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1、THE ANALYSIS OF THE IMPACT OF CAPITAL MARKET OPERATION ON INDUSTRIAL GROWTH IN NIGERIAADEGBITE ADEJARE, AZEEZ AMINATABSTRACT This study examined the effects of capital market operation on industrial growth in Nigeria from 1981 to 2015. Secondary data were sourced from Central Bank of Nigeria （CBN） S

2、tatistical Bulletins from 1981 to 2015. Multiple regressions analysis and Pearson product moment correlation were employed to examine the relationship, and the effect of independent variables （market capitalization, Market volume, exchange rate, and All-Share index） and dependent variable （INDGRT）.

3、Findings reveals that there is a positive effect of Market capitalization on industrial growth, and economic growth （ = .0762594; .3638583; p 0.05） in Nigeria. All share index （ASI） has negative significant effect on industrial growth （ = -.0197857; p 0.05） and economic growth （ = -.2413219; p 0.05）

4、 in Nigeria. Also, exchange rate （EXCHNG） has negative significant effect on industrial growth （ =-.124867; p 0.05）. It is concluded that there is a positive significant impact of capital market on industrial and economic growth in Nigeria. Exchange rate has negative effect on industrial growth in N

5、igeria. It is now recommended that government should find all means to reduce exchange rate in Nigeria so that the cost of raw materials imported by industrial sector is reduced so that it will ultimately enhance their performance. Government should also increase the liquidity of capital market in o

6、rder to quench the financial thirst of the industrial sector in Nigeria. Keywords: Capital Market; Industrial growth; Economic growth; Exchange rate; NigeriaINTRODUCTION Background to the studyGovernments and industry raise long-term capital for financing and expanding new projects through capital m

7、arket in Nigeria. If capital resources are not provided to those economic areas, especially industries where demand is growing and which are capable of increasing production and productivity, the rate of expansion of the economy often suffers. A unique benefit of the stock market to corporate entiti

8、es is provision of long-term, debt financing and non-debt financial capital. Through the issuance of equity securities, companies acquire perpetual capital for development. In fact, the provision of equity capital in the market enables companies to avoid over-reliance on debt financing which ultimat

9、ely improving corporate debt-to-equity ratio. Capital formation, however, can only be achieved through conscious efforts at savings mobilization and accumulation of resources by both the public and private sectors of an economy. Financial markets generally provide avenue for savings of various tenor

10、s that are made available for utilization by various economic agents. The capital market, which is a major section of financial markets, has been identified as an institution which contributes to the socioeconomic growth and development of emerging and developed economies. This is made possible thro

11、ugh some of the vital roles it play such as channeling resources, promoting reforms to modernize the financial intermediation capacity sector to link deficit to the surplus sector of the economy, mobilization and allocation of savings among competitive uses which are critical to local investment （Al

12、ile, 1984）. Capital market also channels capital or long-term resources to firms with relatively high and increasing productivity, thus enhancing industrial expansion and growth.The scarcity of long-term capital has caused a great challenge to industrial development in Nigeria. But capital market is

13、 the driver of any economy to growth and development which is embedded with industrialization because it is essential for the long-term growth capital formation. It is crucial in the mobilization of savings and channeling of such savings to profitable self-liquidating investment. The liquidity of a

14、stock market relates to the degree of access, which investors have in buying, and selling of stocks in such a market. The more liquid a stock market is, the more investors will be interested in trading in the market. The lack of adequate number of investors in the Nigerian stock market is a reflecti

15、on of problem of illiquidity in the market （Usman and Adegbite 2012）. With this assertion, this study examines the extent at which Nigeria capital market has contributed immensely to industrial development in Nigeria.Objectives of the study To examine the effects of capital market operation on indus

16、trial growth in Nigeria.To evaluate the impact of capital market on economic growth in Nigeria. （iii） To determine the relationship between Capital market, Industrial and Economic growth in NigeriaLITERATURE REVIEWCapital market, Industrial Development, and Economic growth in NigeriaThe Nigeria capital market is sub-divided into primary and secondary markets. New securities are issued in the primary market and