Relationship between Stock Market returns, Capital Formation and Private investment in Nigeria for the period of1981 to 2018:- Igwe Cynthia G
ABSTRACT
The study investigates the stock market returns,
capital formation and private investment in Nigeria with annual time series
data covering the period of 1985-2017. The OLS (Ordinary Least Square) method
and multiple regression model econometric approach were adopted for this research
work. This studyfound that there is a significant positive relationship between
stock market returns and private investment in Nigeria. The study also found
that a significant and positive relationship exists between market
capitalization and private investment, but a significant and negative
relationship exists between minimum rediscount rate and private investment,
while there is a negative relationship between broad money supply and private
investment. The study also found that there exists a positive relationship
between grossfixed capital formation and private investment. The study
recommends that there is need for the government through the central bank to
implement policy that will increase the level and size of market capitalization
in the capital market. Such increase in market capital will provide the needed
funds for local investors for further investments and hence increased
productivity in Nigeria.
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-- (2026). Relationship between Stock Market returns, Capital Formation and Private investment in Nigeria for the period of1981 to 2018:- Igwe Cynthia G. Repository.mouau.edu.ng: Retrieved Mar 25, 2026, from https://repository.mouau.edu.ng/work/view/relationship-between-stock-market-returns-capital-formation-and-private-investment-in-nigeria-for-the-period-of1981-to-2018-igwe-cynthia-g-7-2
--. "Relationship between Stock Market returns, Capital Formation and Private investment in Nigeria for the period of1981 to 2018:- Igwe Cynthia G" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 25 Mar. 2026, https://repository.mouau.edu.ng/work/view/relationship-between-stock-market-returns-capital-formation-and-private-investment-in-nigeria-for-the-period-of1981-to-2018-igwe-cynthia-g-7-2. Accessed 25 Mar. 2026.
--. "Relationship between Stock Market returns, Capital Formation and Private investment in Nigeria for the period of1981 to 2018:- Igwe Cynthia G". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 25 Mar. 2026. Web. 25 Mar. 2026. < https://repository.mouau.edu.ng/work/view/relationship-between-stock-market-returns-capital-formation-and-private-investment-in-nigeria-for-the-period-of1981-to-2018-igwe-cynthia-g-7-2 >.
--. "Relationship between Stock Market returns, Capital Formation and Private investment in Nigeria for the period of1981 to 2018:- Igwe Cynthia G" Repository.mouau.edu.ng (2026). Accessed 25 Mar. 2026. https://repository.mouau.edu.ng/work/view/relationship-between-stock-market-returns-capital-formation-and-private-investment-in-nigeria-for-the-period-of1981-to-2018-igwe-cynthia-g-7-2