThursdayDate XXXX

9.00AMto

12.Noon

BusinessManagement

GeneralPrinciples ofLaw (GPL)

BusinessLaw

InformationTechnology

And Management

EconomicsPlanning &

Development

PART FOUREXAMINATION SYLLABUS

FOUNDATION LEVELPAPER 1 (CODE F 1): PRINCIPLES OF ECONOMICS

Objectives:(a) 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.

(b) 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.

(c) To enable the students to understand the scope of economics in global perspective, and as the fundamental concept for international relations and integration policies.

(d) To examine the students/candidates knowledge of this paper through a written examination.

CONTENTS1.1 Basic Concepts of Economics

(a) Scholastic definitions of economics(b) Reasons for studying economics and its scope.(c) Basic economic problems of society(d) Economic concepts: scarcity, choice, wants, money cost, and scale of preference(e) Economic systems: free market economy, socialism, mixed economy, communism,

communalism and feudalism.(f) Difference between, microeconomics and macroeconomics(f) Economic Static and Dynamics, Positive and Normative Economics.

1.2. Determination Of Value And Market (a) Theory of demand and supply and their interrelation(b) Factors influencing demand and supply(c) Movement along demand/supply curve and shift of demand and supply curve.(d) Exceptions to the law of demand and supply(e) Elasticity of demand and supply(f) Determination of market equilibrium price(g) Government intervention in the market – subsidies price controls, minimum and

maximum price, taxation, etc

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(h) Labour market: Efficiency, mobility, demand and supply of labour, types of unemployment and labour unions

(i) The functions of price mechanism in economic system.

1.3. Theory Of Consumer Behaviour(a) Definitions and Reasons for studying Consumer Behaviour(b) Assumptions of Cardinalists utility theory(c) Assumptions of the Ordinalists utility theory(d) Consumer Equilibrium and Surplus(e) The Revealed Preference Hypothesis

1.4. Theories Of Costs, Revenue And Production (a) Classification of costs and revenues(b) Short run and Long run cost curves and their implications(c) “U – shaped” curves, their intersections and effects.(d) Break-even point (BEP) Analysis(e) Differences between Economists and Accountants view of cost in production

(supported with graphs)(f) Production: Meaning, types, factors and their characteristics (eg, land- subject to law

of diminishing returns, rent, fixed in supply, etc) and returns to factors(g) Scale of production: Economies and Diseconomies of Scale, Constant Returns to

scale, increasing and decreasing returns to scale.(h) Production Possibility Frontier (PPF) and Marginal Rate of Substitution (MRS)(i) Agriculture: Types, System of Agriculture, Marketing, and the importance of

Agriculture to Nigeria economy.

1.5 Theory of Firm And Market Structure(a) Definition of firm and industry (market)(b) Types of firms and industry (Eg, perfect competitive and imperfect firm)(c) Large scale and small-scale firms, causes, objectives, and their implications to the

economy of Nigeria.(d) Optimum size of firm: Growth and limitations, and the effects on and the Nigerian

economy.(e) Price and output determination in perfect competition, monopoly, monopolistic

competition, duopoly and monopsony.(f) Price leadership, price discrimination and differentiation.(g) Mergers and Acquisitions of firms, the advantages and disadvantages(h) Channels of distribution, and the problems of distribution in Nigeria(i) 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 .

(j) 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.

1.6. Money, Banking And Financial Houses(a) Definition of Money, Origin of Money, Barter System (b) Characteristics and Functions of Money.(c) Demand for Money, Quantity theory of Money and Price Index(d) Supply of Money, Gresham Law, Deflation and Stagflation(e) Inflation: Causes, Effects and its Control.(f) Functions of the Central Bank, Commercial Banks, Industrial Development Bank,

Community Banks, Bureau de-change, and Mortgage Banks.(g) 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).

(h) The Nigeria Stock Exchange (NSE), Securities and Exchange Commission (SEC), and their functions.

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1.7 National Income Accounting(a) Definition, Approaches of Measuring National income(b) Problems of computing national income(c) Uses of national, circular flow of income (d) Gross Domestic Product (GDP), Gross National Product (GNP), Net National product

(NNP).(e) GNP and per capital income, Real and Money (Nominal) GNP, Consumption,

Savings and Investment.(f) Determination of Equilibrium National Income the Multiplier Effects and Accelerator

Concept.(f) Impact of Injections and Leakages in an Economy (taking Nigeria as a case study).

1.8. Public Finance(a) Definitions, Scope and Objectives of public finance(b) Importance of public finance Policy and Administration(c) Types of taxes, characteristics of goods tax system(d) Incidence of tax, structure of public expenditure (i.e Recurrent Expenditure and

Capital Expenditure)(e) Fiscal policy, subsidies, budget and types of budgets(f) 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

(g) National Debts: Causes of National Debts, Types of National Debts, Techniques of Debts Management by government and Sources of Foreign Debts in Nigeria.

