CAPITAL MARKET AS A TOOL FOR ECONOMIC DEVELOPMENT.
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CAPITAL MARKET AS A TOOL FOR ECONOMIC DEVELOPMENT.
ABSTRACT
The research focuses on the role of Nigeria’s capital market to the country’s economic development and progress.
The research is focused on the following:
a. To demonstrate that individual and corporate engagement in the Nigerian capital market will contribute significantly to the channelling of long-term funds for economic investment.
b. To illustrate that the Nigeria capital market is an economic institution dedicated to fostering efficiency and discipline in capital generation and allocation for the benefit of the economy’s overall development and progress.
c. Seeks to demonstrate that, with a better trained workforce and the acquisition of new skills and technology, the Nigerian capital market is listed in other African markets and is actively reaching out to other parts of the world, attracting foreign investors and injecting more funds into the system for productive and economic growth.
d. While developing a paying ground capable of assuring honesty, transparency, and fairness for excellent services, more companies will be listed for quotation on the exchange, which will undoubtedly result in increased private sector engagement and a boost to the economy.
e. To establish that the Nigerian capital market promotes industrial growth and development in Nigeria, and finally to make recommendations based on the findings.
Among other things, the following conclusions were reached during the investigation.
(i) Following the Federal Government’s recent changes in transforming the economy into something better, particularly in the financial and other sectors, banks and non-banking institutions are now flocking to the Nigerian Capital Market to shop for money, hence increasing the market.
(ii) These reforms enabled small businesses to become publicly traded and have access to capital market financing.
(iii) It was determined that with the implementation of the Structural Adjustment Programme (SAP) and the ongoing privatisation exercise, the Nigerian Capital Market has eased the transfer of firms from the public to private sectors for better restructuring and management.
(iv) The internationalisation of the Nigerian capital market has enabled significant injections, increasing the volume of economic activity within the country.
(v) Despite the government’s consistency in fiscal and monetary policies, the Nigerian capital market has grown at a rate of more than 35% during the last 12 years, totaling N2.96 trillion.
The statistical tools employed in the research were frequency tables, percentages, and chi-square (X2) distributions.
Finally, a summary, conclusion, and recommendations were presented.
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