THE IMPACT OF THE STOCK MARKET ON ECONOMIC GROWTH IN NIGERIA

Omosebi, Tolulope R. (Ph.D); Adeosun Temitope T

doi:10.5281/zenodo.14718133

THE IMPACT OF THE STOCK MARKET ON ECONOMIC GROWTH IN NIGERIA

Authors

Omosebi, Tolulope R. (Ph.D) Department of Finance, School of Management Sciences, Babcock University Ilishan-Remo, Ogun State, Nigeria https://orcid.org/0009-0000-8721-1457
Adeosun Temitope T Department of Finance, School of Management Sciences, Babcock University Ilishan-Remo, Ogun State, Nigeria https://orcid.org/0009-0000-8721-1457

DOI:

https://doi.org/10.5281/zenodo.14718133

Abstract

This study examined the impact of the Stock Market on Economic Growth in Nigeria, with a particular
focus on major economic parameters and indices as measurement of growth. The study highlighted the
impact of domestic participation in facilitating economic growth and development through the provision
of capital for listed companies for business purposes. Objectives of the study and its significance have
been highlighted, and the testable hypotheses were all focused on the relationship between the Nigerian
Stock market and the Nigerian economy. The study used ordinary least squares (OLS) to examine the
impact of the stock market on economic growth in Nigeria. The findings showed that domestic
participation in the Nigerian stock exchange operations has a significant impact on economic growth in
Nigeria (P= 0.000 <0.05 In addition, there existed a long-run relationship between NSE operations and
economic growth of Nigeria (F-stat, 8.135034 greater than the critical value of the upper bound at all
the levels of significance). The study concluded that the Stock market is a barometer for measuring the
Nigeria economic growth. The study recommended also that the government must steadfastly tackle
inhibiting factors such as infrastructural inadequacy and weak institutional and regulatory framework
encumbering the stock market from realizing its objective of capital mobilization for economic growth.

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2025-01-22

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Omosebi, Tolulope R. (Ph.D), & Adeosun Temitope T. (2025). THE IMPACT OF THE STOCK MARKET ON ECONOMIC GROWTH IN NIGERIA. GVU Journal of Management and Social Sciences, 9(2), 70–85. https://doi.org/10.5281/zenodo.14718133

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Vol. 9 No. 2 (2024): GVU Journal of Management and Social Sciences

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THE IMPACT OF THE STOCK MARKET ON ECONOMIC GROWTH IN NIGERIA

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