1.9 International Trade and Institutions (a) Objectives of International trade(b) Theories of International trade – Absolute Advantage and the Comparative Cost

Advantage Principles.(c) Trade Protectionism (Cases For and Against)(d) Gains of trade, Tariff, Exports and Imports, Quotas,(e) Foreign Exchange transactions and currencies(f) Currency devaluation and appreciation, and the effect on an economy, balance of

trade, balance of payment, and terms of trade.(g) Trade deficit and surplus, deficit financing(h) Globalization policies- Trade and Economic sanctions, Anti – money laundering and

Terrorism, GATT/WTO, UNCTAD, UNIDO, OPEC, ECOWAS, IMF, IBRD and NEPAD.

(h) Customs Union, Common External Tariff (CET) agreement by ECOWAS entered on October1, 2005.

1.10. Economic Development And Growth(a) Definition and meaning of Economic Growth and Development.(b) Measures of economic development and Growth(c) Development planning in Nigeria since 1960(d) National Planning Office,(e) 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

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* Samuelson, P.A and Nordhaus W.D (1989) Economics (13 th Ed) New York, Mc Graw- Hill Book company.

* Jhingan, M.L (2002) Principles of Economics, Delhi, Vrinda publications (p) Ltd.

PAPER 2 (CODE F2)QUANTITATIVE TECHNIQUESObjectives:

(a) To give the students a guide with the use of quantitative tools requisite for understanding the concepts, models and operations in economic thoughts.

(b) 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.

(c) *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.

(d) 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:(1) Introduction to mathematics for Economics and Business (2) Statistical Techniques and Analysis.

1.0 Introduction to Mathematics for Economics and Business 1.1 Matrix Algebra:

(a) Arrangement of Numbers into a given set of matrix, maximum limit of 3 by 3.(b) Purpose of matrices as a quantitative analysis tool in economics,(c) Types of matrices, Operations with matrices – Addition, subtraction multiplication

determinant with matrices – (Major and minor determinants);(e) Co-factor and Ad joint matrices, inverse matrix;(f) Cramer’s Rule – Maximum operations limited to a 3 by 3 matrix;(g) Uses of matrices in solving simultaneous equations and other business related

problems.

1.2 Deferential Calculus(a) Concepts, importance, uses and its limitations;(b) Measurements of slope (gradient of line) and marginal analysis;(c) Types of differentiation and functions;(d) Determination of maximum and minimum points, points of inflection;(e) First order and second order derivatives; (f) Application of differentiation to economic and business analysis.

1.3 Integral Calculus:(a) Concept, importance, uses and its limitations;(b) Determination of Total functions (total cost, total revenue and total products);(c) Types of integration and their applications;(d) Determination of consumers’ and producers’ surpluses;(e) Other applications of integration in economic and business analysis and problems.

1.4 Mathematics of Finance (a) Simple and compound interests;(b] Present Value of Amount (sum) compounded at given time;(c) Break-Even Point (BEP) and Margin Of Safety (MOS).

1.5 Functions and Graphs. (a) Variables and types of variables, Graph and its uses.(b) Linear function of one or more variables;(c) Quadratic functions of one or two variables;(d) Cost, Revenue, Profit, Total and Average functions;(e) Determination of Maximum and Minimum points;(f) Points of Inflection.

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1.6 Linear Quadratic Equations, Inequalities and Other Equations (a) Linear and Quadratic Equations;(b) Inequality and its types;(c) Factorization of Quadratic Equations;(d) Solution of linear quadratic equation by use of factors, quadratic formula and

graphical Analysis;(e) Simultaneous Equations and different methods of solution; (f) Exponents and Logarithms.

1.6 Sets Theory and Applications Including Sequences(a) Types of sets, cardinality concept;(b) Set Operations: Union, intersection, difference and complement;(c) Use of Venn diagram in set theory;(d) Application of Set Theory to business decisions and analysis;(e) Arithmetic Progression (AP), meaning, terms, common difference the term of

Arithmetic progression, series and its applications to business and economic problems;

(f) 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 Statistical Techniques and Analysis2.1 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.

2.3 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.

2.4 Measures of Location(a) Measures of central tendency: Arithmetic mean, median, mode, geometric mean,

harmonic mean;(b) Measures of partition: Quartiles, deciles and percentiles

2.5 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;

2.6 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.

2.7 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;

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(d) Combination and Permutation, Factorials;(e) Probability Distributions: Binomial, Poisson and Normal;

2.8 Time Service Analysis(a) Meaning and usefulness(b) Components: trend seasonal, cyclical, and irregular movements(c) Methods of estimating time series: semi average, least squares,

2.9 Index Numbers(a) Meaning purpose, and limitations;(b) Simple index: Relative indices, price, quantity, value indices; (c) Aggregate indices: simple aggregate index, price relative;(d) 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 forBusiness, 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 FINANCEObjectives(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.

