JAIYEOBA, Adepitan Oladele and AKINTOYE, Roseline Oluwatobi (2021) FOREIGN PORTFOLIO INVESTMENT AND CAPITAL MARKET DEVELOPMENT IN NIGERIA. In: School of Management Studies National Conference, June, 2021, The Federal Polytechnic, Ilaro.
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Abstract
The poor performance of Nigeria’s stock market is a source of concern and has generated contentious debates among the stakeholders in Nigerian Stock Exchange Market (NSE). This study investigates the impact of foreign portfolio investment on the performance of stock market in Nigeria for the period of 30 years (1989-2018). Secondary source and time series data were used and the variables such as; stock market capitalization proxy for capital market performance, portfolio investment, exchange rate and inflation rate were employed for the study. The data were sourced from Central Bank of Nigeria (CBN) statistical bulletin. To avoid spurious results, unit roots test and regression analysis was used as the tools of data analysis. The findings show that all the predictors have no significant impact on stock market capitalization except exchange rate that is statistically significant at 5% critical value. However, the f-statistic results (18.83660) indicate that the combine variables have significant impact on stock market performance in Nigeria. It was therefore concluded that foreign portfolio investment if properly encouraged serve as lubricant for enhancing the performance of stock market in Nigeria. The study recommends among others 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.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | H Social Sciences > HG Finance |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Humanities |
| Depositing User: | Unnamed user with email [email protected] |
| Date Deposited: | 24 Jun 2022 16:38 |
| Last Modified: | 24 Jun 2022 16:38 |
| URI: | http://eprints.federalpolyilaro.edu.ng/id/eprint/2000 |
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