Effects of Financial Market on Nigerian Economic Performance: Further Estimation with Distributed Lag Model

  • Joy Onyinye Agoziem Department of Economics and Development Studies Alex Ekweme Federal University Ndufu-Alike, Ebonyi State, Nigeria
  • Ojide Kelechi Department of Mathematics, Information, Computer Science and Statistics Alex Ekweme Federal University Ndufu-Alike, Ebonyi State, Nigeria
  • Daniel C. Onyejiuwa, PhD Department of Economics Glorious Vision University (Formerly Samuel Adebgoyega University) Ogwa, Edo State, Nigeria
  • Ojide Makuachukwu Department of Economics and Development Studies Alex Ekweme Federal University Ndufu-Alike, Ebonyi State, Nigeria

Abstract

This study was carried out to determine the effect of financial market on Nigerian economic performance. More specifically, this study sought to ascertain if money market and capital market affect economic performance in Nigeria and if there is causality between each of these markets and economic performance in Nigeria. It employed distributed lag model and granger causality to analyse these effects with data sourced from the Central Bank of Nigeria. The result showed that money market has a positive significant impact (p < 0.05) on Nigerian economic performance while capital market is significant (p < 0.05) but impacts negatively on its performance. The researchers, therefore, recommended that government should enhance investment environment in both the money market and the capital market and that government and other stakeholders should further examine the capital market to ascertain why it is impacting negatively on economic performance.

Author Biographies

Joy Onyinye Agoziem, Department of Economics and Development Studies Alex Ekweme Federal University Ndufu-Alike, Ebonyi State, Nigeria




Ojide Kelechi, Department of Mathematics, Information, Computer Science and Statistics Alex Ekweme Federal University Ndufu-Alike, Ebonyi State, Nigeria




Daniel C. Onyejiuwa, PhD, Department of Economics Glorious Vision University (Formerly Samuel Adebgoyega University) Ogwa, Edo State, Nigeria

Daniel C. Onyejiuwa, PhD

Ojide Makuachukwu, Department of Economics and Development Studies Alex Ekweme Federal University Ndufu-Alike, Ebonyi State, Nigeria



Published
2022-09-04
How to Cite
AGOZIEM, Joy Onyinye et al. Effects of Financial Market on Nigerian Economic Performance: Further Estimation with Distributed Lag Model. SAU JOURNAL OF MANAGEMENT AND SOCIAL SCIENCES, [S.l.], v. 7, n. 3, p. 63-71, sep. 2022. Available at: <https://journals.sau.edu.ng/index.php/sjmas/article/view/824>. Date accessed: 30 sep. 2022.