JAMB, WAEC, and admissions guides for Nigerian students
Subjects Required to Study Economics in Nigeria
To study Economics in Nigeria, you need five O Level credits at C6 or above in English Language, Mathematics, Economics, plus two of Government, Commerce, Geography, History, CRS, IRS, or a Nigerian language. Your JAMB UTME subjects are Use of English, Mathematics, Economics, plus one of Government, Geography, Commerce, or History. The JAMB score needed is 225 to 230 at top federal universities, with working cut-offs of 230 at UNILAG, UI, OAU, UNN.
Last updated: May 2026 Economics in Nigeria is a four-year B.Sc programme. The course is the academic foundation for careers in banking, financial services, policy analysis, consulting, central banking, and increasingly the development sector. Economics graduates also pursue MBA programmes, PhD programmes, and the chartered finance qualifications (CFA, CFI) for international financial careers. This guide covers requirements, schools, curriculum, and career outcomes.
At a glance
Detail
Value
JAMB compulsory subjects
Use of English, Mathematics, Economics, plus one of Government, Geography, Commerce, History
O Level credits required
5 at C6 or above
O Level subjects
English, Maths, Economics plus two of Government, Commerce, Geography, History, CRS, IRS
JAMB minimum (federal)
200 (working floor 220-230)
JAMB minimum (state)
200-220
JAMB minimum (private)
180-210
Years of study
4 years (B.Sc Economics)
Professional bodies
Nigerian Economic Society; CFA Institute (international)
O Level requirements in detail
Five credits at C6 or above in not more than two sittings. English Language, Mathematics, Economics are required at credit at most universities. The other two flexible credits come from Government, Commerce, Geography, History, CRS, IRS, or a Nigerian language.
Mathematics is heavily weighted because Economics is quantitative. The 200 to 400 level curriculum builds on Mathematical Economics, Econometrics, Statistics, and calculus. A weak Mathematics at O Level is a real handicap; aim for B3 or better at credit level. Further Mathematics is strongly recommended for Economics candidates targeting analytics-heavy careers (econometrics, financial modelling).
Economics credit at O Level is required at most schools. A few state universities accept Commerce as a substitute, but Economics is the standard. Plan to have an Economics credit from your first WAEC sitting.
For the remaining credits, Government and Commerce are commonly chosen. Geography and History also work; both align well with Economics. CRS or IRS are acceptable for diversity in the credit mix.
JAMB UTME requirements in detail
The JAMB combination is Use of English, Mathematics, Economics, plus one of Government, Geography, Commerce, History. Some schools also accept CRS or IRS as the fourth subject; check the JAMB brochure for your target university.
JAMB scores: 230 working at UNILAG; 230 at UI; 225 at OAU; 225 at UNN, UNIBEN; 215 at UNILORIN; 225 at LASU; 210 to 220 at state universities; 180 to 210 at private universities.
Aim for 235+ JAMB to feel safe at top federal Economics. The course is similarly competitive to Business Administration and slightly less so than Accounting.
Universities offering Economics in Nigeria
Federal: UI, UNILAG, OAU, UNN, ABU, UNIBEN, UNILORIN, UNICAL, UNIPORT, Bayero, University of Jos, and others.
Private: Covenant, Babcock, ABUAD, Pan-Atlantic (strong programme with LBS), Bowen, Bingham, Madonna, Lead City, Caleb, Augustine.
Polytechnics also offer Economics-adjacent programmes at ND/HND (Statistics, Banking and Finance, Marketing). The polytechnic route does not lead to a B.Sc Economics directly; it leads to a related qualification.
The B.Sc Economics curriculum
The B.Sc Economics runs four years. Year 1 covers Principles of Economics, Mathematics for Economists, Introduction to Statistics, and general studies.
Year 2 covers Microeconomics, Macroeconomics, Statistics, Mathematical Economics, Public Sector Economics.
Year 3 covers Intermediate Microeconomics, Intermediate Macroeconomics, Econometrics, International Economics, Money and Banking, Development Economics, Public Finance.
Year 4 covers Advanced Microeconomics, Advanced Macroeconomics, Advanced Econometrics, Nigerian Economy, Final-Year Project, plus electives (Health Economics, Labour Economics, Environmental Economics, Industrial Economics, History of Economic Thought).
SIWES happens at the end of year 3, often at the Central Bank of Nigeria, the National Bureau of Statistics, commercial banks, or research institutes.
Career outlook and cost
Economics graduates work at the Central Bank of Nigeria, commercial banks (risk, treasury, research divisions), investment banks (Stanbic IBTC, Renaissance Capital, FBNQuest, Coronation), consulting firms (McKinsey, BCG, KPMG, EY), policy think-tanks (Lagos Business School, Centre for Public Policy Alternatives), the public sector (Federal Ministry of Finance, Budget Office, NBS), telcos and FMCG companies (business strategy, research), academia and research, and international organisations (World Bank, IMF, African Development Bank).