CONTENTS

3.1 Fundamental Concepts of Money And credit(a) Definition, origin, characteristics, functions, types of money and credit, barter system

and its failure.(b) How banks create money, demand and supply of money;(c) Value of money, elementary quantity theory of money and the role of credits

(including the uses of credits) in the Nigeria; economy.3.2 Structural Development of the Nigerian Financial Industry

(a) Evolution of banking concept in Nigeria, first generation banks and bank failures; factors responsible for bank failure in pre-independence era in Nigeria.

(b) 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.

(c) 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),

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Nigerian Deposit Insurance Corporation (NDIC), The Nigerian Security, Printing and Minting Corporation (NSPMC).

3.3. 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.3.4 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.

3.5 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.

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* 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 ACCOUNTINGObjectives:

(a) To provide students with the general frame work of financial information for recording, computation, analysis and elementary auditing knowledge.

(b) 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.

(c) To give the students ability to interpret accounting ratio of a going concern business or the financial statement prepared at the accounting year end.

(d) 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.

(e) 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.

CONTENTSThis 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.

PART AFundamentals of Financial Accounting

4.1 Nature and Purpose of Financial Accounting(a) Historical development of Accounting purpose and definitions of financial Accounting.

(b) 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

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(a) Royalty Account, including sublease (b) Bills of Exchange(c) Consignment (d) Departmental Account and Branch Account(e) Manufacturing Account and Balance sheet(f) Voyage Account

4.4 Issue of shares and Debentures(a) Definition of Shares and Debentures;(b) Purposes for issuing Shares and Debentures;(c) Accounting treatment of issues of shares;(d) Forfeitures of shares and re-issues;(e) Types of debentures;(f) Issue of debentures, debentures interest.

PART BBasic Elements of Cost Accounting 1

4.5 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.4.6 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.

4.7 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

PART CIntroduction to Auditing Concepts

4.8 Essentials of Auditing Concepts(a) Definition and objectives of Auditing(b) Auditing technique, audit evidence and documentation(c) Audit Quality; examples: objectivity, integrity, skillfulness, diligence confidentiality,

competence and independence. (d) Materiality judgment, opinion of the auditor.

4.9 Internal and External Auditors and their Functions(a) Scope and limitations of Internal and External Auditors and their functions in an

organization.(b) Types of financial records examined (c) Meaning purpose and functions of the internal control system (ICS) in an

organization.(d) Management letter, letter of weakness, Audit trail, walk-through-test, qualified and

unqualified opinion; letter of engagement, and misrepresentations,(e) Public sector audit: Appointment, powers and functions of Auditor-General of the

Federation and of the states.(e) 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

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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:(a) To expose students to the methods and principles of managing a business unit of any

type;(b) To ensure that students get familiar with various concepts of management and to

appreciate their applications in given situations where they are relevant;(c) 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;

(d) 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.

CONTENTS5.1 Concepts, Theories and Nature of Management

(a) Definition, historical perspective of management, management as an Art and Science, roles as management, management level and skills.

(b) 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.(c) 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.

(d) 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).

(e) Management Principles in Henry Fayol’s views, application of Information Technology in management, merit and demerits using computers in business.

5.2 Strategic Management of Organizations(a) Resource Planning: Types of planning, objectives of planning, and process of

planning(b) 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.

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(c) 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

(d) Constituted Authority: Meaning, scope, purpose, direct orders, merits and demerits of its recognition and application to organization.

(e) 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.

(f) 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.

5.3 Environment of Organization And Management(a) 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.

(b) 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.

5.4 Marketing Management(a) 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.

(b) Product development, Marketing Environment, the Cardinal Principles of Marketing (i.e the four (4) Ps. of Marketing), Marketing Segmentation and Marketing Mix.

(c) Product mix policies and strategies, brand packaging, pricing objectives, methods of setting prices, pricing policies and strategies.

(d) 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 (9 th 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 LEVELPAPER 6 (CODE G I)

MICROECONOMICS ANALYSISObjectives:

(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;

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(c) To help the students understand how scarce resources are managed and utilized optimally during production process, and;

(d) 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.

CONTENTS6.1 Approaches to the Study of Microeconomics

(a) Meaning of Microeconomics, Purpose of Microeconomics, and Relevance of the Study of Microeconomics to the Household, Firm, Industry, and Economy of a Nation;

(b) Problem of Scarce Resources and its Allocation for Competitive production of goods and services.

(c) Elasticity of Demand: Definition, Types, Measurement, Factors influencing; Elasticity of Demand and Application to real life scenario (A case study).

