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 of the school: Owned by the Pan-Atlantic University Foundation (PAUF)
Description of MBA Program: Hybrid format. 60% of the curriculum is delivered online and the remaining 40% is available either on-campus or online. A 12-week project-based corporate internship is organised with local and international organisations.
Requirement: A minimum of a second-class lower degree from a university or a post-graduate diploma (PGD) from a recognized university for candidates with third-class degrees or Higher National Diplomas. A satisfactory performance at the Essential Skills Assessment or NMAT or the GMAT or the GRE.
Duration: 18 months. 15 months of in-class study and at least 72 credit hours of coursework. Classes run from Monday through Friday. The case-study method is used to facilitate learning. Each course uses 20 cases on average
Fee: N9 million; was previously N7 million in 2022. Full scholarships are available for students with a background in medical sciences, while part-time scholarships exist for students of other backgrounds.
Payment terms: Per semester
