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.
Obafemi Awolowo University, Ile-Ife
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
University of Nigeria Business School, Nsukka
Owner: University of Nigeria Business School is a Federal university located in Nsukka, Enugu State
Description of MBA Program:
Requirement: The program is a 24-month executive MBA program with a range of specializations, including agribusiness, hospitality, and tourism management.
Duration: 24 months
Fee: Since inception, the university has charged N210,000 per semester for four semesters, totalling N840,000. However, according to the business school’s management, the fees will be revised upwards to N250,000 per semester, making the total amount N1 million effective October 2024.
Payment terms: Fee payment can be broken down per semester
Covenant University, Ota, Ogun State
Owner of the school: Covenant University was founded by Bishop David Oyedepo founded in 2002
Description of MBA Program: Offers a Master of Business Administration (MBA) degree Programme with options in Finance, Industrial relations & HRM, Management and Marketing. Postgraduate students may benefit from the Student exchange programme to conduct their research in laboratories in some partner foreign Universities, as well as internships
Duration: Two-year
Requirement: Must possess a Bachelor’s degree in any discipline with not less than a Second Class Lower Division (minimum 3.00 over 5.00 Grade Point CGPA) from Covenant University or any other university recognized by the Senate.
Fee: Its MBA program is N2,104,440. The university offers international scholarships, fellowships, or grants from foundations, trusts, and corporate bodies to both local and international students
Payment terms: Per session
The American University of Nigeria (AUN), School of Business, Yola
Owner: AUN is founded by the former Vice President Atiku Abubakar in Yola, Adamawa State
Description of MBA Program: The university focuses on development issues and American-style education. It focuses on entrepreneurship, innovation, leadership and the general organic business functions.
Requirement: Applicants with non-business undergraduate degrees are required to complete the Post Graduate Diploma in Management (PGDM), which upon completion, will prepare them to pursue the regular MBA program.
Duration: Two-years
Fee: N2.75 million
Payment terms: Per semester
Rome Business School, Nigeria
Owners: Rome Business School is a satellite campus of the Rome Business School based in Rome, Italy; founded in 2011.
Description of MBA Program:
The courses offered include online or onsite programs for Executive MBA, International Master of Business Administration (IMBA), Master in Data Science, and other programs. The university provides international boot camp experiences for global corporations.
Requirement: The PGDM program requires a minimum of 32 credit hours of coursework. Of those 32 credit hours, 28 credit hours are required core courses, while the remaining 4 credit hours are earned from the completion of a supervised research project. Experienced executives must be 30 years of age and above with more than 2 years of work experience. International immersion and global business tours will be taken in Rome Italy, Kigali, and Angola.
Duration: 2 Weekends per month for 1 year
Fee: The online MBA fees are N4 million while the on-site fee is N4.5 million.
Payment terms: Per semester
University of Lagos Business School
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
Business School Netherlands, Lagos
Owner: BSN was founded in 1988 and is headed by Juanita Bouwer, who is the Global chief executive officer (CEO)
Description of MBA Program: International Action Learning MBA program is delivered online
Requirement: First-degree certificate and CV detailing work experience. 12 modules delivered within 24 months
Duration: 24 months (15 hours per week). Flexible duration of studies available from one to four years
Fee: N6.1 million.
Payment terms: Staggered payment structure (One-off to four times payment, bi-monthly, monthly)
Lagos Business School: Pan-Atlantic University
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
Tuition of top MBA programs overseas
Here is a rundown of the MBA program cost of top schools according to Times Higher Education ranking of top MBA schools in the US, UK and South Africa according to Times Higher Education.
United States
- At Harvard Business School, an MBA postgraduate taught program for the 2024/25 academic year is $76,410 aside expenses aside indirect expenses which are to the tune of $34,000
- The University of Pennsylvania‘s MBA program is $84,830 for the first year and $83,830 for the second year
- The tuition for Stanford’s MBA program is $79,860 per year
United Kingdom
- In the United Kingdom, the total cost of the Oxford Executive MBA programme for both home and overseas students is £117,080 for a September 2024 or January 2025 start.
- Tuition fees for the Cambridge Executive MBA commencing in September 2025 are ££93,345 and the global executive MBA costs £102,235
- At Imperial College, the tuition fees are £67,500 and £69,000 for an extended placement.
Africa
- At the University of Cape Town South Africa, a full-time MBA or Modular MBA program is R 323,780 broken done into (R203 420 and R120 360)
- HEM [Institute des Hautes études de Management] Business School in Morocco has a tuition of $15,000-17,499 for its MBA tuition
- Makerere University Business School located in Uganda has tuition of UGX 2,730,000 per year for 2 years for its MBA tuition
- University Of Ghana Business School’s MBA costs GHS 26,8412 per year for two years
- At the University of Witwatersrand in South Africa, its MBA program costs R330 290.00
- Stellenbosch University/ in South Africa runs its full-time MBA for R342 210 for either blended or modular MBA programs.