(d) 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.

(e) Importance of mathematical and statistical applications, to the development of economic concepts, applications, forecasting and inference, from empirical analysis.

6.2 Theory and Mathematical Analysis of Consumer’s Behaviour. (a) 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.

(b) 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.

(c) 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,

(d) 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.

6.3 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.

6.4 Theory of Production(a) 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.

(b) 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.

(c) 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.

6.5 Theory of Cost And Revenues

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(a) 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.

(b) Traditional theory of costs: under short run analysis, and long run Analysis.(c) 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.

(d) 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.

6.6 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.6.7 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.

6.8 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 LtdAnderson, 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 ModernApproach (3rd Ed.) New York, W.W.Norton & Company.

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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. CONTENTS

7.1 The Role of Macroeconomics In An Economy(a) Meaning, Features of Macroeconomics, Relevance of Macroeconomics in policy of

formulation for an economy.(b) The roles of macroeconomics in adjusting the variables in the market structured

economy.(c) Factors responsible for the frustration of a successful formulation and implementation

of macroeconomic polices in an economy.7.2 National Income Accounting

(a) Definition, Approaches to Measuring National Income, Circular-Flow of Income Models (The Classical, Neo-classical and Keynesian Models), Injections and Leakages.

(b) 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.

(c) National income statistics and the implications for Economic Welfare.(d) 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

(e) 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.

[f] 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.

7.3 Theory of Inflation

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(a) 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.

(b) 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].

(ii) Monetary policy Measures for Economic stabilization, including mathematical and Graphical Analysis monetary growth.

(c) 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.

7.4 Public Sector Economics(a) Definition, nature and the role of public sector to economic growth and development

of an economy [Nigeria as a case study].(b) 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.

(c) Public finance administration in Nigeria: meaning of budgets, comparison and analysis; types of Government expenditures and their individual preference in public sector economic administration.

(d) 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.

[e] 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).

(f) 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.

(g) Public Accounting Records Transparency: meaning, the roles and implications of the Freedom of Information Bill (FIB) on effective macroeconomic planning and administration in Nigeria.

[h] Deficit Financing: meaning, purpose, merits and demerits of deficit financing as an economic administration policy.

7.5 Banking Industry Macroeconomic Policy Reforms(a) 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.

(b) Classical theory of money, Keynesian paradigm, Neoclassical, the Monetarist School, Equations of Exchange, Quantity Theory of Money,

(c) 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.

(d) 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.

(e) 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;

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[f] The Money Laundering And Miscellaneous Offences Prohibition Act, LFN, 2004: Definition, Meaning, Purpose, and the Implications for the banking Industry.

(g) The Roles of CBN and NDIC in the Banking Sector; Mergers and Acquisitions, meaning, purpose, merits and demerits of Mergers and Acquisitions of banks.

[h] Banks Transactions and Services, Identification of Sub-Optimal Bank Services. Measures for improvement; importance of Information Technology and Devices in banks’ Transactions and Services.

[i] 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.

(j) 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.

7.6 Insurance Industry In Macroeconomic Policy Reforms(a) 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.

(b) Basic principles of insurance: utmost good faith (uberrimae fidei) insurable interest, indemnity, subrogation, proximate clause, contribution and abandonment.

(c) Terms in Insurance Policy: proposal forms, premium, insurance policy, insurance certificate, Re-insurance, underwriter, surrender value, actuary, loss adjustors, ex-gratia payments, claims form, the margin of safety, and endowment policy.

(d) 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 ECONOMICSObjectives:(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:

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1. Understanding of Eco-system Preservation and Degradation, 2. Economics of Urbanization, Transportation and Industrialization ,

3. Agriculture, Petroleum and Energy Resources Economics, and4. Health and Environmental Disasters Management Economics

Linkages: This paper is linked with papers coded H1, K3 and M5

CONTENTS8.1 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.

8.2 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.

8.2 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 pollutions- such as the emission of carbon gases.

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(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.

(d) Industrialization: Meaning, purpose of industrialization, Types of industries (market oriented product industry and producers or intermediate products oriented industry).

[e] 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.

8.3 Agriculture, Petroleum and Energy Resources (a) 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.

(b) 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.

[c] 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.

[d] 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.

8.4 Health and Environmental Disaster Management(a) 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.

(b) 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).

(c) Environmental Disasters Management: meaning, types of environmental disasters: Accidents- plane crash, motor accidents, train accidents, sinking of ships at high sea

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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:(a) 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.

CONTENTSThis course will consist of part A and B.PART A:Basic Elements of Cost Accounting 2

9.1 Specialized Cost Accounting Methods(a) Operations costing, specific order costing, job, batch and uniform costing, contract

costing, including work-in-progress.(b) Process costing (including principles of equivalent units, treatment of normal and

abnormal gains and losses, joint-products, by products and wastes), and service costing.

