International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Open Access | Fully Refereed | Peer Reviewed

ISSN: 2319-7064


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Research Paper | Finance | Nigeria | Volume 10 Issue 7, July 2021


The Relationship between Stock, Bond Markets and Economic Growth in Nigeria

Ogbebor Peter I., Ajibade Ayodeji T., Onoja Donatus


Abstract: The study examined the relationship between stock, bond market and economic growth in Nigeria from 1981 to 2020, using an expo facto research design. The data was sourced from secondary source, the variables extracted were economic growth indicator proxied with real gross domestic product, bond market indicators proxied with bond market capitalization and treasury bills rate, indicators for stock market include equity market capitalization, composite all share index while the controlling variables include exchange rate and interest rate. The study employed descriptive statistics, Unit root test, Johansen co-integration test, vector error correction mechanism methods of analytical tools and inferences were made at 5% significant level. The study showed that Composite all share index has no significant effect on economic growth of Nigeria (R2 =0.3690, F= 0.6627, P= 0.7858) the study concluded that all share index has no significant impact on economic growth of Nigeria. Equities market capitalization has a significant effect on economic growth of Nigeria (R2= 0.4327, T=5.8646, P=0.0083). The third model also shows that there is a significant effect of bonds market capitalisation on economic growth of Nigeria (R2= 0.5545, T=5.4108, P=0.0459). The findings of the fourth hypothesis showed that Treasury bills rate has no significant impact on economic growth of Nigeria (R2= 0.5362, T=5.3105, P=0.0137). The study concluded that all share index has no significant impact on economic growth of Nigeria. The result from the last hypothesis obtained showed that exchange rate and interest rate does not have a controlling effect on the equities, bonds market and economic growth of Nigeria (R2= 0.577, T=4.5481, P=0.0321). The findings thus imply that stock and bond market does enhance economic growth of Nigeria within the period under review. Consequently, the study recommended that refined policy measures should be adopted to strengthen and improve the role of stock and bond market in order to expedite and maintain the strong growth of the economy.


Keywords: Bonds market capitalization, Composite all share index, Exchange rate, Interest rate, Treasury bill rate, Real Gross Domestic Product


Edition: Volume 10 Issue 7, July 2021,


Pages: 1302 - 1313


How to Cite this Article?

Ogbebor Peter I., Ajibade Ayodeji T., Onoja Donatus, "The Relationship between Stock, Bond Markets and Economic Growth in Nigeria", International Journal of Science and Research (IJSR), https://www.ijsr.net/get_abstract.php?paper_id=SR21720220540, Volume 10 Issue 7, July 2021, 1302 - 1313

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