HOD’S WELCOME ADDRESS

 

Compliments of the Joyous season everybody!!!

Welcome to the Department of Economics at the University of Ibadan. It is a rare privilege that God has given me to lead this great Department as Head at this time. This is a Department that is very dear to me; for the past three decades, I have been part of its growth and development. I have loved the Department so much that one of my strongest desires was to one day lead it to new frontiers of excellence building on the solid foundation of the early fathers of the Department who took time to nurture it and place it on the global map of excellence. The Department, with its sound research, teaching and community service culture, promises to continue to produce sound Economics graduates who are worthy in character and sound judgment.

I congratulate all past and present students of the Department as well as those who would be fortunate enough to be part of its brighter future. The Department has trained, mentored, nurtured and produced and is still producing global economists and other social scientists, national and international civil and public servants, business leaders and entrepreneurs, credible politicians, government functionaries and a broad range of professionals.

The Department’s academic staff members teach and conduct research in diverse areas of Economics such as microeconomics, macroeconomics, labor economics, econometrics, monetary economics, industrial organization, development economics and other related areas. Our academic staff members not only regularly publish their research in top-ranked academic journals but have been invited to serve as strategic council members of the Nigerian Economic Society and as policy advisers to government at the highest level. The expertise of our staff has translated into high quality instruction at both the undergraduate and graduate levels and has helped produce graduates that serve creditably at the national and global levels. 

Our graduate programme, which includes the Collaborative Ph. D. Programme under the African Economic Research Consortium management and funding, trains Ph.D. students to produce rigorous and innovative economic research, and to become excellent teachers and policy makers.

As a result of its strategic role of producing competent graduates for academic Departments of other universities, for the industry and for government, our Department of Economics was selected as one of the three Centers of Excellence by the Central Bank of Nigeria (CBN) to be given special capacity building funding for five years in the first instance. Both the physical and other infrastructure for the Center of Excellence is currently being built with close collaboration and strong support of the CBN. Recently, due to the growth that the Department has recorded both in number and quality of output, the University of Ibadan Senate approved the transformation of the Department into a Faculty of Economics. This is a welcome development for which the Department has been applauded. With the new Faculty and the CBN Center of Excellence, the Department is set to drastically increase its productivity in quantity and in quality.

The Department has had an impressive history, with many distinguished economists having served as Heads of the Department, beginning with Professor R.H Barback in 1958 and Professor Ojetunji Aboyade in 1966 as the first Nigerian.  I am proud to follow the list of outstanding Heads of Department who have provided wise and capable leadership for the Department. It is my desire to also make notable impact and to leave behind as Head of the Department, an indelible mark of excellence, to the glory of God. As soon as I assumed office as Head, I led the entire staff members (academic and non-academic) on a two-day brainstorming retreat to, among others things, build consensus among key stakeholders on a clear vision, mission and future for the Department for the next ten years; to brainstorm about the future directions of the Department’s academic and non-teaching programmes; to agree on clear strategies, policies, programmes for achieving the goals of the Department and the resources required to achieve success; agree on implementation plan, on monitoring and evaluation plan for the activities of the Department. The retreat also helped us to plan for a seamless transition from the Department of Economics to a Faculty of Economics. It is one of my desires that after the retreat, the Department now, and when it becomes a Faculty, would grow in relevance, efficiency, effectiveness and in building sound relationships with its stakeholders.

Given its very bright future and the great things the Department plans to do in the next few years, I am more excited than any time in the last three decades to be part of the Department of Economics.

On behalf of every member of the Department, I thank all past Heads of Department for their contribution to building the foundation upon which I am called to build. I wish all of them God’s blessings and more successes in their future endeavors. I look forward to working with academic and non-academic staff, students, alumni and other stakeholders, to build on the work of my predecessors and continue the great tradition of excellence for which the Department of Economics is known.

May the Lord bless the Department of Economics, the University of Ibadan and Nigeria. Amen.

 

 

VISION, MISSION AND PHILOSOPHY OF THE DEPARTMENT

The University of Ibadan Vision and Mission provide the basis upon which the Vision and Mission of the Department of Economics are conceived. This is with a view to avoiding deviating from the University’s Mission and Vision since the Department of Economics is an agent of the University. The Vision, Mission and the Philosophy of the Department are as follows:

  1. VISION: “A Department that is highly visible and respected for generating relevant, high quality economic information, knowledge and analytical skills and their application towards genuine economic development
  2. MISSION: “To offer a curriculum at the frontier of economics, promote active research and provide excellent services through the provision of appropriate expertise in matters relating to economics profession
  3. PHILOSOPHY: “To create an environment where the dignity of the individual is respected; conducive to the quest for knowledge, search for understanding and commitment to excellent services where objectivity, integrity and honest pursuit of truth thrive, where commitment to serving the public good is promoted and where discipline, professionalism and excellence in all activities are the main goal. 
  4. GOALS

To produce globally competitive graduates who are abreast of the frontier of Economics discipline and will effectively contribute to solving economic challenges of the world.

      v.   OBJECTIVES OF THE PROGRAMME

Offering a curriculum at the frontier of economics, the students are expected by the end of the B. Sc. Programme to:

  1. Be excellent quality economics graduates able to face and outshine others in global competition;
  2. Be capable of promoting active research and provide excellent services; as well as provide appropriate expertise in matters relating to the economics profession.
  3. Respect individual dignity, quest for knowledge, search for understanding need and commitment to excellent services where objectivity, integrity and honest pursuit of truth thrive;
  4. Be committed to promoting public good where discipline, professionalism and excellence in all activities are the main goal.
  5. Apply economic concepts and theories to build and analyze policy relevant economic models and empirics.
  6. Understand, contribute and influence economic policy direction of the country and on global stage;
  7. Conveniently apply economic principles to different sectors of the economy to achieve optimal utilization of available resources

     vi.  JUSTIFICATION

THE NEED/JUSTIFICATION FOR CURRICULUM REVIEW

Departmental internal observation culminated into the need to restructure the economics programme to make it more globally competitive and student- and employer-focused. This is in an attempt to increase programme depth to foster habits of intellectual inquiry and up the capacity to master complexity and undertake independent work as well as the attainment by students of critical sophistication via ordered learning experiences. The restructured focus will enable students to match mathematical and technical sophistication with ability to grasp the assumptions, arguments, approaches, and controversies embedded in economic reasoning and submissions as well as commanding independent application of knowledge to real world phenomenon.  These necessitate the new vision and mission statements, especially as the Department transforms to Faculty of Economics on its expansion path, which run as follows:

The need to update the economics programme is justified by the quest of the Department to constantly remain at the frontier of the teaching of economics relative to the global best practice. This will entail removing the binding constraints with respect to the inability of students to adequately articulate themselves, traced to the effect of over-quantification and lack of modern teaching methods and updated economics texts as well as inadequate mix of lectures, group discussion, and seminars in course delivery. The University is increasingly faced with the challenges of shortening of semester which affects available time to teach. The Department will work with University Administration to design a compensating mechanism such that students will receive the needed pedagogy in their courses to minimize academic losses. All these strategies are geared toward the desire of the Department to re-orientate its students to permanently imbibe the spirit and letter of intellectual inquiry and freedom to reap the benefits of optimal learning. Thus, this curriculum review introduces new courses that will aid critical inductive and deductive reasoning which will assist in appreciating the complexities and sophistication of today’s economics training programme. These initiatives will catalyse the operationalisation of the new vision and mission statement of the Departmental economics programme.

E. O. Ogunkola

Professor and Head of Economics