IMPACT OF FINANCIAL MARKET ON ECONOMIC GROWTH IN NIGERIA
Abstract
This study examines the Impact of Financial Market on Economic Growth in Nigeria. The objective of the study is to examine the relationship between market capitalization and gross domestic product. The method used in data collection is secondary data, and the data collected for this study were analyzed using regression analysis with the aid of Statistical Package for Social Sciences (SPSS). The study used GDP as a proxy for economic growth, which is the dependent variable, while market capitalization and All-Share Index were used as proxies for financial market, which are the independent variables. From the result, it reveals that there is a long-term relationship between market capitalization and All-Share Index on economic growth in Nigeria. Also, the result showed that market capitalization and All-Share Index have a significant impact on economic growth in the short run in Nigeria. Therefore, this study recommended that the government should create a conducive environment to ensure stability in the contribution of financial market indicators such as market capitalization and All-Share Index in order to achieve the desired level of economic growth in Nigeria.
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