This research work was embarked upon with a view to determine the impact of the capital market on the economic growth of Nigeria. The capital market was set up to achieve specific objectives which would boost the economy such as encourage domestic savings and increasing the quantity and quality of investments. The capital market offers access to a variety of financial instruments which are very essential for government and other institutions in need of long term funds. The data was obtained from the CBN Statistical Bulletin (1980 – 2009) and analyzed using ordinary least square analysis. The result shows that the capital market has a positive and significant impact on the country’s economic growth. It also revealed the limited contribution of the market to the development of the industrial sector.
TABLE OF CONTENT
Title Page i
Approval Page ii
Dedication iii
Acknowledgment iv
Abstract v
Table of Content vi
CHAPTER ONE
1.0 Introduction 1
1.1 Background of the Study 1
1.2 Statement of the Problem 3
1.3 Research Questions 4
1.4 Objectives of the Study 5
1.5 Hypothesis of the Study 5
1.6 Significance of the Study 5
1.7 Scope and Limitation of the Study 6
1.8 Organization of the Study 6
1.0 Introduction 1
1.1 Background of the Study 1
1.2 Statement of the Problem 3
1.3 Research Questions 4
1.4 Objectives of the Study 5
1.5 Hypothesis of the Study 5
1.6 Significance of the Study 5
1.7 Scope and Limitation of the Study 6
1.8 Organization of the Study 6
CHAPTER TWO
2.0 Literature Review 8
2.1 Theoretical and Conceptual Framework 8
2.2 Review of Related Concepts 9
2.2.1 Capital Market and Economic Growth 9
2.2.2 Definition of Capital Market 12
2.2.3 Overview of the Nigerian Capital Market 13
2.2.4 The Nigerian Security and Exchange Commission 15
2.2.5 The Nigerian Stock Exchange 17
2.2.6 Economic Growth 18
2.2.7 Impact of Capital Market on Economic Growth Of Nigeria 19
2.3 Empirical Review 20
2.3.1 Empirical Review on Other Countries 21
2.3.2 Empirical Review on Nigeria 22
2.0 Literature Review 8
2.1 Theoretical and Conceptual Framework 8
2.2 Review of Related Concepts 9
2.2.1 Capital Market and Economic Growth 9
2.2.2 Definition of Capital Market 12
2.2.3 Overview of the Nigerian Capital Market 13
2.2.4 The Nigerian Security and Exchange Commission 15
2.2.5 The Nigerian Stock Exchange 17
2.2.6 Economic Growth 18
2.2.7 Impact of Capital Market on Economic Growth Of Nigeria 19
2.3 Empirical Review 20
2.3.1 Empirical Review on Other Countries 21
2.3.2 Empirical Review on Nigeria 22
CHAPTER THREE
3.0 Methodology of Research 25
3.1 Sources of Data 25
3.2 Method of Evaluation 25
3.3 Model Specification 27
3.0 Methodology of Research 25
3.1 Sources of Data 25
3.2 Method of Evaluation 25
3.3 Model Specification 27
CHAPTER FOUR
4.0 Presentation of Result and Data Analysis 28
4.1 Presentation of Regression Results: 28
4.2 Analysis of the Result 28
4.2.1 Analysis of the Reg ression Coefficients: 28
4.2.2 Analysis of the Evaluation Methods 29
4.2.2.1 Evaluation Based On Economic Criteria 29
4.2.2.2 Evaluation Based On Statistical Criteria 30
4.2.2.3 Econometric Criteria (Second-Order Test) 32
4.3 Hypothesis Testing 35
4.0 Presentation of Result and Data Analysis 28
4.1 Presentation of Regression Results: 28
4.2 Analysis of the Result 28
4.2.1 Analysis of the Reg ression Coefficients: 28
4.2.2 Analysis of the Evaluation Methods 29
4.2.2.1 Evaluation Based On Economic Criteria 29
4.2.2.2 Evaluation Based On Statistical Criteria 30
4.2.2.3 Econometric Criteria (Second-Order Test) 32
4.3 Hypothesis Testing 35
CHAPTER FIVE
5.0 Summary, Conclusion and Recommendations 36
5.1 Summary 36
5.2 Conclusion 36
5.3 Policy Recommendations 37
BIBLIOGRAPHY 39
5.0 Summary, Conclusion and Recommendations 36
5.1 Summary 36
5.2 Conclusion 36
5.3 Policy Recommendations 37
BIBLIOGRAPHY 39