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IMPACT OF CAPITAL MARKET DEVELOPMENT ON ECONOMIC GROWTH IN NIGERIA
Abstract: – This study appraised the impact of capital market development on economic growth in Nigeria between 1990 and 2015. The study used Gross Domestic Product as the dependent variable and also used foreign direct investment, government expenditure, market capitalization, all share index, number of transactions, credit to private sector and stock turnover ratio as independent variables coupled with the use of the Auto Regressive Distributed Lag (ARDL) model and Granger Causality technique revealing that capital market development has positive effect on economic growth. Hence, it is recommended that participation within the market should be encouraged as various entities within the economy should be encouraged to invest in the capital market through various incentives in a bid to spur economic growth
Keywords: Capital Market, All Share Index, Market
Capitalization,