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Stock prices and economic activities in Nigeria: sector level evidence

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  • Yunana Zumba

Abstract

Relationship between stock prices and economic activities at primary, secondary and tertiary sectors was missing in the previous literature. We fill this gap using quarterly data spanning 2010Q1–2019Q4 for Nigeria. Our empirical evidence is based on the autoregressive distributed lag model and Toda–Yamamoto Granger causality test with structural break frameworks. We prove that stock prices greatly boost short-run primary sector activities and short- and long-run secondary and tertiary sectors activities. Unidirectional causality is observed from primary sector activities to stock prices and from stock prices to tertiary sector activities while bidirectional causality between stock prices and secondary sector activities is documented.

Suggested Citation

  • Yunana Zumba, 2024. "Stock prices and economic activities in Nigeria: sector level evidence," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 17(1), pages 5-24, January.
    • Handle: RePEc:taf:macfem:v:17:y:2024:i:1:p:5-24
    DOI: 10.1080/17520843.2022.2027619
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