Course Synopsis for the Department of Agricultural and Resource Economics

ARE 202:  Agricultural Statistics and Field Experimentation (3 Units)

Elements of statistics; Data collection, assembling, analysis and interpretations. Sampling  and sampling techniques. Probability and non-probability sampling. Simple random sampling; stratified sampling; purposive sampling. Representation of data on charts. Computation of arithmetic mean, mode and median. Variance and standard deviation. Rules of probability. Probability theory. Joint probability and conditional probability, Statistical independence. Permutation and combination. Hypotheses testing.  Correlation and regression analysis. Analysis of variance. Tests of significance in agricultural research and experimentation design.  Review of research methods. Research methodology.

ARE 301:  Principles of Agricultural Economics        (3 Units)

The scope of Agricultural Economics. Concepts of Agricultural Economics. Demand and Supply as applied to agriculture, Equilibrium price and quantity. Basic economic principles applied in agricultural production and marketing.  Application of concepts of economics in agricultural production and marketing. Cobweb Theory. Efficient organization of scarce resources and factors of agricultural production. Discussions of principles and philosophies involved in Agricultural Economics. Cyclical theory in agricultural production and marketing. Agricultural projects. Tools of farm financial analysis. Farm efficiency measures.

ARE 302:  Elements of Agricultural Economics and Policy   (3 Units)

Role of agriculture in the Nigerian economy. Concept of agriculture and agricultural development.  The theories of agricultural development.  Mellors model of agricultural transformation and its significance in the Nigerian situation.  Role of accelerators and essentials in the process of agricultural modernization in Nigeria. Role of Government in Agricultural Marketing. Basic problems of Nigerian agriculture. Elementary consideration of agricultural policy.  Constituents of an agricultural policy in Nigeria. Capital formation in agriculture. Agricultural labour. Institutional agencies in agricultural credit

ARE 303:  Introduction to Entrepreneurship           (3 Units)

Introduction to entrepreneurship. Evolution of entrepreneurs. Definitions and concepts of entrepreneurship, objectives and roles of entrepreneurship; types of entrepreneurships. Entrepreneurship and economic development (history of entrepreneurship in Nigeria), Theory and practice of entrepreneurship, Characteristics of an entrepreneur, entrepreneurial process, identifying opportunities, turning opportunities into idea. Sources of information, Role of financial institutions, functions of various support agencies such as the Nigeria Export Promotion, National Economic Reconstruction Fund, Directorate of Employment, Directorate of Food, Roads and Rural Infrastructure, Raw Materials Research and Development Council, Industrial Development  Centres in the promotion and development of entrepreneurship, Consideration for product selection, Interaction with industrial associations (NASS, NEACIMA, MAN, N.E.C.A). Entrepreneurial theory, Venture growth, opportunity recognition and exploitation, Types of risks and their management, Conditions for establishing a business, Forms of business ownership, Business and technology (issues and problems). Financing business (new and old), innovative techniques, Business finance and funding institutions, Site selection and location of business, Business environment. Environmental assessment of business plan. Strategy, planning and management growth. Family business and succession planning. Social entrepreneur [ethics and social  responsibility.  Woman  entrepreneur. International  entrepreneur.

ARE 304:  Introduction to Project Monitoring and Evaluation   (2 Units)

Project initiation and definition, Project management cycles, Project goals, scope and risk management, Project planning, estimating, scheduling and resources allocation, Project monitoring and control. Meaning and concepts of monitoring and evaluation, principles of project evaluation, Project management tools and techniques and steps in project monitoring and evaluation. Project  team formulation and maximization, Project implementation and participation, writing and review of project


ARE 305:  Introduction to Microeconomic Theory   (3 Units)

Introduction.  Microeconomics.  Definition and Scope.  The Theory of the Firm.  Basic Concepts.  The production function, product curves, isoquants, elasticity of substitution.  Optimising behaviours: Constrained output maximization, constrained cost manimization, profit maximization and input demand functions.  Cost functions: Short run cost functions, long run functions, constrained revenue maximization/profit maximization.  The theory of Consumer Behaviour:  Nature of the utility function, indifference curves, the rate of commodity substitution and existence of the utility function.  The maximization of utility: First and second order conditions, the choice of a utility index.  Demand functions: Ordinary demand functions, compensated demand functions, demand curves, price and income elasticities of demand, income and leisure, substitution and income effects, the Slutsky equation.  Demand functions: Market demand/producer demand.  Supply function:  The very short period, the short run, the long run, external economies, diseconomies.  Commodity market equilibrium.  Stability of equilibrium.  Market Competition.  Duopoly, oligopoly, monopoly & monopsony.

