This study takes a look at the impact of the capital market in the development of the Nigerian economy.\r\nThe main objective includes; identifying the importance of the capital market. Data were collected from\r\nthe Central Bank Statistical Bulletin from the period of 1992 to 2007 and the Ordinary Least Square and\r\ncochrane ââ?¬â?? Orcutt iterative methods were used to analyze the data. It was discovered that the capital\r\nmarket has not contributed positively to the development of the Nigerian economy. However, there is a\r\npositive correlation between the rate of transactions in the capital market and the development of\r\nNigerian economy. It is recommended that stringent requirement for entry into the capital market\r\nshould be relaxed and adequate publicity should be given to the activity at the capital market, it is\r\nbelieved that when these recommendations are implemented, the impact of capital market on the\r\neconomy will be positive.
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