The Department of Economics was established in 1977 to offer B.Sc. Degree in Economics under the then Faculty of Arts and Social Sciences between 1977 and 1981. In 1981, the Faculty of Business and Social Sciences was created. In 2014, the Faculty was splited into Faculty of Management Sciences and Faculty of Social Sciences and the Department of Economics was placed under the Faculty of Social Sciences.
The number of lecturers in the Department ranged between seven and ten in 1977 and 1990. The staffing situation in the Department became precarious in 1991 when five lecturers resigned their appointments for various reasons. The Department has since been able to overcome this challenge. There are twenty three lecturers in the Department at the moment, with Eighteen holding Ph.D. The Department also runs both Master and PhD Programmes in Economics. The first Head of Department from its own staff was appointed in 1980. He was Dr. G.N. Anyatonwu. In 1983, Dr. P.N. Mehotra, an Indian, became the Head of Department following the demise of Dr. Anyatonwu.