ARE 306:  Farm Records and Analysis         (2 Units)

Principles of Record keeping. Types of farm records and analysis: crops, livestock and machinery records. Enterprise analysis. Basic data needed for preparing farm records. Uses of farm records in modern agriculture. Trial balance, Income Statements and Net worth preparation and their usefulness in farm business analysis. Computer aided farm record analysis. Challenges of farm record keeping in smallholder agriculture.

ARE 307:  Farm Accounting             (2 Units)

Meaning of farm accounting, role of farm accounting in farm management, principles and concepts of farm accounts, types of farm accounts, farm accounting process and methods, role of computer in farm accounting, farm accounting and farm management decision making. Farm accounting aspects definition of farm financial accounting, source documents, farm accounting process, double entry system, subsidiary books of farm account. Treatment of cash discount and trade discount in farm cash book. Farm inventory valuation;  definitions, classifications and methods of farm inventory. Uses of LIFO, FIFO weighted average stock techniques in stock management. Farm financial analysis

ARE 308:  Principles of Farm Management             (3 Units)

Farm Management: identification and scope. The role and functions of management.  Economic principles involved in managing factors of production. Production relationships. Factor-factor relationship; Factor-product relationship; Product-product relationship, many-factors-many products relationship. Profit maximization in different production relationships. Concept of marginal returns. Increasing marginal returns, decreasing marginal returns and constant marginal returns. Land, Labour and Capital.  The farmer and his management ability.  Risks and Uncertainties in management of farms.

ARE 309:  Mathematical Economics             (3 Units)

Economic theories and hypotheses. Relationship between economic theory and mathematics. Review of the use of Mathematics in economic analysis. Linear models and Matrix algebra and its application in agriculture. Demand and supply. Application of mathematics in determination of equilibrium price and quantity, determinants and matrix algebra, input-output models and analysis, series and progressions and their economic applications, differential and integral calculus and their economic applications, profit maximization models, equilibrium models. Mathematics in micro-economics, optimization problems, equilibrium analysis, exponential and logarithmic functions, equality constraints and with several variables. Functions and functional forms in mathematics. Analysis involving time, probability and regression analysis in agriculture. Dynamic analysis, economic dynamics and integral calculus, first order differential equations, higher order differential equations. Discrete time: first order difference equations, higher order difference equations. Optimal control theory.

ARE 310:  Introduction to Macroeconomic Theory   (3 Units)

Introduction to macroeconomics. Objectives of macroeconomic policy. Methodology of Macroeconomics.  Actual and potential GNP: fluctuations and Growth. A review of the national income and product accounts. Introduction to income determination: the multiplier. National income determination: the static equilibrium model. Sectoral demand functions and extensions of the static model: consumption and consumer expenditure, investment demand, the demand for money, the supply of money, monetary and fiscal policy in the extended model and the foreign sector and balance of payment. The IS-LMModel for a closed economy and for an open economy.  The acceleration principle. The theory of consumption. Theory of inflation: Causes of inflation, Costs of inflation, Policies for reducing inflation. Taxation and Price Support. Macroeconomic models and applications. 

ARE 311:  Introduction to GIS Application in Agriculture  (2 Units)

Meaning and concepts of geographic information systems (GIS), role of GIS in agriculture, components of GIS, Geographic information system programming, Remote sensing, Data bases, Computer programming, GIS algorithms, Spatial analysis and mapping. Environmental data framework for data validation, digital data transfer standards, data retrieval/dissemination and analysis. Environmental impact analysis. Environmental Decision Support System (EDSS) application using ArcView 3.0. Measurements of locations/points. Digital mapping.  Soil mapping using GIS. Modelling spatial climate data. GIS applications in agriculture, livestock, forestry, fishery, land management, poverty studies.

