The researcher's mind on the topic, "The impact of  the Capital market on the Nigerian Economy with emphasis on the role of the Nigerian Stock Exchange" was captured when a similar topic was discussed at a seminar organized by the Bureau for Public Enterprise (BPE) to conscientize and sensitize Nigerian people to accept the privatization programme. The organizers sought to expose how highly underutilized the Nigerian Stock market is and what individuals and Corporations would gain in patronizing the market. They also compared the operations and volume of transactions with other emerging stock markets in the world. The research work is basically, all about assessing the extent of the impact of the capital market on the socio-economic development of this country and an in-depth search into ways of improving upon the operations of the Nigerian Stock Exchange. In his findings, the researcher noted (among other things) that there was under utilization of the Stock Exchange market due to poor enlightenment campaign, and lack of transparency and accountability on the part of the operators of the market. In the conclusion, the researcher admitted that the future prospects of the exchange market is still bright but emphasized that the operators of the market must engender accountability and transparency as this will go a long way to re-installing much desired confidence in the investing public and guarantee the market’s future development. 

Title Page -- -- --. -- -- -- -- -- -- i 
Certification -- -- --. --. ... -- -- -- -- ii 
Dedication -- -- -- -- -- -- -- -- -- iii 
Acknowledgement -- -- -- -- -- -- -- -- iv 
Abstract ---- -- -- -- -- -- -- -- -- v 
List of Figure ---- -- -- -- -- -- -- -- vi 
List of Tables -- -- -- -- -- -- -- -- vii 
Table of Contents -- -- -- -- -- -- -- -- vi 

CHAPTER ONE: INTRODUCTION 
1.1 Background of the Study -- -- -- -- -- -- 1 
1.1.1 Evolution of the Capital Market -- -- -- -- --  3 
1.2 Statement of the Research Problems ---- -- -- 7 
1.3 Objective of the Study -- -- -- -- -- -- 8 
1.4 Research Question -- -- -- -- -- -- -- 8 
1.5 Research Hypothesis -- -- -- -- -- -- 9 
1.6 Significance of the Study -- -- -- -- -- -- 10 
1.7 Scope of the Study -- -- -- -- -- -- -- 10 
1.8 Limitation of the Study -- -- -- -- -- -- 11 
1.9 Definition of Terms -- .. -- -- -- -- -- 12 
References -- -- -- -- -- -- -- -- 14 

CHAPTER TWO: REVIEW OF THE RELATED LITERATURE 
2.1 Wall Street " Where It All Began -- -- -- -- 15
2.2 The Nigerian Capital Market -- -- -- -- -- 16 
2.3 The Role of the Nigerian Capital Market ---- -- -- 17 
2.3.1 The Pooling Function -- -- -- -- -- -- 19 
2.3.2 Facilitating Capital Formation -- -- -- -- -- 19 
2.3.3 Risk Reduction Function -- -- -- -- -- -- 20 
2.4 The concept of the Nigeria Stock Exchange -- --  -- 20 
2.5 The Nigerian Stock Exchange Market -- -- -- 23 
2.5.1 Membership of the Nigerian Stock Exchange --  -- 24 
2.5.2 Functions and Importance of the Nigerian Stock Exchange 25 
2.6 Securities and Exchange Commission (SEC) -- --  27 
2.6.1 Duties and Functions of the Securities 
and Exchange Commission -- -- -- -- -- 28 
2.7 The Impact of the NSE Crisis on the Nigerian Capital Market 29 
2.8 The Stock Exchange in Operation -- -- -- -- 34 
2.8.1 The Primary Market -- -- -- -- -- -- 34 
2.8.2 Evaluation of the Nigerian Stock Exchange --  -- -- 39 
2.8.3 The Daily Stock Summary -- -- -- -- -- 41 
2.9 Problems Associated with the Nigerian Stock Exchange -- 47 
References -- -- -- -- -- -- -- -- 50 

