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Global Academic Journal of Economics and Business
Volume-4 | Issue-03
Original Research Article
The Effect of Capital Market on Economic Growth in Nigeria (2000-2020)
Chisom Njideka Ezeaku, Charity Ifunanya Osakwe
Published : June 23, 2022
DOI : 10.36348/gajeb.2022.v04i03.003
Abstract
This study examined the capital market and its impact on the Nigeria economy with emphasis on the stock exchange (2000-2020). Gross domestic product was used to proxy Nigeria economy while market capitalization, all share index, total number of deals on the Nigeria stock exchange and value of transaction on the Nigeria stock exchange were used as proxies for capital market. The Ex-post Facto research design was adopted in this study. Data on gross domestic product, all share index, total number of deals on the Nigeria stock exchange, market capitalization and value of transaction on the Nigeria stock exchange were obtained from the Central Bank of Nigeria (CBN) Statistical bulletin (2020). The data in this study was analyzed using the Ordinary Least Square regression method. The findings revealed that gross domestic product has a significant relationship on market capitalization, all share index, total number of deals on the Nigeria stock exchange and value of transaction on the Nigeria stock exchange. The researcher recommended that government should expand the technological based of the Nigerian capital market in order to further improve transactions and dealings, which could enhance internationalization and competitiveness of the market.

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