Sep 2026· Journal of Accounting and Financial Management· 0 citations
Abstract
This paper examines how Nigeria’s fiscal operations influence capital market performance in
Nigeria. It assesses the effects of government capital and recurrent expenditure, borrowing,
and taxes on capital-market depth (market-capitalization/GDP) using annual time series data
(1990–2023) and a mix of econometric techniques (unit-root tests, Johansen cointegration,
VAR/ECM, Granger causality). The results show no robust long-run effect of aggregate
expenditure on MCAP: expenditure impacts depend on composition, financing and operate
with lags. By contrast, government-bond conditions negatively and taxes positively associate
with long-run MCAP, while short-run predictive links are weak. It therefore concludes that
financing structure, not headline spending, drives market depth. Consequently, the government
should prioritize transparently appraised, productivity-enhancing capital projects; lengthen
debt maturities and reduce short-dated domestic issuance to limit crowding-out through
financial literacy and education.
This study empirically investigates the relationship between government deficit financing and
capital formation in Nigeria over the period 1990–2024, using gross domestic savings as proxy
for capital formation. Government deficit was proxied by external debt, Central Bank of
Nigeria ways and means advances, deposit...
Uyodhu Lucky Okapi· International Journal of Eco...· 0 citations
Purpose: This study examines the short-run determinants of economic growth in Ghana, focusing on how institutional quality shapes the effects of Foreign Direct Investment (FDI) and domestic tax revenue on national output. It addresses a key gap in the literature concerning the uneven capacity of governance systems in e...
Joseph Kofi Mensah, David Kwashie Garr, David Mensah Awadzie· International journal of res...· 0 citations
This paper discusses the long-run and short-run nexus among government capital expenditure
and economic growth in Nigeria based on the aggregated annual time series data (2000-2024)
using the Autoregressive Distributed Lag (ARDL) bounds testing procedure. Government capital
spending is dissected into three general comp...
Victory K. Obasi, John C. Uzoechi· International journal of eco...· 0 citations
This study examines the effect of capital market performance on economic growth in Nigeria from
1999 to 2024. Using annual time series data obtained from the Central Bank of Nigeria (CBN),
Securities and Exchange Commission( SEC), the Nigerian Exchange Group (NGX),) and National
Bureau of Statistics (NBS), the research...
Udenwa Theresa A· International Journal of Eco...· 0 citations
The study examined the long-term relationship between government spending and private
investment in Nigeria using quarterly data from 2000Q1 to 2023Q4. Controlling for inflation,
financial market growth, and monetary policy, the Fully Modified Ordinary Least Squares
(FMOLS) method was applied following Johansen cointeg...
S. Amana· IIARD International Journal...· 0 citations
This study examined financial deepening and Nigerian economic growth. The main purpose is to
examine the relationship between financial deepening and Nigerian economic growth while the
specific objectives are to examine the impact of interest rate, capital market development, rational
savings, credit to private sector...
Greatness U. Oji· World Journal of Entrepreneu...· 0 citations
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