My teaching spans undergraduate courses such as Intermediate Macroeconomics, Petroleum Economics, Public Sector Economics, Microeconomics, Labour Economics, Mathematics for Economics and Economics of Production.
The course examines economic theory, empirical perspectives, and political economy of petroleum supply and demand. It aims to broaden students' knowledge in local, national, and global markets for oil, natural gas and public policies affecting energy markets, including taxation, price regulation and deregulation
This course aims at:
• Recognizing the relevance of economics to oil and gas industry and to apply economic reasoning to better understand petroleum-related issues.
• Understanding the mechanisms of oil and gas industries in Nigeria and other countries within broad social and economic contexts.
• Exploring the changing nature of oil and gas industries and their implications for policies.
• Analyzing policy issues in the oil and gas industry from an economic perspective.
Lecture Content
Week 1-2: Introduction to Oil and Gas Industry: Evolution of Oil and Gas Industry; Role of oil and gas within domestic macro economy and global economy; Global institutions in oil and gas industry.
Week 3-4: Fundamentals of Production and end use characteristics: Structure of oil and gas industry; The value chain; Exploration; Production; Transportation; Refining; Petrochemicals; Refined products markets; Environmental issues
Week 5-7: Legal and Contractual Framework: Legal framework; Regulatory framework; International contractual frameworks, including production sharing contracts, joint ventures; tax and royalty concession models
Week 8-9: Energy Policy Formulation in Nigeria; Nigerian gas development; Deregulation/Liberalisation pricing in the oil and gas Industry.
Week 10: Petroleum financing
Petroleum financing; Understanding uncertainty in exploration; Evaluating investment opportunities in exploration, development and production
Week 11: Costs and prices
Factors affecting market prices; Cost plus pricing, Netback pricing; Transportation; Costs in the petroleum sector; Cost monitoring and auditing
Week 12-13: Discounted Cash Flow analysis; Components of oil/gas field cash flows; Risk analysis
Week 14: Future issues: The future for oil and gas production globally; Alternative fuels
Reading List
1. Miller, R. J. Petroleum Economics
2. Jahn, F., Cook, M. & Graham, M. (2008). Hydrocarbon exploration and production. 2nd edition. Chapter 14
3. Abdel-Aal, H. K. & Alsahlawi, M. A. (2014) Eds. Petroleum Economics and Engineering. Third Edition.
4. Sweeney, J. L. (2001). Energy Economics. International Encyclopedia of the Social & Behavioral Sciences, 4513-4520
5. Mohaddes, K. & Pesaran, H. M. (2017). Oil Prices and the global economy: Is it different this time around? Energy Economics, 65, 315-325.
6. Sek, S. K. (2017). Impact of oil price changes on domestic price inflation at disaggregated levels: Evidence from linear and nonlinear ARDL modelling. Energy, 130, 204-217.
7. Osayaba Giwa-Osagie & Emwanta Ehigiato (2015) Financing options in the oil and gas sector in Nigeria, Journal of Energy & Natural Resources Law, 33:3, 218-240, DOI:10.1080/02646811.2015.1043823
8. Croft,R., Dewar, J. & Practical Law Finance (2023). Financing options in the oil and gas industry. Practical Law UK Practice Note w-007-9168, Thomas Reuters
9. Hinkin, C. (2017). Introduction to Petroleum Economics. Society of Petroleum Engineers.
This focuses not only on implications of economic theories, but also on empirical case-studies and particular economic policies. The course is designed in a way that allows students develop tools of analysis of topics in Public Sector Economics and contribute to class-based discussions. Students are presented with notions of public goods, externalities, asymmetric information, and imperfect competition. In this context, failures of competitive markets are studied. Efficiency of taxation, government spending and social welfare considerations are of main interest, in particular students consider various aspects of income, wealth, and goods taxation. In particular, implications of taxation and government spending on economic growth are considered. Economics of public debt are also mentioned. The course is supplemented with discussion on issues of inequality and wealth redistribution. Insights from Behavioral Economics in terms of policy design are presented.
On completion of this course, the student will be able to:
Acquire knowledge of microeconomic foundations of Public Sector Economics, social welfare and efficiency measures, various aspects of taxation.
Develop an understanding of implications of public debt and various aspects of taxation.
Develop tools of analysis of theoretical implications of hypothetical policies.
Demonstrate ability to analyse specific aspects of economic policies, for example expenditures on education or redistributive function of taxation.
Demonstrate ability to discuss and critically comment on current research in the area of Public Sector Economics.
Demonstrate ability to discuss various topics in Public Sector Economics using recently learned concepts and theories.
Lecture Content
The State, The Government and the Public Sector
Market Failure: public goods, externalities, asymmetric information, and imperfect competition.
Efficiency of Taxation, social welfare, income and wealth
Implication of taxation on Economic growth
Economics of Public debt
Efficiency in government spending
Criteria for Public investment
Nationalization and Privatization in developed and developing economies
Texts
1. Joseph E. Stiglitz and Jay K. Rosengarden. Economics of the Public Sector (Fourth Edition)
2. Jonathan Gruber. Public Finance and Public Policy (Third Edition)
This is an applied microeconomics course that would expose the students to the applications aspect of some microeconomic propositions. It equips the student with fundamental knowledge of labour market and its operations. It is a core course that is available for all students of the Department of Economics, and an elective course to students in Accounting, Business Administration and Banking and Finance Programmes.
At the end of this course, students will be able to understand the theories of labour market, analyse labour market issues and most importantly those that affect labour market equilibrium. Students will also be able to suggest workable solutions to labour market problems
Lecture Content
Week 1: Introduction to Labour Economics: Concepts in Labour Economics, positive and normative economics pertaining to the labour market. Labour market participants and regulatory authorities. Labour market participants and their roles.
