The Department of Economics of the University is as old as the University. The founding and orientation of the Department had benefitted immensely from the prodigious intellectual capability of such scholars as Professors T.M. Yesufu, O. Olakanpo, V. R. Diejomaoh, Siyanbola Tomori, F.O. Fajana, F.O. Olaloku and Michael O. Adejugbe. The Department currently possesses an enviable congregation of highly qualified academic staff. The core competence in the Department encompasses economic theory, economic development, quantitative economics including econometrics, international economics, financial economics, petroleum and energy economics among others. Presently, the Department has five (5) research groups built around the following themes: Macroeconomic Policies, Stabilization and Growth (MPSG), Industrial Organization, Energy and National Resource Management (IOEN), Finance, Investment and Resource Mobilization (FIRM), Poverty, Income Distribution, Demography and Labour Market (PIDL), Trade, Regional Integration and Sectoral Policies (TRISP). The Department currently runs the following programmes: B.Sc. Economics degree, the Post Graduate Diploma in Economics, M.Sc., M. Phil/Ph.D. Degree programmes.
The philosophy and mission statement underlying the Economics programmes of University of Lagos is to produce graduates equipped with critical skills and abilities to: abstract using simplified models that identify the essence of a problem, analyse and reason both deductively and inductively as well as provide evidence regarding economic phenomenon. They would also be equipped to assimilate structure as well as evaluate qualitative and quantitative data and communicate concisely the results to a wide audience, including those with no training in Economics