Global Advanced Research Journal of Management and Business Studies (GARJMBS) ISSN: 2315-5086 February 2012 Vol. 2(2), pp 120-125

Copyright © 2013 Global Advanced Research Journals   

 

Original Research Articles

The capital market contributions towards economic growth and development; the Nigerian experience 

Okoye Victor O1* and Nwisienyi  Kenechukwu J2 

1Director Consultancy Unit, Federal Polytechnic Oko, Anambra State, Nigeria

2Department of Banking and Finance, Federal Polytechnic, Oko, Anambra State, Nigeria

*Corresponding Author’s E-mail: okoyevictor26@yahoo.com 

Accepted 05 February 2013

 

Abstract

This study examined the impact the capital market has on the Nigerian economy, using time series data for 10-year period; 2000 – 2010. The model specification for the analysis of data is multiple regression and ordinary least squares estimation techniques. The gross domestic product was adopted as the dependent variable while the all-share index, market value and market capitalisation were the independent variables. The result showed that there are significant relationship between share index, market value and market capitalisation on GDP. This implies that the GDP is affected by the movement of the capital market’s share index, market value and market capitalisation. In other words, the capital market has impacted significantly on the economy for the years under review. 

Keywords: Capital Market, economy, analysis, Nigeria

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