ARE 312:  Economics of Land Use & Land Use Change     (3 Units)

Identification of types of land use, determinants of land use and land use change, dynamics of land use and land use change, analysis of land use and land use change, models and software in land use studies, bioeconomic models, ecological factors and models. Economic efficiency of land use and land use change, Property rights, externalities, and public goods, Valuing environmental benefits (estimating use value, non-use value and contigent  valuation), Practices and politics of valuing  environmental benefits, Non -renewable resources (optimal extraction, empirical evidences of scarcity), Land economics (basic model, application of land use change), Economics of renewable resources (land use change and the environment), Fisheries, forest and the optimal rotation problems, species preservation and biodiversity, Water resources, Practice and politics of water resources economics, Economic growth and sustainability, Green accounting.

ARE 313: Introductory Resource Economics           (3 Units)

Resource scarcity and economic growth. A model of optimal resource use. The Problem of external cost, land degradation and pollution. Problem of non-exclusive resources. Problem of irreversibility. The prospect of sustainability.

ARE 314: Introduction to Urban Agriculture           (3 Units)

Meaning and Concepts of Urban Agriculture, Role of Urban Agriculture, Types of Urban Agriculture, Urban Agriculture and Food Security, Urban Agriculture and Economic Development. Visits to different sites of urban agriculture. Urban agriculture and environmental conservation. Historical evolution of the settlement, Growth and development of settlement, Landforms, hydrolysis, soils, weather, climate, and vegetation, Layout of the locality, Land use and human activities, Settlement crisis and prospects of control and management.

ARE 315: Project Planning and Appraisal                (2 Units)

The Project concept and project idea formulation. Project location and exhaustive cost analysis. Breakdown of project cost and investment expenditures. Project cycles. Project appraisal techniques. Nature and scope of research projects in economics. Planning and design of research. Research report format, Writing research proposal and thesis in Agricultural and resource economics. Capital Budgeting  Basic risk concepts, sensitivity analysis of risk, measuring project risk; risk and time, risk and values.  Principles and procedures in planning enterprises combination, objective, scarce resources.  Programme planning and evaluation. Concepts of feasibility reports. Internal rate of return. Net present value. Project management and appraisal. Social consideration and assessment of success factors.

ARE 316:  Application of Computer in Agriculture (2 Units)

Introduction to computer programmes in agriculture. Introduction to microsoft excel spreadsheet and word processing programmes. Programmes for graphic presentations such as application of power point slides presentation and plotting of line graphs and charts; Analytical models in agriculture such as linear, cobb-douglas, semi-log and exponential functions etc. Computer software for data analysis; Analysis of data using computer software such as Statistical Package for Social sciences (SPSS), Stata, Eanalyze, SAS etc. Research methodology. Introduction to Decision Support System (DSS) application. Questionnaire design, data coding, data cleaning and validation. Interpretation of research results for policy analysis and decision making.

ARE 401:  Agricultural Finance        (2 Units)

Role of agricultural finance in development.  Credit and its role in farm production. Credit utilisation, sources of finances, loan acquisition, repayments and credit instruments.  Principles of farm accounting, farm planning, budgeting and financial control.  Farm records keeping and preparation of financial statements.  Profit and loss accounts and balance sheet.  The organization of resources and enterprises. Enterprise and resource combinations and control. Types of financial records in agriculture. Role of government in agricultural finance. Role of private sector in agricultural finance. Multilateral and international organizations and agencies and agricultural finance. Case studies of World Bank and International Fund for Agriculture in agricultural finance.

ARE 402; 404 and 406:  Students Industrial Work Experience Scheme  (10 Units)

Students are attached to industries, farms, research stations, etc., with a view to making these students develop more skill in farm management, agribusiness, and related areas, and providing additional opportunity for them to learn to write field reports: Students are supervised during the training period and are expected to keep logbooks and other records designed for the purpose of monitoring their performances. Students are to write reports on their activities on site and present such reports at a seminar in the Department.  The logbook, reports and seminar presentation will contribute to the final grades in the course.

