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THE NIGERIAN CAPITAL MARKET AND ECONOMIC DEVELOPMENT: A CRITICAL APPRAISAL
Abstract
This article is centered on the role of the Nigeria capital and economic development. The capital market is primarily established to boast the industrial growth and economic development of Nigeria economy by mobilizing long-term funds and capital formation for investment and productive purposes. Using time series data from 1971-2010 and applying the Engle-Granger and Johansen method of co-integration in a VECM setting estimation technique. The results revealed that in the long run, the Nigerian capital market positively and significantly influence economic development. We therefore recommend that government should put more effort in developing an active new issues market by encouraging more floatation of new issues and create stable environment for business.
Keywords: capital market, economic development, Causality Tests