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The Capital Market And The Challenges Of Real Sector Financing In Nigeria.
[A STUDY OF THE PERIOD 2000-2009] -
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TABLE OF CONTENTS
TITLE PAGE:………………………………………………………… i
CERTIFICATION:……………………………………………………. ii
DEDICATION:…………..…………………………………………… iii
ACKNOWLEDGEMENT:… ………………………………………… iv
ABSTRACT:………………………… ………………………………. v
TABLE OF CONTENTS:………… ………………………………….. vi-viiiCHAPTER ONE
1.0 INTRODUCTION:…………………………………………….. 1-2
1.1 OBJECTIVES OF THE STUDY:……………………………… 2-4
1.2 STATEMENT OF THE PROBLEM:………………………….. 4-6
1.3 STATEMENT OF HYPOTHESIS:……………………………. 6-8
1.4 SCOPE AND LIMITATION OF THE STUDY:………………. 8-9
1.5 SIGNIFICANCE OF THE STUDY:…………………………… 9
1.6 RESEARCH METHODOLOGY:…………………………….... 9-11CHAPTER TWO
2.0. LITERATURE REVIEW:……………………………………… 12
2.0 INTRODUCTION:…………………………………...………… 2-14
2.1 THE ROLE OF THE NIGERIAN CAPITAL MARKET:..……. 14-15
2.2 STRUCTURE OF THE NIGERIA CAPITAL MARKET:…….. 15-16
2.2.1 OFFER FOR SALE:……………………………………………. 16-17
2.2.2 PRIVATE PLACEMENT METHOD:…………………………. 17
2.2.3 RIGHTS ISSUE METHOD:……………………………………. 17
2.2.4 INTRODUCTION METHOD:…………………………………. 18
2.2.5 GLOBAL DEPOSITORY RECEIPTS (GDRS) METHOD:...… 18-19
2.3 SECONDARY MARKET:……………………………..……… 19-25
2.4 GROWTH RECORDS OF NIGERIA CAPITAL MARKET:…. 25-28
2.5 CAPITAL MARKET PERFORMANCE REVIEW
2000-2009:……………………………………………………… 28
2.5.1 NEW ISSUES INDICATORS:…………………………………. 28-29
2.5.2 MARKET CAPITALIZATION INDICATORS:………………. 29-30
2.5.3 TRADING VOLUME AND VALUE INDICATORS:………… 30-31
2.5.4 STOCK INDEX INDICATOR:………………………………… 31
2.5.5 LISTED SECURITIES INDICATORS:…………….………….. 31
2.6 CAPITAL MARKET INSTITUTIONS:……………………….. 31-32
2.6.1 THE SECURITIES AND EXCHANGE COMMISSION:…….. 32-34
2.6.2 THE NIGERIAN STOCK EXCHANGE:……………………… 34-42
2.6.3 STOCK BROKING HOUSES/BROKERS:……………………. 42
2.6.4 THE REGISTRARS:…………………………………………… 42
2.6.5 SECOND-TIER SECURITY MARKET:………………………. 43-44
2.7 LEGISLATIVE AND REGULATORY FRAME WORK OF
THE NIGERIAN CAPITAL MARKET:………………………. 44-45
2.8 CAPITAL MARKET REFORMS:………………………..…… 45-58CHAPTER THREE
3.0 RESEARCH METHODOLOGY:……………………………… 59
3.1 INTRODUCTION:…………………………………….……….. 59
3.2 RESEARCH DESIGN:………………………………….……… 59
3.3 POPULATION:………………………………………………… 59
3.4 SAMPLING TECHNIQUES:…………………………………... 60
3.5 METHODS OF DATA COLLECTION:……………………….. 60
3.6 PROCEDURES FOR DATA ANALYSIS:………….…………. 60
3.6.1 MODEL SPECIFICATION:…………………………………… 61
3.6.2 METHODS OF ANALYSIS:………………………………….. 61-64CHAPTER FOUR
4.0 DATA PRESENTATION AND ANALYSIS OF
PERFORMANCE OF NIGERIAN STOCK EXCHANGE
MARKET INDICATORS……………………………………… 65-66
4.1 ANALYSIS OF THE PERFORMANCE INDICATORS OF
THE NIGERIAN STOCK EXCHANGE:……………………… 66-67
4.1.1 TABLE OF ANALYSIS:………………………………………. 67-87
4.2 PRESENTATION AND ANALYSIS OF THE SELECTED
COMPANIES QUOTED ON THE STOCK EXCHANGE:…… 87-87
4.3 PRESENTATION/ANALYSIS USING REGRESSION OR
CORROLATION:………………………………………………. 89-94
4.4 ANALYSIS OF REGRESSION AND CORROLATION
INTERPRETED USING ECONOMIC CRITERIA:..……….… 94-95
CHAPTER FIVE
5.0 SUMMARY OF THE FINDING, CONCLUSIONS, AND
RECOMMENDATIONS:………………………………………. 96
5.1 SUMMARY OF FINDINGS:…………………..……………… 96-97
5.2 GROWTH OF THE NIGERIAN CAPITAL MARKET:……… 97-98
5.2.1 GROWTH IN VALUE OF SHARES TRADED:……………… 98
5.2.2 ALL SHARE INDEX:………………………………………….. 99-101
5.3 CONCLUSION:……………………………………..………… 101-103
5.4 RECOMMENDATIONS:………………………………………. 103-105REFERENCES:………………………………………………… 106-108
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ABSRACT - [ Total Page(s): 1 ]A B S T R A C T This research work evaluates the effectiveness of the capital market in the mobilization and allocation of funds to productive sectors of the economy. Reviewed the role of the capital market, economic stability, sustainable growth and development of the Nigerian economy. The researcher identified; the objectives, the scope and limitations of the research work. Hypothesis statements to test the validity of the phenomena under investigation were stated and analyzed. A review of var ... Continue reading---
