The Capital Market and Economic Growth in Nigeria:- Onigah, Peter O.

ABSTRACT

This study is designed to investigate  the impact of the capital market and economic the impact of the capital market and economic growth in Nigeria. It has equally evaluated the relationship between macro-economic variables and the performance of the Nigerian capital market. In addition, it identified factors that led to the near collapse of the Nigerian capital market in March, 2008; and the slow pace in its recovery. Data for the study were drawn from the Central Bank of Nigeria Statistical Bulletin (2012) volume. The Granger Causality lest and ordinary least squares method of multiple regressions were applied. Tire study found that there is a relationship between performance of the Nigerian capital market and the growth of the Nigerian economy Besides, capital market are both influenced by both financial and macroeconomic variables. The research has recommended that government should promote the Nigerian capital market activities by improving commercial bank intermediation activities and regulation of macroeconomic variables with a view to bringing the Nigerian capital market to a world class standard which will engender economic growth in Nigeria.