THE IMPACT OF NIGERIAN STOCK EXCHANGE ON THE GROWTH AND DEVELOPMENT OF NIGERIAN ECONOMY
Abstract
ABSTRACT
This study examined the impact of Nigeria stock exchange on Nigeria's economic growth and development. Expost facto design was adopted. The work was carried out by using secondary data from Central Bank of Nigeria Statistical Bulletin between 1986-2020. OLS regression method of analysis and granger causality were applied. The findings are summarized as follows: there is no significant relationship between All Share Index (ASI) and Nigeria's Gross Domestic Product; market capitalization has significant impact on Nigeria's Gross Domestic Product; and there is significant relationship between value of transaction and Nigeria's Gross Domestic Product. The study concluded that stock market development have impacted on real sector growth in Nigeria. Based on the findings, it recommended that the Nigerian government should create investment-friendly policies that will place the market at the global stage which will increase trading and its all share index. The management of the Nigeria stock exchange should create a level playing field that will encourage companies and investors to expand their business as this will raise the market capitalization.
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