CHAPTER THREE: RESEARCH METHODOLOGY 
3.1 Introduction ... -- -- -- -- -- -- -- 51 
3.2 Research Design -- -- -- -- -- -- -- 51 
3.3 Sources of Data -- -- -- -- -- -- -- 52 
3.3.1 Primary Data -- --. -- -- -- -- -- -- 52 
3.3.2 Secondary Data -- -- -- -- -- -- -- 53 
3.4 Method of Data Collection -- -- -- -- -- -- 53 
3.4.1 Reasons for using the Aforementioned Methods  -- -- 53
3.5 Determination of Population Size -- -- -- -- 54 
3.6 Sample Procedure -- -- -- -- -- -- -- 54 
3.7 Methods of Administering Questionnaires -- --  -- 55 
3.8 Decision Rule -- -- -- -- -- -- -- 55 
References ---- -- -- -- -- -- -- 57 

CHAPTER FOUR: PRESENTATION AND ANALYSIS 
4.1 Introduction -- -- -- -- -- -- -- -- 58 
4.2 Presentation and Analysis of Responses from Questionnaire 59 
4.3 Analysis of Interview -- -- -- -- -- -- 80 

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND 
RECOMMENDATIONS. 
5.1 Summary of Findings -- -- -- -- -- 86 
5.2 Conclusion -- -- -- -- -- -- -- -- 87 
5.3 Recommendations -- -- --. -- -- -- -- 88 
Bibliography -- -- -- -- -- -- -- 90 
Appendix " Questionnaire -- -- -- -- -- 91

Figure 2.1:  Stock Exchange in Operation -- -- -- -- 23 
Figure 2.2: The Functional Relationship of the NSEC within the New Issues market ---- -- -- -- 36 
Figure 2.3:  The Functional Relationship of the Stock Exchange 
within the Secondary Market ---- -- -- 38

LIST OF TABLES 
Table of 2.1: Impact of the Loss of Investors Confidence in the 
Nigeria Capital Market ---- -- -- -- 32 
Table 2.8.3:The Daily Stock Summary -- -- -- -- 41 
Table 4.1:  Identify your Sex? -- -- -- -- -- -- 60 
Table 4.2:  What is your Occupation? -- -- -- -- --. 61 
Table 4.3:  Are you Aware of the Existence of the Nigeria 
Stock Exchange? -- -- -- -- -- -- 62 
Table 4.4:  How Familiar are you with the Operations of 
the Nigerian Stock Exchange -- -- -- -- 63 
Table 4.5:  Are you Aware of the Aims and Functions of 
the Nigeria Stock Exchange? -- -- -- -- 64 
Table 4.6:  If No 5 is yes, do you make use of the Exchange? --65 
Table 4.7:  Where do you (Corporation, Individuals and 
Government) raise your Fund? -- -- -- -- 66 
Table 4.8: Why Prefer the Bank as an Outlet? -- -- -- 67 
Table 4.9:  Has the Nigerian Stock Exchange contributed 
Significantly to the Development of the Economy? --  68 
Table 4.10: Are you Satisfied with the level of Development in 
the stock Exchange Market? -- -- -- -- 69 
Table 4.11:  Are you satisfied with the Pricing Policy? -- -- -- 73 
Table 4.12:Are you Aware of the Introduction of a Computerized 
System of Clearing Settlement and Delivery of Trade 
Transaction, the (CSCS)? -- -- -- -- -- 74 
Table 4.13: What is the Movement of Share Prices since the 
Introduction of Central Security Clearing System? -- 75 
Table 4.14: Are you aware of the introduction of the Automated
Trading System (ATS), through which stockbrokers 
can trade from their offices and homes? -- -- 76 
Table 4.15: If your answer to 17 is yes, do you think the 
Automated Training System (ATS) will enhance 
the operations of the Stock Exchange? -- -- -- 77 
Table 4.16: How can you Assess the Impact of Information 
Technology (internet services) vis-à-vis the 
operations of the Nigeria Stock Exchange? -- -- 78