THE IMPACT OF NIGERIA STOCK EXCHANGE ON ECONOMIC GROWTH (2010 – 2022)
Abstract
ABSTRACT
This research examines the impact of Nigeria stock exchange on economic growth. The study employed both primary data (through a structured questionnaire administered to selected capital market participants, including investors, stockbrokers, and academics) and secondary data from the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS), and NGX Factbooks covering the period 2010–2022. The results indicate that the NGX plays a significant role in capital formation, investment promotion, employment generation, and GDP growth. A positive correlation was observed between NGX performance indicators — market capitalization, All Share Index, and value traded — and Nigeria’s GDP growth rate. Despite these contributions, challenges such as low investor confidence, regulatory lapses, and market volatility continue to limit the Exchange’s full potential. The study concludes that the NGX is a vital catalyst for Nigeria’s economic transformation. It recommends strengthening regulatory frameworks, enhancing investor education, deepening market participation, and leveraging technology to improve transparency and efficiency.
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