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Impact Assessment of the Role of Nigerian Stock Exchange on the Economic Development of Nigeria

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Author(s): Okoh, Lucky | Ekane, O. R.

Journal: International Journal of Economic Development Research and Investment
ISSN 2141-6729

Volume: 2;
Issue: 1;
Start page: 184;
Date: 2011;
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Keywords: Nigerian Stock Exchange | Economic Development | debentures | government bonds

ABSTRACT
The stock exchange is a specialized market for the buying and selling of securities. These securities include stocks and shares which represent ownership interests in business, debentures and government bonds. The study assessed the impact that the Nigerian stock exchange has created on the development of the Nigerian economy. To achieve the objectives, this study reviewed stock exchange, its functions, activities, roles, and legislation. The advantages and disadvantages of listing on the stock market were also x-rayed. Also highlighted were the trading, clearing and settlement process of the Nigerian stock exchange and the short comings. The study concluded that for the Nigerian stock exchange to contribute significantly in the development of the Nigerian economy through mobilization and utilization of funds for expansion of business enterprises in the country, it should intensify efforts in creating public awareness as regards its services to the economy, effective investor education, fostering and stimulating speculation in the market and reforms that would compel investors to take due diligence when funds are to be raised by government to eliminate the buying and selling culture that exists in the market should be carried out.
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