Effect of Stock Market Liquidity on Manufacturing Sector Output in Nigeria

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dc.contributor.authorGodwin Emmanuel Oyedokun
dc.contributor.authorUsman Shehu Shehu
dc.date.accessioned2026-10-08T12:16:24Z
dc.date.available2026-10-08T12:16:24Z
dc.date.issued2024-06
dc.description.abstractManufacturing sector is an important mechanism of growth, unemployment, creator of wealth, and channel for sustainable development which is capable of promoting industrialization in the economy. The sector has witnessed several transformations and restructuring to be able performed its role. However, over the years, instead of progressive output growth, the sector’s output has retrogressed to an unimaginable proportion. The study is embarked upon to examine the effect of stock market liquidity on the output of manufacturing sector in Nigeria from 1986-2018 using the methodology of error correction model approach. Findings from the study showed that the all share index has an insignificant effect on manufacturing sector output in Nigeria. In addition, findings from the study revealed that stock market capitalization has no significant effect on manufacturing sector output in Nigeria between 1986 and 2018. The implication of this result is that the inability of the stock market to effectively and efficiently mobilize resources through the sale of new shares for the output growth of the manufacturing sector is not unconnected with the arrays of challenges confronting it. However, value of stock transaction was found to have significant relationship with the growth of manufacturing sector in Nigeria between 1986 and 2018. The implication of this result is that the Nigerian stock market value of stock transaction has witnessed tremendous changes over the years particularly in terms of the number of operators and the public involvements. The study thus recommends that the regulators and operators in the Nigerian stock market must necessarily expand the market offerings to include products such as fixed income securities, hedging instrument, such as futures and other derivatives must be promoted as well as securities lending and collective investment schemes. Government should ensure an investment friendly environment by put in place necessary infrastructures, services and policy reforms that will enable the Nigerian stock market effectively and efficiently mobilize long-term financial resources and channel same to the manufacturing sector of the economy. More so, the regulators and operators in the Nigerian stock market must necessarily expand the market offerings to include products such as fixed income securities, hedging instrument, such as futures and other derivatives must be promoted as well as securities lending and collective investment schemes.
dc.identifier.citationAPA
dc.identifier.issn2449092X
dc.identifier.urihttps://repository.lcu.edu.ng/handle/123456789/1596
dc.language.isoen
dc.publisherLead City Journal of the Social Sciences (LCJSS)
dc.relation.ispartofseriesVolume 5, Number 1
dc.subjectManufacturing Sector Output
dc.subjectAll Share Index
dc.subjectMarket Capitalisation
dc.subjectValue of Transaction
dc.subjectNigerian Stock Market
dc.titleEffect of Stock Market Liquidity on Manufacturing Sector Output in Nigeria
dc.typeArticle

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