THE IMPACT OF NIGERIAN STOCK EXCHANGE IN THE GROWTH AND DEVELOPMENT OF NIGERIAN ECONOMY A CASE STUDY OF STOCK EXCHANGE MARKET ONITSHA BRANCH

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THE IMPACT OF NIGERIAN STOCK EXCHANGE IN THE GROWTH AND DEVELOPMENT OF NIGERIAN ECONOMY A CASE STUDY OF STOCK EXCHANGE MARKET ONITSHA BRANCH

ABSTRACT

This study attempt to examine the roles of the Nigeria stock exchange in the growth and development of Nigeria economic. The Nigeria stock exchange in spite of its development and nature and other limiting factors that has contributed immensely in the development of the economic. Based on the data collected and tested hypothesis using the person product moment correlation the result shows that their his a significant relationship between the market capitalization of the Nigeria stock exchanges and goods domestic product on one land , and no significant relationship between the size of the Nigerian stock exchange and the industrial production (growth rate ). Reason and recommendation were made to strengthen the role of the Nigeria stock exchange with the arm of making it relevant and effective economy. Some of the recommendations are: The regulatory body should step up their role in the monitoring the activities of the operation of the market, the government should initiate policies that will promote and develop the exchange.

TABLE OF CONTENTS

Title i

Approval ii

Dedication iii

Acknowledgement iv

Abstract v

Table of contents vi

Chapter One – Introduction

1.1 Background of the study 1

1.2 Statement of problem 2

1.3 Objective of the study 3

1.4 Research Question 4

1.5 Research Hypothesis 4

1.6 Significance of the study 5

1.7 Scope of the Study 5

1.8 Limitation of the Study 6

1.9 Definition of Terms 6

Chapter Two – Literature review

The Nigerian Financial Market – Defined 9

The Nigerian Stock Exchange in its Perspective 11

Dealing in Nigerian Stock Exchange 14

The Central Securities Clearing System 16

The Securities and Exchange Commission 18

Nigerian Stock Exchange and Economic Development 20

Privatization and Commercialization Programme 21

Problems of the Nigerian Stock Exchange 22

Prospect of the Nigerian Stock Exchange 23

Chapter Three – Research methodology

3.1 Introduction 24

3.2 Research design 24

3.3 Population of the Study 24

3.4 Sampling Techniques 24

3.5 Sample Size 25

3.6 Research Instrument 25

3.7 Reliability of the Instrument 25

3.8 Validity of the Instrument 26

3.9 Method of Data Collection 26

3.10 Method of Data Analysis 26

Chapter Four – Data Analysis and Interpretation

4.1 Introduction 27

4.2 Presentation of Data 27

4.3 Data Analysis and Interpretation of Result 35

Chapter Five – Summary, Conclusion and Recommendations

5.1 Summary 41

5.2 Conclusion 43

5.3 Recommendation 43

References 45

Appendix 47

Question 48

CHAPTER ONE

INTRODUCTION

Background of the Study

The capital market exists primarily to facilitate funds mobilization and allocation in an economy. Capital accumulation is a determination of economic growth, and since economic units are variously evolved in varying degrees, some will have more than their current requirements, while others will have less than their current consumption. The capital market exists to reconcile these varying and conflicting needs in an economy. It does this through the creation of financial assets and liabilities with varying degree of risk and returns, capable of meeting the various needs of the economic units.

The stock exchange is an organized capital market charges with the responsibility of providing the facilities capable of enhancing the realization of objectives and needs of these economic units, for instance, Ekundayo (2006) maintained that stock exchange are exchangeable between buyers and sellers.

Ajayi (2006) treated it as a market for the sales and purchases of cooperate and treasury stock.

Adekanya (2005) defined stock exchange as a market where buyers and sellers of stock and shares transact business. However, members of the public or investors have no direct access to the market, the buying and selling are done by stockbrokers acting on their behalf in order to achieve its functions or roles effectively.

The capital Markey utilizes network of financial institutions. It also warrants some measures of regulations to be able to maintain fairness to all investors and the economic units at large.

In an economy, the capital market must have some basic functions, firstly, an environment must be created to enable the government borrow locally to finance its expenditure, or for the private sectors to acquire local funds for business expansion.

As noted by Ajayi (2005), the capital market is for raising and investing long-term capital borrowers for a period of full years or more and some times shorter.

Ikoku (2006), also maintained that capital market is seen as a complex institution and mechanism through which intermediate term funds and long term funds are pooled and made available for the business, government and household sectors etc. The stock Exchange therefore strives to fulfill these roles.

Statement of Problem

The stock exchange as an organized capital market has been identified as a source of medium and long-term finance, which offers in valuable benefits to business organisations patronizing it. The stock exchange should play a major role in the economic development of the country. Apart form its fund mobilization functions, it is expected to provide facilities for its financial intermediation role by making it possible for those who have surplus funds to loan it to those in needs of it for production purpose. However, the Nigerian Capital Market and especially the Nigerian Stock Exchange has been accused of not contributing as expected to the development of the economy, but why is this case?

The research study is set out to find out emphatically the effect which the Nigerian Stock Exchange (NES) has on the development of the Nigerian economy.

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