Mobilizing Domestic Resources for Economic Development in Nigeria: The role of the Capital Market
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Date
1997-03
Authors
OGWUMIKE, FIDELIS 0.
OMOLE, DAVIDSON A.
Journal Title
Journal ISSN
Volume Title
Publisher
AERC
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.
Description
hg 5881. L 34 . O33 1997
Keywords
Stock exchanges - Nigeria , Capital Market - Nigeria , Nigeria - Economic Policy