HAS STOCK MARKET DEVELOPMENT ENGENDERED SHORT AND LONG-RUN INCLUSIVE GROWTH IN NIGERIA?
This study examines the impact of capital market performance on economic growth. Time series data obtained from the official publications of the Securities Exchange Commission, Nigerian Stock Exchange and Central Bank of Nigeria were analyzed using regression estimation technique, in which we related the proxies of stock market performance indicators (such as stock market capitalization, value of new issues and value of shares traded) to economic growth (represented by the Gross Domestic Product). Results show that both market capitalization and the value of new issues have a positive relationship with economic growth while value and the volume of shares traded had negative relationships with economic growth . It was therefore recommended that the stock market should be made more liquid in order for turnover rate to increase. This will boost investors' confidence and awareness and would make funds available for long-term development of the industrial sector and the economy.
Keywords: Stock Market Development, Long-Run, Inclusive Economic Growth.
Copyright (c) 2023 Bernhard O. Ishioro, Emmanuel M. Tarurhor,
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