ARE 403:  Agricultural Production Economics and Resource Use (3 Units)

Concept of the production functions, functional forms. Profit maximization in production. Mathematical derivation of Input-Output relationships, Resources in Agriculture:  Land, Labour, Capital, and Management resources.  Law of the diminishing returns.  Problems of resources.  Marginal analysis.  Concept of an agricultural production. Production possibility curve and stages of production. Steps in project introduction, appraisal, analysis and implementation.  Methods of project appraisal, MPV, cost benefit ratios DCF, Financial and Economic Analysis, Introduction to linear programming.

ARE 405: Introduction to Environmental Economics  (3 Units)                 

Concepts and principles of environmental economics, The earth as a member of solar system, The size, shape, position and posture of the earth, Spatial and temporal distribution of solar radiation and its effects on global climatic and  geomorphological processes, Effect of latitude on weather and climate, Longitudes and variations in local times, Importance of latitude and longitude in the determination and location of places and features on the earths surface, Latitude and distance calculation. Man and his environment; Definition, scope, classification of environment, Land and agricultural systems, environmental balance and intervention in the natural environment, Environmental perception and philosophy, Environmental hazards in Nigeria (soil erosion, drought, desert enchroachment, flooding, oil spillage, and pollution); Causes, effects and management in Nigeria. Environmental laws and policies (global and national), Environmental education and decision making, Geomorphology (types of rock and formation], Climatology (weather and climate), Biogeography (soil types, profile and horizons, Vegetation, adaptation, ecological structures, vegetal resources and conservation. Resource mapping, identification of environmental resources, Application of GIS in resource mapping, satellite, remote sensing and GPS applications in resource mapping, introduction to satellite imagery. Poverty and nutrition mapping.

ARE 407: Seminar in Agricultural and Resource Economics (3 Units)                              

Students are expected to undertake studies of contemporary issues in agriculture, and write a term paper on a topical agricultural issue, to be presented in a class seminar.  Students are expected to be supervised by instructors assigned to them during preparation of papers. Presented reports will be graded. Performance at the seminar presentation will also contribute towards grading of the course.

ARE 409:  Farm Business Analysis   (3 Units)         

Nature and types of farm business. Characteristics of farm business. Decision-making process, economic principles, tools of decision-making, farm management information and analysis, the farm budget, the computer as a farm management tool.  Managing the organized farm. Relationship between farm and non-farm business. Family farm business and management. Corporate farm business and management. Case studies of corporate farm business

ARE 411: Introduction to Natural Resource Management & Control (3 Units)    

Identification of natural resources, types of natural resources, renewable and non-renewable resources, application of economic principles in management of natural resources, micro and macroeconomics of natural resource management. Structure of the Nigerian economy; Sectorial breakdown of the Nigerian economy; Primary sector (agriculture, mining, and quarrying], secondary sector (industries), tertiary sectorcommerce and services). Contributions of the different sectors to the Nigerian economy, Changing structure of the Nigerian economy (austerity measures, SAP etc.) Factors of production (land ,labour, capital, entrepreneurship) Land  resource economics, Labour economics, Meaning and scope of labour economics, Labour unions in Nigeria, Labour unions and bargaining power, Wage differentials, Employer and employee relationships, Strikes and lockouts, Mobility of labour (causes and effects), Industrial relations in Nigeria, Investment and efficiency of human capital, The labour market (demand and  supply of labour).

ARE 413:  Project Monitoring and Control                (2 Units)

Dis-aggregated planning. Projects in the context of Development planning. Cost benefit analysis of project. Programming project execution. Applications of Critical Path Analysis (CPM) to Projects. Projects Control.

ARE 415:  Research Methods in Social Sciences      (3 Units)

Types of empirical research in social science. Steps in empirical research-setting of objectives; hypothesis formulation and testing; sampling techniques, design of questionnaire.  Analytical techniques,  descriptive and quantitative methods.  Interpretation of results. Application of econometrics in data analysis. Use of inferential statistics in data analysis. Research report writing and presentation. Development of research proposal for grant application. Design of questionnaire, preparation, validation and reliability of data instruments.