(c) Absorption costing: allocation and apportionment of over- heads; reciprocal services, absorption of overheads and absorption costing methods.

(d) Marginal costing: marginal costing, as a tool for decision making in production planning, pricing, make or buy and close-down decisions.

(e) Break Even Analysis (BEP): use of charts, calculation of BEP, margin of safety (MOS) profit-volume ratio (PVR) and Angle of incidence.

9.2 Standard Costing and Variance Analysis

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(a) Definition of standard costing, purpose of standard costing; Nature of standard costing (that is, basic standard, current standard, ideal standard and normal standard).

(b) Techniques of determining standard cost and their uses and analysis of variances.

PART B:Fundamentals Of Management Accounting

9.3 Concepts of Management Accounting(a) Definition of Management Accounting, purpose of Management Accounting; The role

of Management Accounting in decision making in a business environment.(b) Concepts of Management Accounting: Total cost, marginal or direct cost, sunk cost,

Opportunity cost and incremental cost.9.4 Functions of Management Accounting in Planning

(a) 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.

(b) Budgeting Techniques: Zero-Based Budgeting (ZBB), Programme, Performance Budgeting System (PPBS) and Activity-Based Budgeting (ABB).

9.5 Working Capital Management(a) Meaning purpose, Nature and components of working capital management, the

relevance of working capital management to going concern businesses.(b) 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.

(c) Cash Analysis: cash budget, cash surpluses and deficits; cash management models(d) Debtor Analysis; methods of providing for and evaluating credit terms, debt collection

techniques and debt factoring; cash discount and invoicing9.6 Management Decision Making Technique

Short-term Decision Making Technique: [i] Measurement of costs and benefits in the execution of any project, production,

employment, purchase of equipment or hire.(ii) Analysis of cost- profit volume (CPV) under condition of risks and uncertainty.(iii) Pricing methods and techniques: objectives, pricing decision, factors influencing

effective pricing decision, pricing methods and pricing strategies.(b) Risks and uncertainty: (i) types of risks

(ii) Risks measurement (iii) portfolio theory (iv) utility theory (v) Sensitivity Analysis (vi) Decision Tree.

(c) Long term Decision making Technique(i) 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).

(iii) 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:

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(a) 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;

(b) 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;

(c) 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;

(d) 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;

(e) 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.

CONTENTS10.1 Fundamental Concepts of Law

Origin/History of development of law, law as a philosophy of human development-moral ethics and religion.

10.2 Conducts in The Views of the Law(a) 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.

(b) 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.

(c) 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;

[d] 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.

(e) 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.

(f) 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.

10.3 The Nigerian Legal System(a) 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).

(b) 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.

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(C) 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.

(d) Elements of Nigerian Law: Legal/Natural Persons; categories of Natural Persons [minor, insane persons, aliens; judicial or artificial person, and its characteristics].

10.4 Law Of Torts(a) 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.

(b) 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,

10.5 Law of Contract(a) 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

(b) 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.

(c) 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.

10.5 Elements of Mercantile Law(a) Property Law:- Purpose, characteristics – choice of Action, Ownership and

Possession; Types of Property: Real Property and Personal Property.(b) 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.

(c) 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 SECTIONPROFESSIONAL EXAMINATION ONE (PE1)

PAPER 11 (CODE H1)INDUSTRIAL ECONOMICS Objectives:

(a) To acquaint students of the need for industrialization of an economy;(b) To illuminate the problems confronting effective industrialization in Nigeria and in the

LDC’s;(c) To examine the economic strategies of industrialization and the influence of

industrialization on foreign trade and earnings;(d) To examine the various domestic policies of industrialization in Nigeria, and to

evaluate their success in view of development of industrial promotion structures;

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(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.

CONTENTS11.1 Industrialization as an Economic Policy

(a) Definition, Historical perspective of industrialization, Nature of industrialization and goals of industrialization, role of industrialization in economic development.

(b) Strategies of industrialization: import substitution, exports promotion, and resource exploitation, labour and capital intensive industrial strategy.

(c) 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.

11.2 Development of Industrialization Strategy (a) The concept of strategic industrialization economic policy, a study of the successes of

the “Asian Tigers” in industrialization.(b) 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.

(a) 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.

(d) 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.

11.3 Industrialization and the Gap between the Rich and Poor Nations(a) 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.

(b) The scholarly views of Simon Kuznets, Gustav Ranis, Ragner Nurkse and Jagdish N. Bhagwati to be presented.

(c) 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.

(d) Labour-intensive and capital intensive industrialization, the factor prices perspective, resource allocation and market theory, utility and production theory.

