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This study examined the impact of capital market on economic growth of Nigeria. The study applied an ex-post factor research design which utilized secondary data for the period 1990-2022 because during that period there were a lot of changes with regard to operations of capital market in Nigeria. An Autoregressive Distributed Lag (ARDL) was used for the model estimation. A combination of ARDL bounds test for co-integration, ARDL short and long run error correction models were used for estimation. All the tests helped to confirm the integrity of our models. Findings of the study indicate that, the Number of listed Securities and All Share Index maintained a significant impact on economic growth in Nigeria both in the short and long runs. Based on the findings, it was recommended that government should advance policies that stimulate stock market development for rapid economic growth of the country. Again, government should maintain policy consistency in the pursuit of growth in the Nigerian capital market. By so doing, counter developmental policies should not be allowed to crowd out the gains of capital market development and by extension on economic growth in the long run. Lastly the government should find ways and means of boosting the confidence of investors to retain their portfolio investments.
Yaqub et al. (Thu,) studied this question.