THE ROLES, OPERATIONS AND STRUFCTURE OF NIGERIAN CAPITAL MARKET AND ITS IMPACT ON THE GROWTH OF NIGERIAN ECONOMY

ABSTRACT
This study examines the roles, operations and structure of the Nigerian capital market. It also went ahead to examine the relationship between capital market development and economic growth. Time series data obtained from Central Bank of Nigeria (CBN) and Nigeria stock Exchange (NSE) were analyzed using simple regression model. The data set covers annual time series data from 1990-2005. Results showed that capital market development indicators like market size, liquidity and efficiency exert positive influence on Economic growth.
TABLE OF CONTENTS
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Abstract v
Table of Contents vi
Chapter One
1.0 Introduction
1.1 Background of the Study 1
1.2 Statement of Research problem 5
1.3 Objective of the study 7
1.4 Research Questions 8
1.5 Research Hypothesis 8
1.6 Scope of the study 9
1.7 Significance of the study 9
1.8 Limitation of the study 10
1.9 Definition of Terms 11
References 12
CHAPTER TWO: LITERATURES REVIEW
2.1 The Nigeria Financial System and Capital Market
Development 13
2.2 The Concept of Capital Market 15
2.3 Roles of the Nigerian Capital Market 16
2.4 Capital Market and Economic Growth Channels of Linkage 19
2.5 Nigerian Market measures 22
2.6 Characteristics of the Nigeria Market 24
2.7 The Role of Government in the Capital Market 24
2.8 Money Market 28
2.9 Capital Market and Fund Raising 28
2.10 Nigerian Capital Market and It’s Structure 29
2.11 Functions of Capital Market 31
2.12 Government Policies, Capital Market
Development and Economic Growth 32
2.13 Instruments Employed at the Capital Market 33
2.14 Regulators and Operators of Nigerian
Capital Market 30
2.15 Margin Loans, Capital Market
Development and Economic Growth 35
2.16 The Effect of Privatization on Capital Market
Development 37
2.17 Capital Market Operation 41
2.18 Theories of Economic Growth Models 43
2.19 Empirical Review: origin and Development
of Capital Market in Nigeria 45
References 50
Chapter Three
3.1 Research Methodology 54
3.2 Nature and Sources of Data 54
3.3 Population and Sample 55
3.4 Description of Research Variables 56
3.4.1 Dependent Variable 56
3.4.2 Independent Variable 56
3.4.2.1 Stock Market Turnover Ratio 56
3.4.2.2 Stock Market Capitalization Ratio 57
3.4.2.3 Total Value of Shares Traded Ratio 57
3.5 Technique for Analysis 58
3.6 Specification of Models 59
References 62
Chapter Four
4.0 Data presentation and Analysis 63
4.1 Data presentation 63
4.2 Variable Determination 68
4.2.1 Gross Domestic Product Per Capita 68
4.2.2 Stock market Capitalization Ration 71
4.2.3 Turnover Ration 75
4.3 Data Analysis 77
4.4 Regression Analysis 83
References
CHAPTER FIVE: SUMMARY OF RESEARCH
FINDINGS, RECOMMENDATIONS AND CONCLUSION
5.1 Introduction 89
5.2 Summary of Research Findings 90
5.3 Conclusion 92
5.2 Recommendations 93
Bibliography 98