NIGERIA CAPITAL MARKET AS A PANACEA TO ECONOMIC GROWTH (2002-2023)
Abstract
ABSTRACT
This study investigates the role of the Nigerian capital market in driving economic growth between 2002 and 2023. The capital market, comprising the stock exchange and other financial institutions, facilitates long-term funding and investment opportunities that stimulate industrial and economic activities. Data from the Nigerian Exchange Group (NGX) and Central Bank of Nigeria (CBN) were analyzed using time-series econometric methods. The findings reveal a positive correlation between capital market performance indicators (market capitalization, volume of trade, new listings) and Nigeria’s GDP growth. However, factors like policy instability, low investor confidence, and weak regulatory enforcement have limited its full potential. The study recommends strengthening capital market institutions, increasing investor education, and enforcing transparency to enhance its contribution to economic development.
Full-Text Access Notice
In accordance with the NERD Policy on promoting peer-reviewed publication, public access to the full text of a project, thesis or dissertation is restricted for three years, allowing the author and supervisors sufficient time to pursue peer-reviewed publication.
During this period, researchers with legitimate academic or research purposes may request authorisation directly from the author to enable NERD to release the indexed full texts of the work using the form below.