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Stock Exchange Market and Economic Growth Sustainability in Nigeria

Author

Listed:
  • Olabisi Jayeola

    (Department of Accounting, Federal University of Agriculture, Abeokuta, Nigeria)

  • Owoeye Segun Daniel

    (Department of Banking and Finance, Federal University of Agriculture, Abeokuta, Nigeria)

  • Olowookere Johnson Kolawole

    (Department of Accounting and Finance, Osun State University, Osogbo, Nigeria)

  • Uchehara Chris Chigo

    (Department of Accounting and Finance, Crawford University, Ogun State, Nigeria)

Abstract

This study examined the relationship between stock market and economic growth sustainability in Nigeria. The study employed Ex-post facto design. Secondary data were obtained from Central bank of Nigeria Economic and Financial Review fact books, Principal Economic and Financial Indicators, Security and Exchange Commission market bulletins, covering thirty years (1992-2021). The study adopted an econometric method of Auto Regressive Distributed Lag (ARDL). The measurements of Stock Exchange Market were Market Capitalization Rate (MCR), Value of Trade (VOT), Interest Rate (INTR) and the surrogate for dependent variable was Real Gross Domestic Product (RGDP). The study revealed that the market capitalization rate, value of trade and interest rate contributed to the sustainable economic growth in Nigeria. The significant and positive relationship between variables of stock market and sustainable economic growth depicted a motivating symptom for economy to annex stock markets measures to enhance sustainable economic growth. The study concluded that without active and efficient stock market activities, the Nigerian economic growth may not be sustainable. It is suggested that an urgent step be taken by the regulatory authority in Nigeria to re-direct energy to monitor the implementation of stock market measurements for improved sustainable economic growth.

Suggested Citation

  • Olabisi Jayeola & Owoeye Segun Daniel & Olowookere Johnson Kolawole & Uchehara Chris Chigo, 2023. "Stock Exchange Market and Economic Growth Sustainability in Nigeria," Acta Universitatis Bohemiae Meridionalis, University of South Bohemia in Ceske Budejovice, Faculty of Economics, vol. 26(1), pages 16-30.
    • Handle: RePEc:boh:actaub:v:26:y:2023:i:1:p:16-30
    DOI: 10.32725/acta.2023.002
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