International Peer-Reviewed Journal•Open Access•ISSN 2456-8880
irejournals@gmail.com•+91-7433024337

Home / Current Issue / Paper 1708297

1708297 Vol 8 · Issue 10 Download Paper

Financial Market Development and Stock Market Performance in Nigeria

Bello, Hassan Taiwo

Subject area: Arts, Social Sciences and Humanities  ·  Area of research: Financial Economics

Abstract

This study investigates the relationship between financial market development and stock market performance in Nigeria. The study focuses on Gross Domestic Product (GD), Financial market reforms and stock market performance in Nigeria. To assess the impact of financial market infrastructure on stock market liquidity and investor confidence. Also, to identify the key challenges hindering the development of the financial market in Nigeria and their effect on stock market performance. To evaluate the role of regulatory frameworks in shaping stock market outcomes in Nigeria. The study adopted the Autoregressive Distributed Lag (ARDL) unit root tests to test for the stationarity of the data

References

[1] Adeola, S. O. (2015). Market liquidity and stock market performance in Nigeria. Journal of Financial Markets, 19(3), 112-126.

[2] Adewale, T. A., & Akintola, A. O. (2021). The role of stock market liquidity in promoting economic growth: Evidence from emerging markets. International Journal of Finance and Economics, 15(3), 256-269.

[3] Adewale, T. A., & Akintola, A. O. (2021). The role of stock market liquidity in promoting economic growth: Evidence from emerging markets. International Journal of Finance and Economics, 15(3), 256-269.

[4] Akinlo, A. E., & Akinlo, O. O. (2009). Stock market development and economic growth: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, 25, 1-14.

[5] Eke, K. C., & Anunobi, J. C. (2020). Financial inclusion and stock market development: A case study of Nigeria. Journal of African Financial Studies, 8(1), 100-115.

[6] Eke, K. C., & Anunobi, J. C. (2020). Financial inclusion and stock market development: A case study of Nigeria. Journal of African Financial Studies, 8(1), 100-115.

[7] Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. Journal of Finance, 25(2), 383-417.

[8] International Journal of Developing and Emerging Economies. (2022). Evaluating the Nexus between Macroeconomic Indicators and Stock Market Performance in Nigeria. IJDEE.

[9] Jibir, A., Zada, H., Abdu, M., & Khan, N. (2023). Financial development and innovation-led economic growth: Empirical insight from sub-Saharan Africa. Economic Annals, 68(237), 97–136. https://doi.org/10.2298/EKA2337097J

[10] Mamudu, Z. U., & Gayovwi, G. O. (2020). Capital market and economic growth in Nigeria: An empirical analysis. International Journal of Economics and Business Finance, 7(3), 1–25.

[11] Markowitz, H. (1952). Portfolio selection. Journal of Finance, 7(1), 77-91.

[12] Mba, S., & Egwu, N. (2023). Stock market liquidity and economic resilience during crises: An African perspective. African Economic Research Journal, 12(2), 184-202.

[13] McKinnon, R. I. (1973). Money and capital in economic development. Brookings Institution.

[14] Nnakee, U. N., Ngong, C. A., Onyejiaku, C. C., Moguluwa, S., & Onwumere, J. U. J. (2024). Examining the long-run relationship between stock market development and Nigerian economic growth. Journal of Financial Economic Policy. https://doi.org/10.1108/JFEP-01-2024-0020

[15] Obi, O. K., & Balogun, F. T. (2024). Innovation and stock market performance in Nigeria: The impact of financial technologies. Journal of Financial Innovation, 9(4), 45-60.

[16] Obi, O. K., & Balogun, F. T. (2024). Innovation and stock market performance in Nigeria: The impact of financial technologies. Journal of Financial Innovation, 9(4), 45-60.

[17] Ojo, O., & Adewuyi, O. (2013). Financial development and stock market performance in Nigeria. Journal of Economics and International Finance, 5(5), 121-135.

[18] Okonkwo, O. J. (2022). Macroeconomic stability and stock market performance in Nigeria. Nigerian Journal of Economic Studies, 11(3), 243-260.

[19] Okonkwo, O. J. (2022). Macroeconomic stability and stock market performance in Nigeria. Nigerian Journal of Economic Studies, 11(3), 243-260.

[20] Okonkwo, R., Obi, K., & Onwumere, J. (2016). Macroeconomic variables and stock market performance in Nigeria. International Journal of Finance and Economics, 21(4), 205-218.

[21] Shaw, E. S. (1973). Financial deepening in economic development. Oxford University Press.

How to cite this paper

Bello, Hassan Taiwo "Financial Market Development and Stock Market Performance in Nigeria" Iconic Research And Engineering Journals Volume 8 Issue 10 2025 Page 1374-1382
Bello, Hassan Taiwo "Financial Market Development and Stock Market Performance in Nigeria" Iconic Research And Engineering Journals, vol. 8, no. 10, Apr. 2025
Bello, Hassan Taiwo (2025). Financial Market Development and Stock Market Performance in Nigeria. Iconic Research And Engineering Journals, 8(10).
Bello, Hassan Taiwo "Financial Market Development and Stock Market Performance in Nigeria" Iconic Research And Engineering Journals, vol. 8, no. 10, Apr. 2025.
@article{1708297,
      author = {Bello, Hassan Taiwo},
      title = {Financial Market Development and Stock Market Performance in Nigeria},
      journal = {Iconic Research And Engineering Journals},
      year = {2025},
      volume = {8},
      number = {10},
      pages = {1374-1382},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1708297.pdf},
      abstract = {This study investigates the relationship between financial market development and stock market performance in Nigeria. The study focuses on Gross Domestic Product (GD), Financial market reforms and stock market performance in Nigeria. To assess the impact of financial market infrastructure on stock market liquidity and investor confidence. Also, to identify the key challenges hindering the development of the financial market in Nigeria and their effect on stock market performance. To evaluate the role of regulatory frameworks in shaping stock market outcomes in Nigeria. The study adopted the Autoregressive Distributed Lag (ARDL) unit root tests to test for the stationarity of the data},
      month = {April},
  }