THE EFFECTIVENESS OF CAPITAL MARKET AND ECONOMIC GROWTH IN NIGERIA
Abstract
This study investigates the impact of stock market development on economic growth in Nigeria applying the multivariate ordinary least square (OLS) technique using time series data from 1985 to 2023. Real Gross Domestic Product (RGDP) is the dependent variable and proxy for economic growth. While stock market development was proxy with market capitalization (MCAP), trading value (TVAT), turnover ratio (TOR) and all share index (ASI). Overall, findings from the study indicates that market capitalization is the only stock market development variable that stimulate economic growth in Nigeria within the period under study while other variables like value of share traded, turnover ratio and all share index has no significant effect on economic growth in Nigeria. From the foregoing, the study concluded that stock market development play a pivotal role in the growth of the Nigerian economy for the period studied.
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