ARE 500:  Students Seminar             (2 Units)

Preparation, presentation and review of important agricultural issues in Nigeria and globally. Such review will cover the following areas: Agricultural development, Finance, Women in Agriculture, Children in Agriculture; Gender matters, Rural development, Agricultural marketing, Resource use, production economics, environment, diffusion of innovation, project appraisal, programme planning, Policy and agricultural commodity marketing; climate change and natural resource economics

ARE 501:  Personnel and Labour Management       (2 Units)

 Introduction to labour management. Labour law and administration. Work schedule combinations and timings, Labour relationships. International Labour Organisation. Nigerian labour laws.. Method study and work study techniques. Labour productivity issues and measurement. The concept of motivation in labour management. Labour management and industrial actions. Dispute resolution in labour management.  Labour arbitration panel. Labour law and the Nigerian environment. 

ARE 502:  Macroeconomic Analysis (3 Units)

Full employment. Price Stability. Theory of interest rates. Theory of investment. The theory of economic Growth. Balance of payment.  Distribution aims.  Potential Conflicts between aims. Productivity. The Phillips Curve. Theories of employment. Theories of unemployment, Types of unemployment, Taxation and Price Support. Public expenditure. Public revenue. Business cycles and problems of economic growth. Development economics, Growth and development, Concepts and measure. (per capita income and social indicators). The characteristics and causes of under development. Some theories of economic growth,  Rostow’s balanced and unbalanced growth. Problems of agricultural transformation, industrialization and technological changes. Problems of dualism. Population and economic development. Foreign aids, foreign trade, economic development. The role of capital, natural and human resources in economic development. Development plan and economic development-Nigerian experience.          

ARE 503:  Agriculture and Rural Development       (3 Units)

Agriculture and rural development process, objectives of agriculture and rural development, problems of rural development.  Strategies for rural development. Approaches of rural development globally. Rural development strategies in Europe and Asia. Role of government and private sector in rural development. Focus of appropriate technology, imitation, indigenous etc.  Problems relating to transfer of technology.  Technology and Nigerian small farmers.  Pre-requisite for the acceptance of technology types.

ARE 504:  Agricultural Development Administration (3 Units)

Comparative study of agricultural development administration globally. Agricultural legislation. Overview of agricultural legislation in Nigeria. Agricultural legislation and implications on agricultural development. A review of land tenure and land laws in Nigeria. Identification of land tenure problems in Nigeria.   Introduction and concepts of development plans in Nigeria. Plans and plan implementation in Nigeria.  Agricultural development programmes. Problems of development plans.  Roles of Federal, State and Local governments in planning. Development policy.

ARE 505:  Price Theory and Agricultural Marketing   (3 Units)

Definition and scope of marketing. Distinctions between marketing and markets. Concepts in marketing: Marketing function;  marketing efficiency. Types  of markets and objectives, the importance of marketing, Characteristics of marketing problems, the role of marketing in an agricultural business. Agricultural Demand and Supply as they relate to marketing. Determination of equilibrium price and quantity. Price analysis. Agricultural marketing and agricultural development. Market infrastructures and development.  Computation and analysis of Gini coefficient and Lorenz curve, Applications of price theory in agricultural marketing. Agricultural marketing and global issues: economic meltdown; price fluctuations; climate change.

ARE 506:  Industrial Visits                (2 Units)

Class visits to farms, agro-industries, research institutes and other related establishments, on a weekly or bi-weekly basis, to acquaint students with the organizational structure and processes of these establishments. Students are to note the raw materials used, their sources, the products of such companies, their by-products and their markets. They are to assess personnel management and welfare. Impact of the industry on the immediate environment is to be assessed. Opportunities for linkages after their graduation are to be explored.  Each visit is to be followed by a written report by each student, which is to be graded.

ARE 508:  Concept of Agribusiness (2 Units)

Farm Business and Agribusiness Methods; Consumer Concept in marketing; Concept of rationality vs irrationality in Agribusiness.  Product oriented and consumer oriented production.  Cooperation in marketing, rules and regulations governing cooperative societies.  Cooperative societies vs producers vs consumers.  The firm (or industrial) approach to marketing.  The farm and location of industry.  Identification of success factors in Agribusiness. Agribusiness development.

