Following the discovery and exploitation of the nation’s oil resources in the 1970s, economic management followed a philosophy of active government involvement in economic activities, even beyond the domain of traditional government services. The huge resources made available from oil exports apparently made the managers of the economy oblivious to the need for economic prudence. The oil glut of the early 1980s, however, exposed the weak policy conception and administration of the 1970s. The country subsequently adopted a structural adjustment programme to address the underlying weaknesses of the economy and development philosophy changed to one of a free market and a private sector-led economy, causing recent administrations to adopt a more comprehensive range of reform measures. The failure to achieve the desired transformation can be linked, in part, to inadequate capacity for policy articulation, analysis, implementation and financial resource management by public and private sector managers. This is also linked to deficiencies in the requisite knowledge of basic concepts and dynamics of an economic system and for policy impact assessment. In the light of the foregoing, this course is designed to enhance the capability of participants to understand and analyse basic economic and financial issues. This is based on a notion that a good knowledge of basic economics and finance is a fundamental prerequisite for understanding the workings of an economic system and the policy focus of government.