CHAPTER ONE - [ Total Page(s): 2 ]Hypothesis 3 Ho: (Null Hypothesis): The growth in the value and traded volume of securities quoted on the Nigerian Stock Exchange does not contribute to economic development. Hi: (Alternative Hypothesis): The growth in the value and traded volume of securities quoted on the Nigerian Stock Exchange contributes to economic development 1.4 SCOPE AND LIMITATION OF THE STUDY This study is focused on the analysis of the Nigerian capital market and real sector development in Nigeria using selected fina ... Continue reading---
CHAPTER TWO - [ Total Page(s): 8 ]Prepare adequate guidelines, organize training programmes and disseminate information necessary for the establishment of Securities Exchanges and Capital Trade Points; Register and regulate corporate and individual capital market operators as well as capital market advisers and consultants such as solicitors, accountants, engineers and surveyors; Register and regulate the workings of Venture Capital funds and Collective Investment Schemes, including Mutual Funds; Register rotating savings sche ... Continue reading---
CHAPTER THREE - [ Total Page(s): 2 ]I = Functional independent value.e2 = The proportion of the unexplained variation of xvalues.(y – y)2 = The proportion of the unexplained variable ofy values.However, let GDP = yMkc = xTrue regression line isy = b0 + bix1 + UTranslated intoGDP = b0 + bix1 + UWhere;GDP = Gross Domestic Productbo = Estimate of the true interceptb1 = Estimate of the true ParameterU = Estimate of the true value of the random error term.The formular for b0 is given as:The tx statistics is used when we ha ... Continue reading---
CHAPTER FOUR - [ Total Page(s): 7 ]Source: Nigerian Stock Exchange Fact Book 1994 to 2003 and 2004 to 2008. Nigerian Stock Exchange 2009 Performance Reviewed. From table 4A (1), in year 2000 volume of shares traded are recorded as 5 Billion in equities. Thus equities, have maintained an increasing trend in the period under study. Having a volume of 5 billion in 2000 and 102.85 billion in 2009. In year 2007 volume of equities traded increased geometrically to 138.10 billion and 193.14 billion in 2008. The above table can further b ... Continue reading---
CHAPTER FIVE - [ Total Page(s): 2 ]CHAPTER FIVE 5.0 SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS 5.1 SUMMARY OF FINDINGS The Nigerian Capital Market, most specifically the Nigerian Stock Exchange (NSE) since its establishment in 1960 has existed to provide long term capital to corporate bodies and government for the purpose of Industrial, Socio-Economic and Infrastructural growth and development. The NSE has become an important market in emerging economies such as Nigeria. A review of market indicators such as: - Market C ... Continue reading---
REFRENCES - [ Total Page(s): 1 ]REFERENCES Journals and other Publications Adedipe, A. (2003): Mainstreaming The Capital Market In National Policy Formulation: A Paper Presented At The 2nd Annual National Conference of Securities And Exchange Commission. Adewumi, W. (1996): Mobilization of Domestic Resources For Economic Development: CBN Economic And Financial Review Volume 34 No.4 December, 1996. Alile, H.I and A.R.Amao (1996): The Nigerian Stock Market In Operation. Nigerian Stock Exchange Review, NSE Lagos. Alile, H ... Continue reading---
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ABSRACT - [ Total Page(s): 1 ]A B S T R A C T This research work evaluates the effectiveness of the capital market in the mobilization and allocation of funds to productive sectors of the economy. Reviewed the role of the capital market, economic stability, sustainable growth and development of the Nigerian economy. The researcher identified; the objectives, the scope and limitations of the research work. Hypothesis statements to test the validity of the phenomena under investigation were stated and analyzed. A review of var ... Continue reading---
TABLE OF CONTENTS -- [Total Page(s) 1]
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TABLE OF CONTENTS -- [Total Page(s) 1]
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