Mobilizing Domestic Resources for Economic Development in Nigeria: The role of the Capital Market

Fidelis 0. Ogwumike and Davidson A. Omole

Working Papers from African Economic Research Consortium

Abstract: This study focuses on the role of the capital market in mobilizing domestic resources for economic development in Nigeria, with emphasis on the role of the Nigerian Stock Exchange (NSE). The objectives of the study are to identify the major problems confronting the stock market and to determine the impact of government policies on the operations of the Exchange. In addition to secondary data, the study used primary data derived from a survey of 251 companies, 192 of which were not listed on the Nigerian Stock Exchange. The results show that in spite of the growth witnessed during the period under study, the Nigerian stock market still lacks depth and breadth. The volume and value of transactions are still very low and financial instruments are few. Security pricing policy has constrained the rapid development of the NSE. Government policies need to provide market friendly incentives that can enhance the number of companies listed and the value and volume of transactions on the stock market.

Date: 1997-03
Note: African Economic Research Consortium
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