ARE 509:  Introduction to Econometrics      (3 Units)

Econometrics and economic theory.  Basic statistical concepts: simple and multiple correlation, normal and t-distribution, hypothesis testing and confidence intervals.  The simple regression model, estimation of regression parameters.  Properties of least square estimators, statistical inference in regression model, violation of basic assumptions and their consequences.  The multiple regression model; estimation of regression parameters, statistical inference. Problems of autocorrelation and multi-colinearity. Analysis of variance (ANOVA).  Regression analysis of cross sectional and time series data

ARE 510:  Environmental Impact Assessment          (2 Units)

Concepts and principles of impact assessment. Identification of environmental issues and problems, Environmental problems and agricultural production, environmental issues and economic development, techniques of environmental impact assessment, writing and presentation of environmental impact assessment

ARE 511:  Entrepreneurship II                     (3 Units)

Entrepreneurial theories and process, talent, temperament and technique synergy in entrepreneurial processes, role of skill, knowledge and value system in entrepreneurship, enterprise culture, development of enterprise culture, global models of entrepreneurship. Identification of small, medium and large scale enterprises. The future of business and succession issue Case Study. Pilot study and feasibility report. Elements of marketing and market segmentation. Product development. Business and social  responsibility  Government regulations/Taxation. Auditing. Consumer behaviour. Society. Shareholders etc. Management functions. Human resource management and communications. Entrepreneurship development. Information generation and location skills. Consideration for product selection. Market survey. Achieving motivation training. Conceptualizing  entrepreneurial behaviours (Ring Toss Game). Motivational pattern of entrepreneurs. Conceptualizing socioentrepreneurial values.  Achievement planning. Business planning exercise. General management. Communication skills. Personnel management. Finance and accounting. Marketing and sales management. Production management. Managerial planning. Legal aspect of business (Factory, Industrial safety Act,  Labour law, Sales and Goods Act, Negotiate instrument Act, Shop and commercial Act, Company tax law, Excise duties, Company and Allied Matters Decree January 1990.) Business plan, Enterprise building skills. Records keeping/book keeping. Students participation in some identified small scale enterprises.

ARE 512:  Introduction to Operations Research      (3 Units)

 Role of operations research in economic analysis. Links between economic theory and quantitative analysis. Introduction to Optimization problems: (a) Minimization; (b) Maximization.  Introduction to inventory models.  Types of inventory models. Concept of allocation problems in operations research. Types of allocation problems. Optimization process in allocation problem. Models in allocation problems. Linear Programming: simplex and graphical models, Games theory, Input-output analysis. Optimization in linear models. Dynamic, linear and integer programming techniques. Linear and integer, techniques in solving allocation problems

ARE 513:  Economics of Climate Change       (2 Units)

Meaning and Concepts of climate change. Historical perspectives of climate change. Climate change and agriculture. Climate change impact on agricultural production and economic development. Global and regional Climate change models. Computer software applications in climate change studies. Climatology: composition and structure of the atmosphere (heat distribution)  vertical i.e identifying variations in the elements of the atmosphere at each level. Understanding the elements and factors of weather and climate. Pressure systems: types and distribution, patterns and factors influencing them. Planetary systems: wind, air masses, and their origin and influences on weather and climate (relevant examples worldwide and local illustrations). The concept of climatic regions and their classification into types based on their characteristics e.g perspiration, wind and temperature. Kopens Classification: Case studies of local climate, using a nearby well-established meteorological data source from some stations including actual reading of weather instruments and recording such readings. Climate and human activities.

ARE 515:  Microeconomic Theory II            (2 Units)

The theory of Consumer Behaviour:  Nature of the utility function, indifference curves, the rate of commodity substitution and existence of the utility function.  The maximization of utility: First and second order conditions, the choice of a utility index.  Demand functions: Ordinary demand functions, compensated demand functions, demand curves, price and income elasticities of Demand, income and leisure, substitution and income effects, the Slutsky equation. Market equilibrium: Assumption of Supply function:  The very short period, the short run, the long run, external economies, diseconomies.  Commodity market equilibrium.  Stability of equilibrium. Market Competition. Duopoly, oligopoly, monopoly, monopsony.

ARE 599:  Students Project                          (6 Units)

Students are to undertake supervised study on identified agricultural/economic related problems requiring empirical data collection, analysis and report writing. Students are also required to give both oral and written presentation.  Students must apply the theories learnt in Research Methodology and econometrics in the implementation of their projects. Assessment of the course will involve grading of the project write-up, oral presentation and oral defence.