IMPACT OF CAPITAL MARKET ON ECONOMIC GROWTH IN NIGERIA

IMPACT OF CAPITAL MARKET ON ECONOMIC GROWTH IN NIGERIA

Registration ID: IJNRD_217359

Published ID: IJNRD2404724

DOI: Click Here to Get

Ariyo Clement Olugbenga , Mokuolu, Joseph Oluseye (Ph.d) , Adejayan, Adeola Oluwakemi

Keywords: Gross Domestic Product (GDP), Market Capitalisation (MCAP), All Share Index (ASI), Total New Issues (TNI), Volume of Share Traded on Capital Market (VSTCM) and Inflation (INFR)

This study examined impact of capital market on economic growth in Nigeria from 1990 to 2022. Specifically, the study investigated the impact of market capitalisation on the economic growth in Nigeria; analysed the impact of all share index on the economic growth in Nigeria and examined the impact of inflation on growth in Nigeria. Gross Domestic Product (GDP) was used as a proxy for economic growth which is dependent variable while market capitalisation (MCAP), all share index (ASI) and inflation (INFR) were used as independent variables. Also employed, Auto Regression Distributed Lag (ARDL) model as estimated technique. The result revealed that Market capitalisation has a positive and significantly related to gross domestic product in the long run, all share index was found to be positive and insignificantly related on gross domestic product in the long run and lastly, inflation rate was found to be positive and insignificantly related to gross domestic product and concluded that capital market has a positive and insignificant impact on economic growth in Nigeria in the long run. Therefore, the study recommended that government should formulate appropriate economic policies that ensures the stability of share prices to encourage both national and foreign investors participation in capital market in Nigeria; that government should place greater emphasis on financial sector development with special focus on capital market development to ensure economic growth in Nigeria; that government through the regulatory authority should monitor the country’s inflation rate.

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"IMPACT OF CAPITAL MARKET ON ECONOMIC GROWTH IN NIGERIA", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.9, Issue 4, page no.h192-h202, April-2024, Available :https://ijnrd.org/papers/IJNRD2404724.pdf

Volume 9 Issue 4, April-2024

Pages : h192-h202

Paper Reg. ID: IJNRD_217359

Published Paper Id: IJNRD2404724

Downloads: 000121216

Research Area: Management

Country: Ado Ekiti, Ekiti State, Nigeria

Published Paper PDF: https://ijnrd.org/papers/IJNRD2404724.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2404724

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition

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