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EVALUATION OF THE CONTRIBUTION OF NIGERIAN STOCK MARKET ON ECONOMIC GROWTH; REGRESSION APPROACH
ABSTRACT: The paper evaluates the contribution of Nigerian Stock Market on Economic Growth. In order to achieve this, regression analysis and ordinary least square technique was employed. The result indicates a positive relationship between economic growth, all share index and market capitalization with a 99.1% R-square value and a 99% adjusted R-squared value implying that economic growth in Nigeria is adequately explained by the developed model. The result of this study which established positive links between the capital market and economic growth suggests that policies geared towards rapid development of the capital market should be initiated.
KEYWORDS: Nigerian Stock Market, Economic growth, Regression analysis, Gross domestic product, Market Capitalization, All share index, Value of Transaction, Total Number of Equities Listed, Augmented Dickey-Fuller Test, Breusch-Godfrey Test Serial Correlation Lm Test, Jarque Bera Test for Normality, Breusch-Pagan-Godfrey Test.