(e) Growth of GNP as a criterion for industrialization, enhancement of social and economic welfare from industrialization. The Bentham criterion, The Pareto-optimality criterion, and The Cardinalist criterion; The Edgeworth’s box to explain efficiency in the allocation of factors of production among producers.

11.4 Policies For Successful Industrialization(a) 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.

(b) 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).

(c) Problems confronting effective industrialization and privatization of government enterprises in Nigeria, and their proffered solutions.

[d] The roles of the Nigerian Investments Promotion Council [NIPC].Recommended Textbooks:

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* 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

Objectives:(a) 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;

(b) 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;

(c) 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;

(d) 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.

CONTENTS12.1 The Fundamentals of Public Finance

(a) Scholastic definitions of public finance, scope of public finance, purposes of public finance.

(b) 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.

(c) 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.

(d) 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).

12.2 Nigeria’s Public Debts and Management(a) Definition of public debt, types of public debts, categories of Nigeria’s foreign debts

(The Paris club, London club, multilateral and promissory notes).(b) 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.

(c) Deficit Finance: Definition, purposes, role of deficit finance, effect of deficit finance on the borrowing and lending country, merits and demerits of deficit financing.

12.3 Accounting Treatment of Public Finance and Taxation(a) 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.

(b) The relevant tax administration and authorities in Nigeria, their powers and authorities, composition of boards and functions[The Federal Board of Inland

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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].

(c) 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.

[d]. 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.

[e]. 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.

12.4 Public and Private Sectors Investments in Nigeria (a) 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;

[b] 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.

[c]. 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.

[d]. 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).

e] 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 (4 th Ed), Oxford, Basil

Blackwell Ltd. * Buffers, Keith. J (1969) Case Problems in Finance (8 th 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:

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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. To enable the students, after graduation, to establish consultancy, that can provide services to clients in specific areas of accounting and other professional areas.

f. To examine the students knowledge in this course through a written examination.Linkages: Linked with courses coded: F4, G4, and K4.

CONTENTS13.1 Accounting for Professional Businesses

a. Hire Purchase Accountsb. Pension Scheme and Private Fund Accountsc. Stock Brokerage Accountsd. Oil and Gas Operations Accountse. Underwriters and Unit Trusts Accountsf. Leasing and Investment Accountsg. Solicitors and Property Accountsh. Cooperative Societies and Farmers Accountsi. Trustees and Estate Agency Accounts.

13.2 Contemporary Business Accountsa. Contract Accountb. Sinking Fund and Annuitiesc. Containers Accountd. Partnership Accounts – Amalgamation, Absorption, Dissolution (Garner V. Murray,

Piecemeal Realization and Distribution), and Conversion to Limited Liability Company Accounts.

e. Redemption of Shares and Debentures; Convertible Loan Stock. Accounts.13.3 Reorganization of Business Enterprises

a. Mergers or Amalgamation of Companies and Accounts b. Absorption and Purchase of Businesses Accountsc. Accounting for Reconstruction and Reorganizations

13.4 Business Performance and Evaluation Accountsa. Computation and Analysis of Financial Ratios b. Cash flow and Funds flow Statements and Analysisc. 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:

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a. To educate students about the functions of Human Resources Department and the Duties of the Human Resources Manager in an organization;

b. To inculcate in the students the objectives of establishing the Human Resources or Personal Department of organization;

c. To prepare the students as future Human Resources Manager, who has set goals to achieve, which would enhance organizations productivity and profit;

d. 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;

e. To examine students knowledge of the course content through an examination.Linkages: This course is linked with courses code: F5 and M2.

CONTENTS14.1 Concept of Human Capital

a. 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.

b. Returns on Investment in Human Capital: Assessment of human capital (employees) productivity, A dehumanized and conflict less working environment.

c. 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.

14.2 Manpower Planning and Management Developmenta. 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.

b. 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.

c. 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.

d. 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.

14.3 Personnel Recruitment, Selection and Placementa. 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.

b. 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.

14.4 Employees Motivation and Performance Appraisala. 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); non-financial 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.

b. Theories of Motivation: Frederick Hertzberg, Abraham Maslow, Douglas Macgregor, Needs Achievement Theory, Equity Theory, Expectancy Theory; Objectives of Motivation Theories.

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c. 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.

d. Staff appraisal techniques, objectives of staff appraisal, nature of the appraisal, factors undermining performance appraisal.

14.5 Communication in Human Resources Management(a) 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.

b) Advertisement of vacancies for employment: Internal source (within the organization) and external source. Advantages and disadvantages of internal sourcing of employees in filing vacancies.

c) Requests for documentary reports from applicants’ or Employees’ referees, confirmation of the authenticity of employees’ credentials and academic qualifications.

d) 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.

e) Communication of factory safety standards to employees and employees’ personal provident fund contributions scheme with the company insurance policy.

