Macroeconomic Determinants of Stock Market Performance in Nigeria

Sanya Ogunsakin, Tope Isaac Awe

Abstract


This study investigated the macroeconomic determinants of stock market performance in Nigeria between 1985 and 2018. The source of the data for the study were from World Bank Development Indicator, 2020 edition and Central Bank of Nigeria statistical bulletin. The study employed ARDL co-integration approach as estimation technique. Findings from the study showed that inflation rate, real interest rate, real effective exchange rate and world oil price were the major determinants of Nigeria stock market performance during the study period. Based on these findings, the study therefore concludes that both endogeneous and exogeneous macroeconomic variables determine Nigeria stock market performance. Hence, the activities in the global oil market should be monitored in formulating policies to enhance stock market performance in Nigeria.


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DOI: https://doi.org/10.5296/ber.v10i4.17633

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Business and Economic Research  ISSN 2162-4860

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