THE IMPACT OF STOCK MARKET ON ECONOMIC GROWTH IN NIGERIA (1981-2023)
Abstract
The study investigates the impact of stock market development on economic growth in Nigeria (1981–2023). Using ARDL analysis, results show that market capitalization, money supply, and credit to the private sector positively influence growth, while interest rate negatively affects it. The study confirms both short-run and long-run relationships and recommends policies to strengthen financial markets.
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