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EFFECT OF STOCK MARKET ON MANUFACTURING SECTOR OUTPUT IN NIGERIA
Abstract: This study investigated the effect of stock market on manufacturing sector output in Nigeria between the period of 1981-2018. The data used were sourced from Central Bank of Nigeria (CBN) Statistical Bulletin 2018. The variables were the performance of manufacturing sector output as the dependent variable, while, Market capitalization, Total new issues, Volume of transaction & Equity Stock as the independent variables. The study employed unit root test, to determine the stationarity of the variables, co-integration approach to determine the long run equilibrium relationship of the variables and Error Correction Model (ECM) to determine the speed of adjustment. Ordinary Least Square (OLS) method of data analysis was adopted. From the model it was conclude that stock market has a positive significant effect on the performance of manufacturing sector out. The study recommends that Policies guiding capital market should be maintained since they foster growth of the manufacturing sector in Nigeria. The funds raised by government in the form of government securities in the capital market should be put into productive sectors of the economy that will necessitate to growth in all facets of the economy.
Keywords: manufacturing sector output, Market capitalization, unit root test Total new issues, Volume of transaction & Equity Stock