CAPITAL MARKET AND THE PERFORMANCE OF NIGERIA INDUSTRIAL SECTOR (A CASE STUDY OF SELECTED COMPANIES)
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ABSTRACT
This study examines the causal relationship between capital market and performance of the industrial sector in Nigeria from 1985 to 2015. The paper derives its theoretical basis from the finance-led growth hypothesis and the endogenous growth theory. For empirical analysis, the Phillips-Perron unit root is adopted to determine the time series characteristics of the variables, while causality is examined by employing the Granger causality test approach. The findings show that there is unidirectional causality running from market capitalization ratio and total value of shares traded ratio to industrial performance. The paper thus recommends improved publicity on the strategic role of the capital market, as well as a strong regulatory mechanism for its efficient and smooth operation in order to mobilise long-term funds for industrial development in Nigeria.
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