14.6 Social and Private Costs of Human Capital Developmenta) Definition of social and private costs of human capital development, nature of social

and private costs of human capital development.b) Types of human capital development:(i) Government Subvention on Tuition fees, tuition fees subsidies, provision of

infrastructure for learning and studies, payment of teachers, lecturers and non-academic staff; provision of books, library or training workshops.

(ii) Provision of Academic infrastructure by community efforts, payment of teaching staff and provision of books.

c) Private cost: self financing of tuition fees, educational materials and transportation.d) 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 (2nd 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)BUSINESS LAW

Objectives:a. To intimate the students of the importance of the knowledge of business law in any

business transaction they may engage in.b. 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.c. 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.d. 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

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organization rightly to achieve its goals, without incurring liability from ignorance of the provisions of business law.

e. 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

CONTENTS15.1 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.

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[d] 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,

[e] 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.

15.5 Law of Partnership and Agency(a). 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.

(b) 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.

15.6 Laws Of Guarantorship, Copyright And Trade Marks (a) 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.

(b) 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.

(c) 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 ECONOMICSObjective:

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.

CONTENTS16.1 Uses of Derivative in Economic Analysis

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[a] 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.

[b] 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).

16.2 Application of Graphs and Equation in Economics(a) 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.

16.3 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.

16.4 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.

16.5 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.

16.6 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).16.7 Definite and Indefinite Integral

[a] Definite Integral and application to economic problems.[b] Indefinite Integral and application to economic problems.

16.8 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.

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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.

CONTENTS17.1 Determination of National Income and Output

[a] 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.

[b] 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.

[c] Theories of Consumption : The absolute income Hypothesis, The relative income Hypothesis, The permanent income Hypothesis, The permanent income hypothesis and the life cycle Hypothesis.

[d] The Neoclassical Theory of Income and Employment17.2 The Multiplier Models

[a] 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;

[b] Assumptions of the Multiplier: Multiplier Coefficient, Leakages of Multiplier and Roles of the Multiplier the in a developing economy.

[c] 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.

17.3 The Acceleration Principle and Investment Function .[a] 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.

[b] Principles of Investment: Definition, Meaning of Investment, Discounting, Income Stream, Discounted Cash Flow, Marginal Efficiency of Investment [MEI], Impacts of Investments in Nigeria.

[c] 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

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Determination Model, The Liquidity Trap and its effect on the Money Market, Impacts of Taxation on Portfolio Investment.

17.4 Evaluation of Economic Performance [a] 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.

[b] 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.

[c] 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.

NB [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].

17.5 Crises in Macroeconomic Theories [a] Theoretical Inconsistencies from different Schools of Economic Thoughts. [b] The Rational Expectation Theory, the New Keynesian Theory and New Classical

Theory, the Neo-Classical Theory, and the Monetarists Theory.[c] 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 ECONOMYObjectives:

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.

CONTENTSBriefs: The Nigerian Economy is composed of several sectors, each with their individual structures. They are, however, given below.

81.1 The Petroleum Sector of the Nigerian Economy [a] 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.

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[b] 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.

[c] 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.

[d] The Petrochemical Industries – meaning, function, the roles of petrochemical industry in the Nigerian Economy.

[e] Problems arising from the petroleum industry in Nigeria and the proffered policy thrusts required, as recommendation to mitigate or eradicate them.

[f] 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.

18.2 The Agricultural Sector of the Nigeria Economy [a] The sub-sectors of Nigeria’s Agricultural sector: Crops cultivation or plantation

agriculture, fish farming and animal husbandry, agric – sector statistics and GDP.[b] Function of River basins and Dams Development Authority and their relevance to the

development of crops for food production. [c] 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.

18.3 The Education Sector of the Nigerian Economy [a] Purposes of National Education Policy plan: the role of effective and efficient

educational structures and products in national development. [b] 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.[c] 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.

[d] 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-]

18.4 Banking and Transportation Structure of the Nigerian Economy. [a] 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.

[b] 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.

[c] 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.

[d] 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.

[e] The problems of the transport industry, and private initiative in the transport industry in Nigeria.

18.5 The Nigerian Tourism Industry [a] 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).

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(b) National and States own Museums and Monuments, Artifacts, Traditional Settlements, First Storey Building in Nigeria at Badagry in Lagos State.

[c] 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.

CONTENTS19.1 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).

19.2 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.

19.3 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 IndexesNB: 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.

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19.4 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.

19.4 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.

19.5 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, Multi-Factor, 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 (6 th Ed.), New York, McGraw-

Hill Book Company.

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Horne, James, C.V. (1980) Financial Management and Policy. (5th Ed.), London, Prentice-Hall International Inc.

