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Impact of Nigerian Financial Markets on the Economic Growth

Author

Listed:
  • B.O. Njogo
  • A. J. Ogunlowore

Abstract

This paper examines the impact of capital market on economic growth in Nigeria. This study used a multiple regression analysis to compute the annual time series variables. Some of these variables are; Annual Market capitalization, the real gross Domestic Product (GDP), and the market Turnover – covering a period of 22 years, that is from 1989 – 2009. The study utilized data from secondary sources. The findings in this paper show that capital market turnover contributed positively to economic growth which implies that capital market contributed a lot to economic growth in Nigeria. As the results suggests, it becomes beneficial for Nigeria to develop the capital market and to also work on some impediments that hinders the market like tax, legal and regulatory barriers. This would improve the trading system and also increase the ease with which investors purchase and sell shares.

Suggested Citation

  • B.O. Njogo & A. J. Ogunlowore, 2015. "Impact of Nigerian Financial Markets on the Economic Growth," International Journal of Financial Markets, Research Academy of Social Sciences, vol. 1(3), pages 77-82.
    • Handle: RePEc:rss:jnljfm:v1i3p1
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