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CAPITAL MARKET AND PERFORMANCE OF NIGERIA ECONOMY (1985-2017)
ABSTRACT
This paper examined capital market and performance of Nigeria economy. The study made use of secondary data which were sourced from Central Bank of Nigeria Statistical Bulletin, for the period spanning through from 1985 to 2017. Stationarity, Johansen Co-integration, Error correction and Granger Causality tests were executed. The result reveals that there was a long run positive relationship among the variables, the result of the Granger Causality test shows two significant unidirectional causalities flowing from gross domestic product to total market capitalization and to total value of new issues respectively. Thus, the study posits that capital market is a strong driver of economic growth in Nigeria for both public and private entities for medium and long-term investment. As such, a sound institutional framework for the regulation of the actors in the market so as to inspire investors‟ confidence and for the sustainability needs to be emphasized. The study further recommends that government should relax further, conditions for corporate Quotation in the Nigerian Stock Exchange in order to encourage more companies to get Quoted in the Nigerian Stock Market.
Keyword: Capital Market, Error Correction Model, Nigerian Economy, Co-integration.