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: University of Lagos
Description of MBA Program: Executive MBA is delivered online or during the weekends.
Incorporates immersive learning experiences and partnerships with international institutions. The in-person and online modules cover corporate finance, ICT management, and business ethics. Students can personalize their degrees with electives in accounting, marketing, and operations management to tailor their degrees to their desired career path.
Lectures are held online every Tuesday, Wednesday and Thursday evenings from 5pm – 8pm (Online Stream Participants). Weekend stream participants have their lectures online every Friday evenings from 5pm – 8pm. Saturdays from 9am – 5pm
Requirement: Minimum of 7 years of work experience
Duration: 24 months
Fee: The Executive MBA costs costs N5 million; previously N3 million as of 2022
Payment terms: per semester
