Macroeconomic indicators and Capital Market performance in Nigeria

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Macroeconomic indicators and Capital Market performance in Nigeria

Macroeconomic indicators and Capital Market performance in Nigeria

Dr. Nwanna Ifeanyi Onyenwe, Eleodinmuo, Azubuike Nicholas &
Dr Chukwu Kenechukwu Origin

Department of Banking and Finance, Nnamdi Azikiwe University Awka, Anambra State


This paper examined macroeconomic indicators and capital market performance from 1997 to 2020. Time series data was collected from Statistical bulletin of Central Bank of Nigeria and was used to analyze the effect of explanatory variables (gross domestic product, interest rate, index of industrial production and employment rate) on the dependent variable (market capitalization). Error Correction Mechanism was used to analyze the date and the result of the analysis indicates that macroeconomic variables have positive but insignificant effect on capital market performance within the period of the study. The study therefore recommends that Nigeria’s interest rate is too high and needs to be reviewed downward. The study also advocates for stable macroeconomic policies which will help private sector growth. Government should improve on the security condition of the country and provide the necessary infrastructure like electricity that will help improve the economic condition of the country and capital market in particular.

Keywords: Macroeconomic variables, market capitalization


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