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Rivers State University, Port Harcourt.
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| Title: | Capital Market and Electricity Sub-Sector Performance in Nigeria, 1981-2021 |
| Author(s): | ATATA Homame Blessing, NYECHE Ezebunwo & ODUNGWERU Kingsley Nnana |
| Abstract: | This study empirically examined the relationship between Nigeria's capital market and the performance of the country's electricity sub-sector 1981-2021. The specific objectives of the study are to determine how market capitalization, total new issue, number of transactions, and total listed securities affected the manufacturing sub-sector performance proxied by the index of the manufacturing sector. Time series data was obtained from CBN statistical bulletin and national bureau of statistics (NBS) using descriptive statistics and econometric method of unit root, bound cointegration test; autoregressive distributive lag (ARDL) approach. Findings from the unit root result showed that the variables were of mixed order of integration. The bounds cointegration results showed evidence of a long-run relation between the dependent and the explanatory variables According to the findings of the study, capital market indexes did not have a substantial impact on the electricity sub-sector over the time period that was investigated. It is recommended, among other things, that regulators should encourage small and medium-term industries, electricity companies to list on the exchange by reducing their fees, relaxing stiff conditions, and equally adopting a zero-tolerance policy against all infractions in the market. Government should put in place the necessary infrastructures and policy reforms that will make it possible for the Nigerian capital market to effectively and efficiently mobilize long-term funds for the development of the Electricity sector, which is key to inclusive growth and job creation. |
| Keywords: | Capital Market, Electricity Sub-Sector, market capitalization |
| Journal: | Journal of Contemporary Research in Economics and Development Studies (JCREDS) |
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