Week 2-3: The Demand for Labour: The production function, profit maximization, short run Vs Long run Demand for Labour. Employment Decision in the short run. Demand for labour under perfect competition, monopsony. The employment Decision in the long run. Labour Demand Elaticities (Own wage and Cross elasticity). Policy implications (Minimum wage laws).
Week 4-5: Labour supply: The Decision to work model, labour-leisure choice. Income effects and substitution effects, Policy implications (cash grant and Earned income Tax credit) labour supply overtime, the theory of household production, Labour supply over the lifecycle. Government programmes and labour supply
Week 6.7: Human Capital Investments: Economics of education, the cobweb model of educational attainment. Investing in human capital. Human capital and productivity. Present value calculations. Foregone earnings and college attendance. Why does schooling vary? Life cycle Human capital investment. Human capital production functions. Non-schooling human capital. On-the job training. Estimating the returns to education.
Week 8: Labour Mobility
Week 6: Compensating Wage Differentials
Week 10: Collective Bargaining
Texts
1. Borjas, G. J. 2010. Labour Economics. 5th Edition. New York: McGraw Hill
2. Ronald G. Ehrenberg and Robert S. Smith 2012. Modern labor Economics: Theory and public policy. 11th Edition. Pearson education Inc
3. Aminu, A. 2010. Determinants of Participation and Earnings in Wage Employment in Nigeria. World Bank Conference: Employment And Development
4. Onwioduokit, E. A; Adamgbe, E. T. and Buno, E. N. 2009. Macroeconomic Determinants of the Labour Market in Nigeria. Journal of Monetary and Economic Integration
ECO 303: Intermediate Macroeconomics 1 (2 Units/Compulsory)
Course Content
The concepts and multipliers of national income components in an open economy or 4-Sector model using the Keynesian model. Theories of Consumption (KIH, RIH, PIH & LCH); Investments: Types, Assumptions, Physical theories like accelerator, MEI and MEC, Tobin Q and Financial theories like Shapiro’s profit theory, Jorgensen’s investment theory). The IS – LM analytical framework within the context of equilibrium in the goods sector and the monetary sector. The multiplier effects of monetary and fiscal policies in an IS-LM framework.
Course Description
This course introduces students to intermediate macroeconomic theory. It focuses on the Keynesian 4-sector model, consumption and investment theories, and the IS–LM framework. Students will learn how fiscal and monetary policies affect output and interest rates in an open economy.
Objective of the Course
The objective of the course is as follows:
· To deepen students’ understanding of macroeconomic models and their applications.
· To equip students with analytical tools for studying consumption, investment, and policy multipliers.
· To prepare students for advanced macroeconomic analysis and policy debates.
Assessment and Evaluation
Midterm exam (30%) – Week 7: Problem sets (20%) – applied consumption & investment models, IS–LM exercises; Assignment (10%) – policy application.
Final exam (70%) – cumulative.
Course Delivery Strategy
The course will be delivered through face-to-face lectures. Lectures will combine theory, graphical analysis, and real-world applications. Class discussions and exercises will reinforce key concepts.
Lecture Content
Week 1: Introduction & Framework
Revisiting key concepts from Intro Macro: GDP, inflation, unemployment, national income accounting.; Closed vs. open economy models.
Week 2: The Keynesian 4-Sector Model (I)
Structure of the open economy: households, firms, government, foreign sector; Derivation of national income in an open economy; Leakages and injections.
Week 3: The Keynesian 4-Sector Model (II)
National income multipliers (government expenditure, taxation, foreign trade); Comparative statics of fiscal expansion and leakages.
Week 4: Theories of Consumption (I)
Keynesian Income Hypothesis (KIH); Relative Income Hypothesis (RIH); Empirical evidence and criticisms.
Week 5: Theories of Consumption (II)
Permanent Income Hypothesis (PIH); Life-Cycle Hypothesis (LCH).; Applications to savings and intertemporal choices.
Week 6: Investment Theory (I) – Real Sector
Definitions and types of investment; Physical theories: Accelerator principle, MEC, MEI; Tobin’s q theory (introduction).
Week 7: Investment Theory (II) – Financial Sector
Tobin’s q (advanced treatment); Shapiro’s profit theory of investment.; Jorgensen’s theory of investment.; Real vs. financial constraints in investment.
Week 8: IS Curve – Goods Market Equilibrium
Deriving the IS curve; Effects of consumption and investment on IS; Shifts in IS from fiscal and trade policies.
Week 9: LM Curve – Monetary Market Equilibrium
Money demand and money supply; Derivation of LM curve; Interest rate determination.
Week 10: IS–LM Framework (I)
Simultaneous equilibrium in goods and money markets; Comparative statics of fiscal and monetary expansion; Crowding out and policy effectiveness.
Week 11: IS–LM Framework (II)
Monetary vs. fiscal policy multipliers; Short-run policy trade-offs; Liquidity trap, fiscal dominance, and policy ineffectiveness debates; Extensions: open economy IS–LM (Mundell–Fleming preview).
Week 12: Integration & Contemporary Applications
Policy multipliers in practice: Global Financial Crisis, COVID-19, African context; Critiques of IS–LM and alternative frameworks (New Keynesian DSGE preview).
Student Assignment or presentation / applied mini-projects.
Core Textbooks
Olivier Blanchard & David R. Johnson (2017, 7th edition) – Macroeconomics (Pearson).
N. Gregory Mankiw (11th edition) – Macroeconomics (Worth Publishers).
Supplements Readings
Romer, David (2019) Advanced Macroeconomics.
Carlin, Wendy & Soskice, David (2015) Macroeconomics: Institutions, Instability and the Financial System (for IS–LM extensions and financial theory of investment).