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Thus the financial system generates a wide range of financial instruments (assets), which are means of transferring purchasing power and are tailored to suit the time preferences of both lenders and borrowers.
The financial market performs an economic function by facilitating the transfer of real economic resources from the lenders to the borrowers. By the inducement of interest income, the market facilitates the transference of purchasing power from the lender to the investor who wishes to exercise demand over resources.
When the financial market is efficient, funds flow freely and rapidly among its various sources and uses. As long as financial instrument remains substitutable for each other, changes in supply and demand in the money market have a rapid over effect into the capital market.
Financial markets are therefore constitutional whenever participants with aid of infrastructure technology and over devises facilitates the mobilization and channeling of funds into productive investments. The importance of the financial market lies in financial intermediation to link the deficit sector with the surplus of the economy. In the intermediation process, financial intermediaries engage principally in matching lenders and borrowers. They bring savers and borrowers together by selling debt instruments or securities and deposits to savers for money and lending that money to borrowers. As a result, the lenders of investors receive claims on investment, which have stable market value and high liquidity.
Financial intermediation does not ensure from direct lending and borrowing process but arises from the lending-borrowing proves, which involves the generation and exchange of debt instrument or securities. The point of emphasis therefore is the financial intermediaries use their own liabilities to create additional assets, help mobilize funds, gather together to reap economics of scale and minimize the investors.
The financial markets system features a wide array of banking and non-banking financial intermediaries. The banking sub-sector of the system comprises Commercial and Merchant Banks, Development Bank and Central Bank, as the Apex institution.
The non-bank financial institution sub-sector includes a wide range of organizations operating as regulators, facilitators and investors. The list includes the Securities and Exchange Commission Market in Nigeria, to assess its impacts on Nigeria economy. In order to achieve its major (SEC), the Stock Exchange, Stockbrokers, Regionals, Insurance companies, Pensions and Provident funds and Investment Companies.
The financial market is really segmented into two major markets, which are:
1. Money Market
2. Capital Market
The money market is the market for short-term funds an securities including treasury bills, treasury certificates negotiable certificates of deposits, commercial paper and other funds of less than one year duration on the other hand, the capital market is the market for long-term funds and securities whose tenure extends beyond one year. These include long-term loans, mortgage, bond, preference share, ordinary shares, federal government bonds and industrial loans.
The capital market is a complex institution and mechanism through which intermediate and long run funds are made available to government, business (firm) and individuals. The capital market therefore is an instrumental arrangement that performs the function of mobilizing private and public savings from surplus spending units and channeling them to the deficit units for the production of goods and services. Unlike the many money market which primarily exist as a means of liquidity adjustment, the capital market provides a bridge of transforming saving into long term investment by using equity bonds, debentures, mortgages and investment stocks to facilitate intermediation.
The market makes it possible for private and public sectors of the economy to rise long-term capital to execute government development programmes and from the expansion and modernization of the private business to enhance outputs, employment and income. The capital market is often described as an important part of country’s economy, which is indispensable to economy growth and development. In short, it is a place where nation’s wealth is bough.
The capital market itself is composed of:
1. Primary Market
2. Secondary Market
Operators in the market include Merchant Banks, Stock broking Firms, Issuing Houses, Development Finance Companies, the Central Bank, Securities and Exchange Commission and the Stock Exchange. With this background; this project attempts to review broad outline the extinction of the Nigerian Capital market, its functions, growth and development with emphasis on the period and challenge for the future especially in the lights of the liberalized trade and exchange regimes adopted under the Structural Adjustment Programme (SAP).
1.1 STATEMENT OF RESEARCH PROBLEM
The capital market is the long-terms and of the financial market that is made up of market and institution which facilitate the issuance of long term financial instruments.
Unlike the more market that provides basically short term funds, the capital market provides funds to industries and government to meet their long term capital requirements such as financial or tried investments building, plant and machinery bridges and so on.
The following are research problem.
1. Why is there still low level of foreign investment in the market notwithstanding the reform?
2. Is the capital market reform impacting positively on the economy?
3. Is there any on the securities of the capital market attributed to the reform?
1.2 OBJECTIVES OF THE STUDY
The major objective of this study is to evaluate the growth and performance of the capital market in Nigerian to assess its impacts on the Nigerian economy.
The following are the objectives of the study.
1. Examine the structures and the roles of the capital markets in Nigerians and the evolution of the market including institutional development market.
2. Examine the instruments used in the market and their used fullness.
3. Examines the future prospect of the Nigerian Capital market.
4. Find out the various problems facing the workings and the operations of the capital market.
5. To evaluate the impact of such reforms on the Nigerian capital market.
1.3 RELEVANT RESEARCH QUESTION
1. What is the impact of the capital market on the National Income?
2. What is the effect of the capital market on the share holder investment or in-course?
3. What is the impact of the capital market on the earning per shares (EPS) of the shareholders?
4. What is the effect of the capital market on the effectiveness: Development of the institutional in the arrangement for long-term financial assets, such as shares, debentures stock and mortgage equity bond.
1.4 LIMITATION AND SCOPE OF THE STUDY
The Nigerian capital market since its inceptions in 1946. These will include involution and impact of the sector on the growth of Nigeria economy.
Since early 70s and 80s then it because a significant factors in financial system of the economy.
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