The Influence of Capital Market on Infrastructure Development in Nigeria

Abstract

The study investigated the influence of capital market on infrastructure development in Nigeria, which utilized a quasi-experimental research design and time series yearly data from 1981 to 2025. Autoregressive distributed lag model (ARDL) was employed  and the data of gross capital formation was proxy for infrastructure development, while instrument of capital market such as all share indexes, government stocks equity and corporate bond are utilized as independent variable in the study in order to determine the influence of capital market on infrastructure development in the country. The result of the funding showed that Nigerian capital market has no long-run positive influence on infrastructure development in the country. The study further show that all share index has no significant long-run influence on infrastructure development. And government stocks and corporate bonds had put in reasonable adverse influence on infrastructure development in the country. And the equities have pivotal influence on infrastructure development in the long-run. The result shows that the  spring up from the returns  of investment from the capital instruments has more negative than positive influence on infrastructure development due some setbacks from the side of the government that was discovered in the process of the study