The market embraces the stock market, an active stock market may be relied upon on a barometer for measuring changes in general economic activities using a stock market index.
The stock market is the market for trading in stock and shares, bonds, debentures and other long-term securities.  It is also generally referred to as the secondary market where seasoned securities are traded in very much linked to the stock market is a primary market which is responsible for the placement of new issues contributes directly towards increasing loanable fund and allotting these between production economic club.The stock market provides the forum for capital market activities.  Quoted securities have the advantages of relatively, high liquidity as they can be bought or sold through the exchange at relatively short notice.  The role of the stock market is a direct function of the extent of using and of its interrelationship with other sector of the economy.
1.1              Introduction
1.2              Statement of problem
1.3              Purpose of study
1.4              Research question
1.5              Research hypothesis
1.6              Significance of study
1.7              Scope of study
1.8              Limitation of the study
1.9              Definition of terms
2.1              Review of related literature
2.2              Definition of economic depression
2.3              Nigerian economic depression: causes and effects
2.4              Security market
2.5              Main features of the Nigeria capital market
2.6              Functions
2.7              Nigerian stock exchange
3.1              Research methodology
3.2              Sources of data
3.3              Method of data collection
3.4              Method of hypothesis testing
4.1              Data presentation and analysis
4.2              Test of hypothesis
5.1              Summary of findings, conclusion and recommendation
5.2              Summary
5.3              Conclusion
5.4              Recommendation
Appendix questionnaires
1.1              INTRODUCTION
The capital market is not really a market in the traditional sense but a process or a network of the institutions that perform functions that are described as capital market activities.  It is a process through which the long term finds are procured under the intermediation of banks and non-banks financial institutions.  The financial products sourced from the capital market includes ordinary share capital which covers new issues/rights issues, preference capital, bonds and debentures, and other long term securities.
The performance of the Nigeria capital market has over the years been more of a fluctuating experience, which though is not uncommon with events in the operation of the capital market worldwide.  The market is also generally referred to as the secondary market where seasoned securities are traded, very much linked to the secondary market is the primary market which is responsible for the placement of new issues contributed directly towards increasing loanable finds and allocating these between productive economic units.  The stock market is relied upon on a barometer for measuring changes in general economic activities using a stock market index.
Quoted securities have the advantage of relatively, high liquidity as they can be bought and sold through the exchange at relatively short notice.  The stock market is usually accessible to all categories of livestock small or big, government, institutions and individuals.  The role of the stock market is a direct function of the extent of usage and of its inter-relationship with other sector of the economy.
The opening of the Lagos stock exchange in 1960 marked the birth of the Nigeria capital market.  The reasons for promoting active capital market in developing countries includes:-
-           The mobilization of savings from numerous economic units for economic growth and development.
-           The encouragement of a more efficient allocation of new investment through the pricing mechanism.
-           The provision of an alternative source of find other than taxation for government.
-           The breading of ownership base or assets and the creation of a healthy private sector.
-           The provision of sufficient liquidity for any investor, group of investors.
-           The promotion of rapid capital formation.
The concern about a depressed economy was noticeable from numerous gloomy prognostications about the current state of the economy.  These have lead to talks about devastation, structural adjustment programmes, financial crunch, austerity measures, credit squeeze, retrenchment and large-scale unemployment.  All these have generated concentrated pessimism.
 Depression is a period of reduced and stagnation of business activities, high rate of unemployment and reduction in the rate of growth of real aggregate economic activity.
The period of 1980 to data appeared to have marked the worst depression in recent rimes.  It made its impression fact manly from 1981 when government of the day failed to respond swarthy to the 1981 world oil slump.  The Nigeria Economy accelerated swarthy from position of oil affluence in the end sarrant in a situation of loan financial resources in the early eighties.  The problem became exacerbated as retrenchment of workers increased, smuggling continued to until, as those who completed their education and training flooded the labour market, as lack of finds slowed down construction and other activities and as production decreased nationally as compared to higher prices, all of these made life acutely intolerable for those household in addition to their constant application of inadequate infrastructural facilities like notable water, good roads and electricity.

Having made the above brief analysis, this research work is therefore to examine the role that the Nigeria capital market has played and still playing given Nigerian economic circumstances.    