Simons, L. (1978), The Basic Arts of Financial Management (2nd Ed.) England, Business Book Ltd.

Viscione, J.A. and Etal (1980), Cases in Financial Management, Boston, Houghton, Miffin Company.

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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.

CONTENTS20.1 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.

20.2 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, Mini-computers and Micro-computers). Types of Micro-Computers and their uses – Full-Tower, 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.

20.3 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)

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20.4 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.

20.5 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.

20.6 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 METHODOLOGYObjectives:

[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.

CONTENTS21.1 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.

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[b] 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.21.2 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.

21.3 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.

21.4 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 Dublin-Watson 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.

21.5 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 Lag-Scheme.

21.6 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 Variablesiii. Two-Stage Least Squares (2.SLS)iv. Limited Information Maximum Likelihood (LIML).

21.7 Research Methodology [a] Definition and Purpose of Research, Importance of Research, Types of Research

(Pure and Applied),

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[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.

CONTENTSSECTION A: LABOUR ECONOMICS22.1 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.

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[b] 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.

[c] 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.

22.2 Market Imperfection Tendency in Labour Market [a] 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.

[b] The Existence of Monopsony in Labour [c] Wage Fixation by the Firm and Labour Union (with Graphical Analysis) under

Monopoly Market and Monopolistic Market.[d] Adoption of Rational Expectation Theory in the Analysis of labour Market Behaviours.[e] Perfect Competitive Market in the Labour Market, Wage Determination and

Equilibrium.

22.3 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.

22.4 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 LAW22.5 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.

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[c] 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–Fit-Injuria”, Contributory Negligence and Vicarious Liability.

22.6 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 RELATIONS22.7 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.

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PAPER 23 (CODE M3)INTERNATIONAL ECONOMICS

Objectives:[a] To illuminate the importance of international trade in the development of domestic

economics such as Nigeria;[b] To present the ways and methods of international exchange rate determination, and

the foreign factors that determine the value of domestic currency;[c] 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;

[d] 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

[e] To examine candidates understanding of the provisions of the contents of the course outline through a written examination.

Linkages: This course is linked with courses coded F1, F2, F3, G2, H1, H2, K1, K2, M4.

CONTENTS23.1 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.

23.2 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.

23.3 Commercial Policy of International Trade. [a] 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.

[b] Economic Arguments for Trade Restrictions, Non Economic Arguments for Trade Restriction.

[c] 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.

23.4 Concept of International Trade Institutions and Reforms [a] 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.

[b] Trade Provisions under Tokyo and Uruguay Round of Trades, World Trade Organization (WTO), Principles of WTO, Structure of WTO and Achievements.

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[c] 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).

[b] 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 (7th 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.

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CONTENTS24.1 Developments in Monetary Theory

[a] 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.

[b] 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.

[c] Money and Price Mechanism, The Dynamic Force of Money in an Economy in Regulating Economic Activities.

[d] 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, andv. The Dennis Robertson (Flow Approach)

24.2 The Classical and Neoclassical Theories of Money .[a] Classical Monetary Theory, Neo-Classical Theory of Money, the Marxian Views.[b] The Dichotomy Issues in Monetary Theory, The Real-Balance Effect, Price Dynamism,

Full Employment Goal of Money, The Neutrality of Money.[c] 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.[d] 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.

24.3 The Great Debate [a] The Ideas of Monetarism and Keynesian on Monetary Theory. The Issues in the Great

Debate.[b] Money Transmission Mechanism, Monetary Growth Theory and Models, Monetary

Programming, Monetary Inflation and Forced Savings.24.4 Domestic and International Policy of Money

[a] Domestic Monetary Policy–Monetary Policy, its Meaning, Objectives, Targets, Instruments, Indicators and Goals.

[b] Effectiveness of Monetary Policy, Lags in Monetary Policy and Incidence, Inflation Forecasting, Models of Foresting Inflation, Philip Curve.

[c] Money in International Economy, Balance of Payment Problems, Over–Valuation of Exchange, Exchange Rates Adjustments. Real, Nominal and Effective Exchange Rates

[d] Exchange Arbitrage, Spot and Forward Exchange Rates, and their Determinations Open Economy Money Multipliers.

[e] Elasticity and Absorption Approaches to Balance of Payment.[f] 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

24.5 Monetary Models of Exchange Rate Determination [a] 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”.

[b] 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.

[c] 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.

24.6 The Economics Concept of Theory of Value [a] Concept of Value : Implicit and Explicit Values Concepts.[b] 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.[c] 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

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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, (2nd 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

CONTENTS25.1 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 Selectionii. Project Formulationiii. Project Appraisal, Types of Appraisal – Economic Appraisal, Technical Appraisal,

Commercial Appraisal, Financial Appraisal and Organization and Management Appraisal.

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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 Under-

Developed 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.

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