Where to work with an economics degree in Nigeria. Economics is a social science that deals mainly with the production, allocation, and use of resources. It is a rather broad discipline and has been defined in numerous ways by numerous scholars of the field.
One major scholar of the field, Adam Smith, who is considered the father of modern economics, defined it as a subject that deals majorly with the study of the nature and causes of generation of wealth of a nation. Another well-known scholar of economics, Marshall, defined it as a study of mankind in the ordinary business of life.
In his definition, Marshall, unlike many other scholars of economics, shifts the focus of economics from wealth to man. He places focus on man and how his social actions lead to the creation and use of wealth.
Robinson, another scholar that places emphasis on man and how his nature and actions leads to wealth creation, allocation and use, defines economics as a subject that studies human behavior as a relationship between ends and scarce means which have alternative uses. Robinson’s definition, which centers on the fact that human needs are unlimited, while the resources to satisfy them are limited, is one of the most accepted definitions of economics in the world today.
There are many other definitions of economics by several other scholars of the field, but they all center around the fact that economics is a subject that deals with the production, allocation, and use of resources to satisfy man’s wants and needs.
Economics is also considered as both a science and an art. It is considered a science because it is systematic knowledge derived from careful and thorough observation and study.
It is considered an art because of its practical nature in solving human problems (since art is, after all, defined as the practical application of knowledges to achieve definite ends).
Economics is further divided into microeconomics – which, as the name implies, studies the basic elements of the economy as well as the individual agents and individual decisions that influence it – and macroeconomics – which studies the entire economy and the more weightier issues affecting it like unemployment, inflation, and public policies.
In Nigeria, economics, unlike its colleagues in the social sciences like law, political science, and public administration, is one of those courses students do not readily pick to study across universities in the country. This is majorly due to the rather complex nature of the field.
However, economics is a practical field and can be quite interesting, which is one reason why some students still delve into it despite its complex nature. The study of economics as an academic discipline can also be said to be invaluable in Nigeria, with her recurring economic challenges and problems.
As such, there is a need for more professionals that are well-versed in practical economic theories and principles that can serve as solutions to the country’s problems. Very quickly, in this article, we’ll give you some career opportunities and places where you can work with an economics degree in Nigeria, as well as the various skillets economists use on the job.
Skillsets required by economists on the job
As we’ve earlier mentioned, economics is a very practical field that involves systematic study, observation, and experimentation, as well as practical application of economic principles to solving human problems that involve wealth creation, allocation, and use. The practical nature of this field of study means practical skills are applied by economists in carrying out their duties. As such, adding these skills to your portfolio, if you do not already have them, as you go about seeking a job will better increase your chances of being employed. Some of these practical skills are briefly listed below;
- Critical thinking skills
- Problem solving skills
- Organisation, accuracy, and attention to detail
- Research and analytical skills
- Writing skills
- Time management
- Math skills and numeracy
- Communication skills
Most of these skills you’ve already learnt and picked up during your years studying economics in the university. However, as we’ve earlier mentioned, for those you haven’t learnt, you’ll do well to add them to your portfolio to increase your chances of finding employment.
Career opportunities and places to work with an economics degree in Nigeria
Economics, like many of the social sciences is a broad field and, as such, it prepares its graduates for opportunities in various public and privates organisations across the public and private sector in the country. Graduates of economics can fill in positions at financial institutions like banks, insurance companies, and accounting firms. They can also work in various institutions across the public and private sector as financial risk analysts, data analysts, investment analysts, statisticians, accountants, management consultants, as well as in the federal or state ministries. Quickly, we’ll list our some of the top career opportunities available to graduates of economics in Nigeria;
- Chartered accountant
- Chartered certified accountant
- Investment analyst
- Data analyst
- Financial risk analyst
- Forensic accountant
- Federal minister
- State commissioner
- Quantity surveyor
- Data scientist
- Management consultant
- Chartered Public finance accountant
- Civil service fast streamer
Economics is a very broad and interesting field, despite its complex nature. It deals with practical human problems that involve the creation and production of wealth and limited resources and how these resources can be used to satisfy unlimited human needs and insatiable wants.
As such, the study of economics is invaluable in today’s world, especially in a country like Nigeria with its numerous economic problems. The systematic and practical nature of economics is the reason it is so interesting.
For graduates of economics across the country, their degree certificate qualifies them for a number of opportunities across the public and private sector, especially in financial institutions like banks and insurance companies.
They can also serve as financial and economic analysts and statisticians in other top organisations and multinationals in Nigeria. There is also a place in the federal and state ministries of finance for them. We hope this article has been helpful in informing you about economics and the career opportunities available to economics graduates in Nigeria. Let us know in the comment section.
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