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Rivers State University, Port Harcourt.
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| Title: | Capital Market and Mining Sub-sector Performance in Nigeria 1981-2021 |
| Author(s): | EWUBARE Dennis B & ATATA Homame Blessing |
| Abstract: | The study empirically investigated the relationship between capital market and performance of the Nigeria Industrial Sector between 1981-2021. The industrial sector was represented by industrial output as aggregated model, while manufacturing, mining and electricity sub-sectors as disaggregated models. Capital market variables considered include market capitalization, total new issue, volume of transaction and total listed securities. Time series data for the variables were obtained from CBN, Descriptive statistics, Unit Root tests, bounds co-integration test, autoregressive distributive lag (ARDL) technique, error correction model (ECM) and granger causality test were employed for estimation. Using secondary data and employing the econometrics data analysis techniques of ARDL Co-integration/error correction model an granger causality test. The study revealed that capital market indices had not impacted significantly on the industrial sector during the period under study. Based on the findings of this study, it is recommended among others that regulators should encourage small and medium term industries, oil and gas companies, telecommunication firms and electricity companies to list on the exchange by reducing their fees, relaxing stiff conditions and equally adopt a zero-tolerance policy against all infractions in the market. The study concluded that, government should put in places necessary infrastructures and policy reforms that will enable the Nigerian capital market to effectively and efficiently mobilize long-term funds for the development of the industrial sector which is the engine room of inclusive growth and job creation. The study also contributed to the existing knowledge by investigating the impact of capital market on industrial sector performance in Nigeria using aggregate and disaggregated model and running a trend analysis on the work. |
| Keywords: | Capital Market, Industrial Sector Performances, Nigeria |
| Journal: | Journal of Contemporary Research in Economics and Development Studies (JCREDS) |
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