Munich Personal RePEc Archive

Does Stock Market impact on the Growth of Nigerian Economy using 3SLS Analysis?

Oseni, Isiaq and Akpa, Emeka and Aberu, Felix (2018): Does Stock Market impact on the Growth of Nigerian Economy using 3SLS Analysis? Published in: EKSU Journal of the Management Scientists , Vol. 2, No. 1 (1 June 2018): pp. 34-43.

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Abstract

The paper investigated the impact of stock market on economic growth in Nigeria from 1981 to 2016 using a three-equation simultaneous-equations model in a Three Stage Least Square (3SLS) estimation technique. The paper found that stock market positively spurs economic growth in Nigeria indicating that increase in stock market participations would enhance growth in Nigerian economy. The paper therefore concluded that there is positive and significant effect between stock market and economic growth. The paper recommended that policy makers should encourage more participation in the stock market by making it easier for business owners and foreign investors have easy access business registration and float on the stock market.

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