Administration Of Nigerian Capital Market And National Development, 1980 – 2009

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Abstract


The ascendancy of the Structural Adjustment Programme (SAP) as a policy platform made liberalization and privatization dominant themes of development strategies in Nigeria. Thus, the changed attitude towards the role of the private sector in the development of the Nigerian economy facilitated the expansion of the capital market. The market is a common feature of a modern economy and reputedly performs some necessary functions, which promote the growth and development of the nation. Capital markets facilitate the mobilization and allocation of medium and long-term funds for productive investment. Prior to the late 1980s, international donors and governments in developing countries held the notion that entrepreneurial functions could be better served by the state through public ownership of the means of production, taxation, licensing and regulation. However, poor performance of the public sector, misallocation of resources, market distortions and negative economic growth influenced a re-evaluation of the state-led development strategy. The objective of this study was to examine the administration of the Nigerian capital market and its effects on national development in the country from 1980 to 2009.

The specific objectives of the study were to: (i) examine the administration of the Nigerian capital market and the mobilization of long-term funds for national development in Nigeria, and (ii) appraise the administrative roles of the Nigerian capital market in facilitating wealth creation and provision of long-term funds needed for national development in Nigeria. This study adopted a survey research design. Data collections were done through two main sources, namely primary and secondary sources. The primary sources were through interview. Interviews were conducted with the key stakeholders in the Nigerian capital market, namely the Director-General and five directors of the Securities and Exchange Commission, and the Chief Executive Officer of the Nigerian Stock Exchange and his three executive directors. The secondary data were collected from books, journals, periodicals, magazines, newspapers, government publications, conference papers, published and unpublished works of relevant authorities such as the Nigerian Stock Exchange Annual Report and Accounts, and the Central Bank of Nigeria (CBN) Statistical Bulletin.

The primary data generated were analyzed using Chi-square. There was a significance association (p < 0.05) between the administration of the Nigerian capital market and mobilization of long-term funds for national development in the country from 1980 to 2009. The Nigerian capital market performed well within the period. The market experienced border listings and transactions, high influx of foreign investments and investors. Statistics showed purchases (inflow) by foreign investors during 2009 to be in excess of N228.986 billion, representing 33.4% of the aggregate turnover – an increase, when compared with the N153.457 billion recorded in 2008. Concurrently, total sales (outflow) during the year were in excess of N195.583 billion, culminating in a net inflow of N33.403 billion, a reversal of the net outflow of N480.5 billion in 2008. The average number of listed companies in the Nigerian stock market for 1980-1999 periods was 129 companies. At the end of 1999, the number of listed securities stood at 269 including 196 companies. The market boasted of over ten million shareholders. The administrative roles of the Nigerian capital market facilitated wealth creation and provision of needed funds for national development in the country during the period. Privatization provided additional listing on the stock market, enlarged equity shares, and injected new life into the market.


Chapter One


Introduction

1.1 Background To The Study

Prior to the late 1980s, international donors and governments in developing countries held the notion that entrepreneurial functions could be better served by the state through public ownership of the means of production, taxation, licensing and regulation. Wikipedia Encyclopedia defines capital markets as the financial markets for the buying and selling of long-term debt or equity-backed securities. These markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments. Financial regulators, such as the UK’s Bank of England (BoE) or the U.S. Securities and Exchange Commission (SEC), oversee the capital markets in their jurisdictions to protect investors against fraud, among other duties.

Modern capital markets are almost invariably hosted on computer-based electronic trading systems; most can be accessed only by entities within the financial sector or the treasury departments of governments and corporations, but some can be accessed directly by the public. There are many thousands of such systems, most serving only small parts of the overall capital markets. Entities hosting the systems include stock exchanges, investment banks, and government departments. Physically the systems are hosted all over the world, though they tend to be concentrated in financial centers like London, New York, and Hong Kong. Capital markets are defined as markets in which money is provided for periods longer than a year.

A key division within the capital markets is between the primary markets and secondary markets. In primary markets, new stock or bond issues are sold to investors, often via a mechanism known as underwriting. The main entities seeking to raise long-term funds on the primary capital markets are governments (which may be municipal, local or national) and business enterprises (companies).


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