A Master’s in Business Administration (MBA) program has historically been a rewarding academic qualification, typically attracting high tuition fees in Nigeria and globally.
However, with the cost-of-living crisis, these institutions have significantly raised their fees further by up to 66% in recent times.
An example is the University of Lagos Business School which raised its fees from N3 million in 2022 to N5 million currently.
This cost may not be unconnected to the rising demand for MBA qualifications as 60% of Sub-Saharan Africa’s booming population is under 25 years of age with an active working-class population according to the World Economic Forum.
The resources available at top MBA programs are evident factors contributing to the high costs. For instance, many schools prioritize hiring professors with extensive industry experience and strong academic credentials, significantly enhancing the learning experience.
Additionally, these institutions invest in expert faculty, advanced on-campus resources, innovation labs, and other advanced school resources.
Consequently, the overall value provided by the degree plays a key role in the region’s economic transformation.
Many of these programs also integrate real-world consulting projects and other experiential learning, as well as career fairs, workshops, and coaching sessions, which further add to the overall expense of offering an MBA program.
Despite these high initial costs, pursuing an MBA typically offers a substantial return on investment (ROI), as MBA graduates can expect to see considerable financial benefits from their degree.
When considering the expense of studying for an MBA program in the United States, United Kingdom, and countries in the African continent, these universities provide a much cheaper option.
In this article, Nairametrics examines the tuition fees of a few popular MBA schools in Nigeria in comparison with the top MBA schools in the US, UK, and across some countries in Africa.
Information on the tuition was made available on the websites or via phone calls to appropriate authorities to obtain the updated tuition fee information.
Owner: Obafemi Awolowo University is a Federal government university located in Ile-Ife in Osun state.
Description of MBA Program: The Executive MBA school of the university operates under the Department of Management and Accounting. The MBA program is spread over four semesters.
Requirement: Bachelor’s Degree: A minimum of Second Class (Lower Division) from any recognized university, or a bachelor’s degree with third class, or a Postgraduate Diploma (PGD) from any recognized university; or a HND in a related discipline; or has graduated from a recognized polytechnic with relevant professional qualifications; or from polytechnic, with a Postgraduate Diploma (PGD) in a relevant course.
Duration: Two years (four semesters)
Fee: The current fee is N700,000 and is now held online only.The executive MBA program was previously N485,000 broken down into: 1st semester: N150,000 (acceptance fee inclusive), 2nd semester: N120,000, 3rd semester: N110,000, 4th semester: N105,000.
Payment terms: Fee payment can be broken down per semester
