The Impact of Capital Market Efficiency as a Panacea to the Economic Growth in Nigeria
Journal Title: International Journal of Financial Economics - Year 2015, Vol 4, Issue 3
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.
Authors and Affiliations
Pius V. C. Okoye, Jane F. N. Okoye, Raymond A. Ezejiofor
Keywords
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