Catalyzing Sustainable Development: An Analysis of The Nigerian Capital Market's Impact on Economic Growth

Sustainable Development Goals (SDG’s) provide a shared destination where the pursuit of profit and a better world is converging, and the capital market provides the platform for cascading sustainable infrastructural investment. This paper therefore investigates the Nigerian capital market’s impact on sustainable economic growth from 2004-2024. Data utilized in the study were sourced from secondary sources and the ex-post factor research design was adopted. From investigations carried out using the linear, semi-log and double log regression, it was observed that market capitalization (MCAP) and the All-Share price (ASI) have a positive and significant relationship with economic growth with a coefficient of 0.0873, 0.134 and t-statistics of 8.788, 1.168 respectively at 5% and 10% significant level. while the total value of stock issued (TVS) shows a negative relationship with economic growth with a coefficient determinant of -2.00 and t-statistics of 1.168 at 10% significant level. The semi-log regression results shows that MCAP is positively correlated with economic growth with standardized coefficient of 1.083 and t-statistics of 13.531 at 5% level while ASI and TVS are negatively correlated with economic growth with coefficient of -0.23 and -0.25 respectively. furthermore, the double log result shows that MCAP have a positive relationship with economic growth with coefficient of 1.59 and t-statistics of 20.2, the ASI possess a positive relationship and the TVS indicates a negative relationship with economic growth with coefficient of -0.97 and t-statistics of -4.11 at 5% significant level. from these results, it can be deduced that all the predicators of capital market are serially correlated with economic growth. As a means of policy, Government through the securities and exchange commission should create an enabling environment for the trading, buying and selling of shares for sustainability and economic development.