The Nigeria capital market in saddled with a lot of problems in the execution of its roles, aiding its own development and this contributing to speedy economic rebound.  This study aims at researching into the following problems:-
i.                    Lack of revitalization of the capital market and as such economic development is retarded.
ii.                  Lack of commitment by the federal government to the objective of the capital market.
iii.                Lack of active participation of the private sector in the capital market activities.
iv.                The pricing of securities by the security and exchange commission.
v.                  The low volume of securities for trading compared with the high demand for them.
vi.                Over involvement of the government in the activities of the capital market.
vii.              The unduly cumbersome of delivery system.
viii.            Lack of active participation of the private sector in the capital market activities.
ix.                The absence of jobbing
x.                  The insider trading in the Nigeria capital market.
1.2              PURPOSE OF STUDY
While the importance of capital markets to national development and funds mobilization appear to be widely recognized, the effect of the structure and organization of the principal of the capital market to the attainment of the goals for which the market were set up does not appear to be equally appreciated, in the same vain, the role of new securities in funds mobilization is not fully appreciated.
The study is aimed at examining the role of the Nigeria capital market since its inception toward and upturn of the Nigeria depressed economy.
The rationale for this exercise is the recognition of the fact that an active/efficient capital market have a catalytic impact on the growth in market oriented economics.
1.3              RESEARCH QUESTIONS
The following questions are hoped to be answered in the course of this study.
a.                   How long has the market been in existence?
b.                  In what way has government contributed to its level of development?
c.                   What are the steps to be taken to help the market.
d.                  To what extent is the government in the activities of the market?
e.                   What role can be played by government in relation to policy making?
f.                   How well are the private sectors making use of the capital market?
g.                  If their participation is not impressive, how can it be improved?
h.                  What other things can be done to rebound the market.
1.4              RESEARCH HYPOTHESES
In this section, the hypothesis selected in chapter one is tested.  Relevant questions from the questionnaire aroused to test the hypothesis.
H0:      The role of the financial market has not contributed to the growth of the Nigeria economy.
H1:      The role of the financial market has contributed to the growth of the Nigeria economy.
The ignorance of the public as to the importance’s of the capital market in economic development makes this study essential.
It is the believe of some people that the capital market is an investment that requires huge amount of money and so therefore is mean for the rich and upper class in the society.
Secondly, it is directed towards approaches or strategies to be adopted in using the capital market to revitalize the economy.
Also to identify the limitations which makes the market shallow and narrow, some of which includes, the lack of commitment by the federal government to the objectives of the capital market, the pricing of security by the securities and exchange commission, the insider trading in the market, to mention but a few.
Lastly, this study will serve as a useful reference for further research work and guide government towards making policy decisions.     
1.6              SCOPE OF STUDY
The study and analysis of the Nigeria capital market is a very broad one.  This work is not  intended to carry on a detailed and vigorous exposition of the Nigerian capital market, rather to look analytically and por-positively at the market narrow as shallow, and conclusively appraise the market with a view to understanding the role the market has been playing and would have played further to wards the revamping of the depressed economic environment which the nation is currently being saddled with.It is crucial to remind oneself that a dissertation on the Nigerian capital market would at some verge merge with the broader functioning and dynamics of the Nigeria financial market in general.
Deliberate attempts are made in this presentation to delineate the broader concept of the financial market and the capital market, which is the bigger segment of the former.
It is necessary that clear definition of some technical terms and words are given to avoid any possible confusion that may arise because of their usage.
This is a period when there is withdrawal, slump, act of recording, and the slicking of business and industrial activities.
This is the market that facilitates Marshalling of funds to be channeled into productive uses.
This is the market, which ensures the mobilization of short-term funds with the landable objective of eliminating hoarding and minimizing idle funds with in the system.
This is the market whereby medium and long-term finds are poked and made available to business governments and individual and whereby instruments already outstanding are transferred.
This is the total number of people occupying a given territory or country at a particular period of time.
This is the activities of government concerning revenue, expenditure and debt operation and their effects on the economy.
The nation system of using its resources to produce wealth or state of country’s prosperity.
This is a certificate showing ownership of financial stock.
Nigerian Stock Exchange
Security and Exchange Commission


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