The Impact of Capital Market Efficiency as a Panacea to the Economic Growth in Nigeria

Pius V. C. Okoye, Jane F. N. Okoye and Raymond A. Ezejiofor

International Journal of Financial Economics, 2015, vol. 4, issue 3, 122-134

Abstract: The Nigerian capital market has witnessed obvious transformation over the years and emerging market has also attracted and embraced the attention and the interest of international investors, thus increasing capital inflow thus signifying an increase within the period. This study seeks to determine the impact of capital market efficiency as a panacea to the economic growth in Nigeria since democratic dispensation using Gross Domestic Product, Credit to Private Sector, Total Investment, and Stock Market Capitalization. Data for the study was collected from CBN statistical Bulletin and a statistical non-parametric test called Analysis of Variance (ANOVA) was used because it measures or tests three or more independent means. SPSS 20.0 Version was used in testing the hypothesis. The result obtained, capital market has positive and significant impact on economic growth in Nigeria. Hence the investment, credit to private sector, and stock market capitalization on GDP has linear relationship on the Nigerian economic growth.

Keywords: Capital market efficiency; GDP; Economic growth and market capitalization. (search for similar items in EconPapers)
Date: 2015
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