INFLUENCE OF BOND MARKET ON THE NIGERIAN ECONOMY
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- NGN 3000
ABSTRACT
This study evaluated the influence of Nigerian bond market on the Nigerian economy, using data covering the period of 30 years ranging from 1990-2019. An autoregressive distributed lag model and the ECM approach were devised so as to identify both the long and short term influence of bonds market activities on economic performance. For a more accurate analysis, Econometric Views (E-Views) version 9.0 was used to run the regression analysis. Prequel to the regression result, the model has two pre-estimation tests such as unit root test for stationarity; ARDL Bond test for long run relationship. Meanwhile we also conducted various diagnostic tests such as Serial Correlation Test: LM Test, Normality test and Heteroskedasticity Test: Breusch-Pagan-Godfrey. Both the pre-estimation test and the diagnostic tests proves that the model is well fitted for prediction the study evidenced that though bond market activities via federal bond issuance do not essentially have direct influence on economic growth in particular, the indirect impact cannot be denied. Meanwhile, bond interest rate has direct significant influence on the Nigerian economy both on the short and long run. Hence, we concluded that with efficient policy in place, bond market has the inert ability to transform a demeaning economy to a meaningful and worthwhile economy. Premised on this, the study recommended amongst others that more data about the Nigerian bond market activities on the overall should be shared abroad so as to encourage more private sector participation and at the same time reduce issues arising from such transactions.
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