Private Cost of Bachelor’s Degree Programmes by Major Fields in Nigeria

Abstract

Generally, undertaking a university education is an expensive investment and the high and increasing private cost of bachelor’s degree programs in Nigeria which cuts across all income brackets has created a significant financial burden on families, particularly low and middle income households. This paper argues that given the varying costs of bachelor’s degree programs by field of study, the knowledge of the average private cost can guide investment decisions and minimize wastages in the Nigerian education system. After an analysis of the private cost of bachelor’s degree in public universities in Lagos state of Nigeria and comparing the variations in  private costs by major fields of study using descriptive and inferential statistics (Analysis of Variance),  this paper is of the view that given the escalating price of bachelor’s education and the limited resources available to the middle and low income earners, prospective consumers of bachelor’s education should effectively plan their investments in the fields that will yield highest rate of returns and minimize wastages in the education system.