Capital Market Operation nd Economic Growth: Nigeria Verdict

This study analysed the effects of the Nigerian capital market operation on Nigerian economy. It also analysed the impact of capital market efficiency on the economic growth in Nigeria and determined the effects of inflation on capital market performance. Secondary data were used in this study. Relevant data were sourced from the publications of the Security and Exchange Commission and Central Bank of Nigeria's Statistical bulletin from 1970-2010. The variables for which data were sourced were market capitalisation, all-share index, market volume, market turnover, inflation rate, government development stock, money supply and Gross Domestic Product for the period of 1970 to 2016. Multiple regression analysis technique (Ordinary Least Square (OLS) method) was used to analyse the relationship between the dependent variable (Gross Domestic Product) and independent variables (market capitalisation, all-share index, market volume, market turnover, government development stock, money supply and inflation rate).Findings indicated that market capitalization had positive impact on economic growth in the short run.

Autorentext

Adegbite Tajudeen Adejare is a Senior Lecturer, and Ag. Head, Department of Accounting, Al-Hikmah University, Ilorin, Kwara State, Nigeria. He had B.Sc., M.Tech, MBA. Ph.D, in Accounting. He is a member of Institute of Chartered Accountants of Nigeria, Chartered Institute of Commerce, Nigeria, and Institute of Management Consultant, Nigeria.