Effects of Capital Market Development on the Economic Growth of Nigeria

This study examines the effect of capital market development on economic growth Nigeria using data Real Gross Domestic Product as a proxy for while variables constitute independent variables. includes Market Capitalization, All Share Index, Number Listed Securities and number listed companies The adopted an expost-facto research design which utilized secondary period 1983 -2016. While Augmented Dickey-Fuller unit root test was used preliminary analysis; Autoregressive Distributed Lag (ARDL) model estimation. .A combination ARDL bounds co-integration, short long run error correction models were tests helped to confirm integrity our models. Findings indicate that, Index maintained significant relationship with in both runs. Based findings it recommended that government should help remove all impediments stock form tax, legal regulatory barriers they act disincentives investments market. Again, maintain policy consistency pursuit Nigerian By so doing, counter developmental policies not be allowed crowd out gains by extension run. Lastly find ways means boosting confidence investors retain their portfolio investments.