Financial sector liberalization and capital market development in nigeria

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FINANCIAL SECTOR LIBRALIZATION AND CAPITAL MARKET DEVELOPMENT IN NIGERIA


ABSTRACT
This Research study was carried out to find the link between financial sector liberalization and capital market Development. As part of the Structural Adjustment Programme (SAP) of 1986, the Nigerian Government initiated a large scale restructuring
Of the financial sector and the liberalization of the regulations concerning financial institutions and markets. This was justified on the basis of existing market failures which
arose from externalities and lack of information

 

Using the econometric techniques, we found, that financial liberalization increased the real deposit ratio and also will lead to a substitution into financial asset resulting in a greater supply credit to finance real investment for capital market development and economic growth. Consequently, we recommend that for macroeconomic stability, efficiency and proper development of the financial system, direct control should be discouraged while indirect control should be encouraged through the market mechanism.

 

TABLE OF CONTENT
Title page--------------------------------------------------------------------------------------------- I
Certification page ------------------------------------------------------------------------
Dedication ----------------------------------------------------------------------------------
Acknowledgement-----------------------------------------------------------------------
Abstract--------------------------------------------------------------------------------------
Table of content---------------------------------------------------------------------------I
Chapter 1.0 Introduction---------------------------------------------------------------

    1. Back ground to the study----------------------------------------1
    2. Statement of Problem---------------------------------------------3
    3. Scope of the Study-------------------------------------------------3
    4. Justification of the study------------------------------------------4
    5. Objectives of the study  ------------------------------------------4
    6. Research Questions-----------------------------------------------5
    7. Research Hypothesis----------------------------------------------5
    8. Methodology of the study----------------------------------------6
    9. Sources of Data------------------------------------------------------6
    10. Outline of chapters--------------------------------------------------6

Chapter 2.0 Literature Review -------------------------------------------------------7
2.1 Introduction----------------------------------------------------------------------------7
2.2 The Nigerian Financial System------------------------------------------------9
2.2.1 The Money Market---------------------------------------------------------------11
2.2.2 The Capital Market--------------------------------------------------------------13
2.2.3 The Nigerian Stock Exchange-----------------------------------------------19
2.3 Globalization and Financial Sector Liberalization-----------------------20
Chapter3.0Theoretical framework and Research Methodology----------24
3.1 Introduction---------------------------------------------------------------------------24
3.2 Theoretical Issues on Financial Sector Liberalization in LDCs-----24
3.3 Research Design--------------------------------------------------------------------27
3.3.1 Model Specification-------------------------------------------------------------27
3.3.2 Data Sources----------------------------------------------------------------------28
3.4 Nature of Research Method-----------------------------------------------------28
3.5 Method of Data Presentation and Analysis-------------------------------29
Chapter 4.0 Data Analysis and Results------------------------------------------33
4.1 Introduction---------------------------------------------------------------------------.33
4.2 Presentation of Data---------------------------------------------------------------33
4.3 Data Analysis and Result--------------------------------------------------------34
4.4 Testing of Hypothesis and Results Discussion.-------------------------35
Chapter5.0 Summary, Findings and Conclusion------------------------------45

    1. Summary  -------------------------------------------------------------45
    2. Theoretical findings-------------------------------------------------46

5.3 Recommendation and limitation of the study.---------------47
5.4 Conclusion----------------------------------------------------------------------------..48
               Appendices – Bibliography, Tables and results.

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