Students’ and teachers’ factors that affect effective teaching and learning of economics in secondary schools in the Nsukka Local Government Area of Enugu State, Nigeria, was investigated using 10 out of 31 public schools in the study area. Data was collected using a questionnaire titled “Teachers’ & students’ factors hindering effective teaching and learning of Economics in Secondary Schools (TSFETLE),” developed by the researchers and rated on a four-point scale. The instrument had 26 items arranged in three clusters. Cluster A elicited information on teacher-related factors hindering effective teaching and learning of economics, Cluster B sought information on student-related factors that hinder effective teaching and learning of economics, and Cluster C sought information on strategies for effective teaching and learning of economics. The 52 teachers in the 31 government-owned secondary schools and 349 SS2 students of economics in 10 randomly selected secondary schools in the Nsukka Local Government Area of Enugu State were included in the study. Data elicited from three research questions were analyzed descriptively using mean and standard deviation, while t-test was used to compare the teachers’ and students’ responses. The results of the study showed that teachers’ qualifications, teaching methods, and students’ attitudes and disposition toward economics are the key factors affecting effective teaching and learning of economics.