Akpunonu Uju Evans, Nkechukwu Gabriel Chukwu, Okonkwo Ogechukwu Gladys
The study examined the effect of stock market reform activities on standard of living in Nigeria for the period of 1986 to 2014. The objective of the study is to evaluate the contributions of market capitalization and stock market volatility on the standard of living in Nigeria. The study was structured around an expo facto research design on secondary data sourced from various issues of Central Bank of Nigeria (CBN) Statistical Bulletin, World Development Indicators (WDI), and Nigeria Stock Exchange Factbook. Two models were developed to test the hypotheses formulated for the study. Johanson Co-integration test was conducted and indicated the existence of a long run relationship among the variables employed for each model tested at 5% level of significance. Ordinary least square analysis (OLS) was used to test the hypothesis. The result revealed that both stock market capitalization and stock market volatility have a significant effect on standard of living of the citizens. The study concludes that more intensified and viable stock market is required such that will reaffirm and reassure investor’s confidence resulting in economic growth and improved standard of living.
Economic Development, Nigerian Stock market, Stock Market Size, Volatility and Standard of living.