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THEANALYSISOFTHEIMPACTOFCAPITALMARKETOPERATIONONINDUSTRIALGROWTHINNIGERIA

ADEGBITEADEJARE,AZEEZAMINAT

ABSTRACT

ThisstudyexaminedtheeffectsofcapitalmarketoperationonindustrialgrowthinNigeriafrom1981to2015.SecondarydataweresourcedfromCentralBankofNigeria（CBN）StatisticalBulletinsfrom1981to2015.MultipleregressionsanalysisandPearsonproductmomentcorrelationwereemployedtoexaminetherelationship,andtheeffectofindependentvariables（marketcapitalization,Marketvolume,exchangerate,andAll-Shareindex）anddependentvariable（INDGRT）.FindingsrevealsthatthereisapositiveeffectofMarketcapitalizationonindustrialgrowth,andeconomicgrowth（β=.0762594;

.3638583;

p≤0.05）inNigeria.Allshareindex（ASI）hasnegativesignificanteffectonindustrialgrowth（β=-.0197857;

p≤0.05）andeconomicgrowth（β=-.2413219;

p≤0.05）inNigeria.Also,exchangerate（EXCHNG）hasnegativesignificanteffectonindustrialgrowth（β=--.124867;

p≤0.05）.ItisconcludedthatthereisapositivesignificantimpactofcapitalmarketonindustrialandeconomicgrowthinNigeria.ExchangeratehasnegativeeffectonindustrialgrowthinNigeria.ItisnowrecommendedthatgovernmentshouldfindallmeanstoreduceexchangerateinNigeriasothatthecostofrawmaterialsimportedbyindustrialsectorisreducedsothatitwillultimatelyenhancetheirperformance.GovernmentshouldalsoincreasetheliquidityofcapitalmarketinordertoquenchthefinancialthirstoftheindustrialsectorinNigeria.

Keywords:

CapitalMarket;

Industrialgrowth;

Economicgrowth;

Exchangerate;

Nigeria

INTRODUCTION

Backgroundtothestudy

Governmentsandindustryraiselong-termcapitalforfinancingandexpandingnewprojectsthroughcapitalmarketinNigeria.Ifcapitalresourcesarenotprovidedtothoseeconomicareas,especiallyindustrieswheredemandisgrowingandwhicharecapableofincreasingproductionandproductivity,therateofexpansionoftheeconomyoftensuffers.Auniquebenefitofthestockmarkettocorporateentitiesisprovisionoflong-term,debtfinancingandnon-debtfinancialcapital.Throughtheissuanceofequitysecurities,companiesacquireperpetualcapitalfordevelopment.Infact,theprovisionofequitycapitalinthemarketenablescompaniestoavoidover-relianceondebtfinancingwhichultimatelyimprovingcorporatedebt-to-equityratio.Capitalformation,however,canonlybeachievedthroughconsciouseffortsatsavingsmobilizationandaccumulationofresourcesbyboththepublicandprivatesectorsofaneconomy.Financialmarketsgenerallyprovideavenueforsavingsofvarioustenorsthataremadeavailableforutilizationbyvariouseconomicagents.Thecapitalmarket,whichisamajorsectionoffinancialmarkets,hasbeenidentifiedasaninstitutionwhichcontributestothesocioeconomicgrowthanddevelopmentofemerginganddevelopedeconomies.Thisismadepossiblethroughsomeofthevitalrolesitplaysuchaschannelingresources,promotingreformstomodernizethefinancialintermediationcapacitysectortolinkdeficittothesurplussectoroftheeconomy,mobilizationandallocationofsavingsamongcompetitiveuseswhicharecriticaltolocalinvestment（Alile,1984）.Capitalmarketalsochannelscapitalorlong-termresourcestofirmswithrelativelyhighandincreasingproductivity,thusenhancingindustrialexpansionandgrowth.

Thescarcityoflong-termcapitalhascausedagreatchallengetoindustrialdevelopmentinNigeria.Butcapitalmarketisthedriverofanyeconomytogrowthanddevelopmentwhichisembeddedwithindustrializationbecauseitisessentialforthelong-termgrowthcapitalformation.Itiscrucialinthemobilizationofsavingsandchannelingofsuchsavingstoprofitableself-liquidatinginvestment.Theliquidityofastockmarketrelatestothedegreeofaccess,whichinvestorshaveinbuying,andsellingofstocksinsuchamarket.Themoreliquidastockmarketis,themoreinvestorswillbeinterestedintradinginthemarket.ThelackofadequatenumberofinvestorsintheNigerianstockmarketisareflectionofproblemofilliquidityinthemarket（UsmanandAdegbite2012））.Withthisassertion,thisstudyexaminestheextentatwhichNigeriacapitalmarkethascontributedimmenselytoindustrialdevelopmentinNigeria.

Objectivesofthestudy

ToexaminetheeffectsofcapitalmarketoperationonindustrialgrowthinNigeria.

ToevaluatetheimpactofcapitalmarketoneconomicgrowthinNigeria.

（iii）TodeterminetherelationshipbetweenCapitalmarket,IndustrialandEconomicgrowthinNigeria

LITERATUREREVIEW

Capitalmarket,IndustrialDevelopment,andEconomicgrowthinNigeria

TheNigeriacapitalmarketissub-dividedintoprimaryandsecondarymarkets.Newsecuritiesareissuedintheprimarymarketand