Starting salaries: entry-level Lagos banking and consulting roles pay ₦400,000 to ₦1 million a month at top firms. Central Bank starts around ₦400,000 to ₦600,000. Senior economists at top consulting and investment banks earn ₦2 million to ₦8 million a month. Many Nigerian Economics graduates pursue international careers (UK, US, World Bank in Washington DC) after MSc or PhD programmes.
Tuition cost: Federal universities run free tuition with first-year fees of ₦80,000 to ₦150,000. State universities for indigenes: ₦50,000 to ₦150,000 per session. Private universities for Economics: ₦1.2 million to ₦3 million per session. Total B.Sc Economics cost: ₦400,000 to ₦800,000 at federal, ₦800,000 to ₦1.5 million at state, ₦5 million to ₦12 million at private.
Frequently asked questions
Is Economics worth studying if I want to work in banking?
Yes, Economics is one of the strongest paths into Nigerian banking, especially into the research, risk, and treasury divisions where economic analysis is core to the role. For front-line commercial banking (corporate banking, retail), the degree matters less than candidate quality; Economics is competitive alongside Accounting, Banking and Finance, and Business Administration. For investment banking and central banking, Economics is especially well-positioned.
Do I need Further Mathematics for Economics?
Not required for admission, but strongly recommended. The 200 to 400 level Economics curriculum (Mathematical Economics, Econometrics, advanced Macro and Micro) is heavy on calculus, linear algebra, and statistical inference. Candidates without Further Mathematics often struggle through the quantitative courses and rely on extra effort to catch up. If your school offered Further Mathematics, take it. If not, plan self-study (Khan Academy, MIT OCW) to fill the gaps before the curriculum hits the heavy quantitative content.
Is Economics more or less competitive than Accounting?
Slightly less competitive. UNILAG Economics works at 230 JAMB; UNILAG Accounting at 235. UI Economics at 230; UI Accounting at 235. The gap is about 5 marks. The career outcomes overlap substantially in banking and corporate finance; Economics graduates are more represented in research and policy roles, Accounting graduates in audit and corporate finance.
Can I pursue an MSc Economics abroad after a Nigerian B.Sc?
Yes. Many Nigerian Economics graduates pursue MSc Economics or MSc Finance at UK, US, or Canadian universities after a year or two of work experience. Strong undergraduate grades (2.1 or above), GRE/GMAT scores, and recommendation letters from Nigerian academics are the standard route. Top Nigerian Economics departments (UI, UNILAG, OAU, UNN) have strong international links and faculty who can write effective recommendations for overseas applications.
What about CFA after Economics?
The Chartered Financial Analyst (CFA) qualification is the global standard for investment analysis and portfolio management. Nigerian Economics graduates often pursue CFA alongside or after their first-year banking experience. The CFA has three levels; total time to charter is 3 to 4 years post-degree. Nigerian banks (Stanbic IBTC, Renaissance, Coronation) pay substantial bonuses for CFA holders and often sponsor exam fees for candidates committed to the qualification. CFA plus Economics B.Sc is a strong combination for senior investment banking and asset management careers.
What career paths does Economics open?
Commercial banking, investment banking, central banking, consulting, government policy roles, think tanks, academia, international organisations (World Bank, IMF, AfDB), corporate strategy at large companies, financial journalism, equity research, and the development sector. The breadth is a real advantage; Economics graduates end up in many different industries because the quantitative analytical skills transfer well. Career flexibility makes Economics a strong general-purpose social science degree.
Postgraduate options after Economics
Economics graduates frequently pursue postgraduate study. The common routes are M.Sc Economics (1.5 years at Nigerian universities; 1 year at most UK universities), M.Sc Finance, M.Sc International Economics, MBA after work experience, and PhD in Economics for academic careers. The Nigerian universities running strong Economics PhD programmes include UI, UNILAG, OAU, UNN, and ABU.
For international postgraduate study, top destinations are UK (LSE, Cambridge, Oxford, Warwick, UCL), US (NYU, Columbia, Chicago, Northwestern, MIT), Canada (UBC, Toronto, McGill), and the African Economic Research Consortium scholarship for African candidates. Strong undergraduate grades (2.1 or above), GRE/GMAT scores, and faculty recommendations are the standard route.
The most common mistake among Economics candidates is underestimating the quantitative load. Many students enter Economics thinking it is a social science with light Mathematics. The reality is that 200 to 400 level Economics is heavily quantitative; weak Mathematics catches up with students who avoid the calculus and statistics early on. Confront this from year 1: get tutoring if Mathematics is weak, work through the supplementary Maths textbooks.
A second pitfall is ignoring the international career options. Many Economics graduates take the first Nigerian banking job and never look up. The strongest careers, by income and impact, often involve international postgraduate study or international roles at firms with global presence. Plan early; aim for GRE/GMAT preparation in your final year if you intend to apply abroad.
Sources
JAMB 2026 brochure; Nigerian Economic Society; CFA Institute; university admission portals; Central Bank of Nigeria career portal.
Lagos-based education writer covering JAMB, WAEC and NECO, and tertiary admissions across Nigeria. Chinedu tracks cut-off marks, admission lists, and school portal updates so students and parents do not have to.
