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ASSESSMENT OF THE IMPACT OF STOCK EXCHANGE ON THE MANUFACTURING SECTOR IN NIGERIA (1980 – 2016)
Abstract
This study is on assessment of the impact of stock exchange on the manufacturing sector in Nigeria between, 1980-2015. Precisely, the study sought to determine the extent to which the Nigerian stock exchange contributes to the development of manufacturing sector. Manufacturing sector is the backbone for economic advancement in any nation, be it capitalist, socialist, or a mixed economy. The broad objective of the study is to assess the impact of stock exchange on the manufacturing sector. The researchers used secondary data. The techniques used in the analysis were Augmented Dickey Fuller (ADF) and Kwiatkowski-Philips-Schmidtshin (KPSS) unit root test, co-integration test and error correction model (ECM). The study revealed that there is a long term relationship between stock exchange and the development of the manufacturing sector in Nigeria, but the growth in stock exchange activities did not impact significantly on the manufacturing sector during the period under review. The study recommends that the stock market operators should encourage local manufacturing sector to list on the exchange by relaxing their conditions, reduce fees, and expand their offerings. Also, government should provide necessary infrastructure such as; good roads and stable electricity supply to support the growth and the development of the manufacturing sector.
Keywords; stock exchange, manufacturing sector, infrastructure, capitalist. socialist and mixed economy