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Rivers State University, Port Harcourt.
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| Title: | Capital Market and Manufacturing Sub-Sector Performance in Nigeria, 1981-2021 |
| Author(s): | NYECHE Ezebunwo, ATATA Homame Blessing & EWUBARE DENNIS & Rosmary Chioma |
| Abstract: | This study conducted an empirical investigation on the relationship between Nigeria's capital market and the performance of the country's manufacturing 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 industrial sector over the time period that was investigated. It is recommended, among other things, that regulators should encourage small and medium-term industries, oil and gas companies, telecommunication firms, 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. These recommendations are based on the findings of this study. Small and medium-term industries include oil and gas companies, telecommunication firms. The government should do is 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 manufacturing sub-sector, which is the engine room of inclusive growth and job creation. |
| Keywords: | Capital Market, Manufacturing Sub-Sector Performance, Nigeria |
| Journal: | Economic and Social Science Review (ESR) |
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