Acta Universitatis Danubius. Œconomica, Vol 9, No 5 (2013)

Capital Market Development: A Spur to Economic Growth in Nigeria

Fasanya Olaleke Ismail, Onakoya Adegbemi, Ofoegbu Ikenna Donald


This paper examines the relationship between capital market development and Nigeria's economic growth using data covering the range of 1981 to 2010 using a Johansen Cointegration technique to test for long run relationship among the variables under study. The empirical findings from the research work suggest that the capital market is on the average and beneficial to the economy. However, the high costs of raising capital and structural imbalances in the market as well as inconsistent government policies may distorts the speedy growth of the market and thus, limit its positive impact on the economy.


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