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CAPITAL MARKET REFORMS AND ECONOMIC GROWTH: HOW WELL HAS NIGERIA PERFORMED
Abstract
This study basically sought to determine the relationship between Capital market reforms and economic growth in Nigeria. The aim is to determine if there exist a positive relationship between the reforms that have taken place in recent years and the level of economic growth in Nigeria. Using secondary data on macroeconomic variables such as Gross National Product (GNP), Gross Fixed Capital Formation, Exchange Rates and Interest Rates for the period 2000-2008, the study, with the aid of multiple regression analysis, found that there exist a significant positive relationship between capital market reforms and economic growth in Nigeria for the period studied. The study also discovered a positive (though weak) relationship between the number of recent reforms in the capital market and the level of Nigeria’s economic performance. On the basis of the findings obtained, it is recommended that a conducive avenue be created, in the capital market, for the provision of long term financial instruments such as bonds and other collateralized securities alongside the floatation of new issues to support the healthy growth of the Nigerian economy.
Keywords: Financial Market, Monetary Policy, Government policy and Regulation, Government Performances, Real Estate market,