THE ROLE OF NIGERIAN STOCK EXCHANGE IN THE DEVELOPMENT OF THE NIGERIAN ECONOMY
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ABSTRACT
This study is on the work of the Nigerian stock exchange in the development of Nigerian economy.
TABLE OF CONTENTS
CHAPTER ONE
1.0 INTRODUCTION 1
- OBJECTIVES OF THE STUDY 4
- STATEMENT OF PROBLEM 4
- SIGNIFICANCE OF STUDY 5
- RESEARCH QUESTIONS 6
- DEFINITION OF TERMS 6
REFERENCES 8
CHAPTER TWO
2.0 REVIEW OF RELATED LITERATURE 9
- MEMBERSHIP OF NIGERIA STOCK EXCHANGE 10
- ROLE OF STOCK BROKERS AND JOBBERS
IN NIGERIA STOCK EXCHANGE 11
- FUNCTIONS OF NIGERIA STOCK EXCHANGE 13
- IT’S DEVELOPMENT TO NIGERIAN ECONOMY 14
- THE NIGERIAN SECURITIES
AND EXCHANGE COMMISSION (NSEC) 15
CHAPTER THREE
- SUMMARY OF FINDING, RECOMMENDATION AND CONCLUSION 17
- SUMMARY OF FINDINGS 17
- RESEARCH METHODOLOGY 18
- SAMPLING METHOD 19
- SOURCES OF DATA 19
- RECOMMENDATION 20
- CONCLUSION 22
BIBLIOGRAPHY 23
CHAPTER ONE
1.0 INTRODUCTION
The Nigerian stock exchange which started as the Lagos stock exchange Act of 1961, following the report of the Bare back committee, set up May 1958, by the Federal Government, to advice on ways and means of fastening a share market in Nigeria.
The Lagos stock exchange was sequentially incorporated on the 15th September, 1960. But began operations on the 2nd December, 1977 transformed into the Nigerian stock exchange with branches now in Kaduna, Port-Harcourt, Ibadan and Onitsha.
Presently, there are six branches of Nigeria stock exchange with each branch having a trading floor. The branch in Lagos was opened in 1961, Kaduna 1978, Kano 1989, Onitsha 1990, Ibadan August 1990 and Port-Harcourt 1980. Lagos is the head office of the exchange. Besides Abuja is now included 2001. on the other hand, the Nigerian stock exchange started only with 19 (nineteen) securities and traded on it’s floors in 1961, now has 257 securities made up of 36 Federal government stock, 62 cooperatives or industrial loans and debentures) preference stocks and 159 equity/ stock of companies, all was a total market capitalization of approximately N3 half billion.
During the early years, trading was however, low due to the slow ratio of capital formation, lack of awareness of mechanics of stock exchange transaction and poor communication facilities.
However, with the implementation of the Nigeria enterprises promotion Decree, listing were booted and by 1980, the exchange registered a total of 91 firms. The market capital of equities only has grown to over N59,924 billion. There are 48 listed firms whose stock are traced on the floor of the exchange, all grouped by sub-sectors.
The idea of a stock exchange for Nigeria came into being from the report of Professor R.H. Darback committee published in 1950 which recommended as follows.
- The creation of facilities for dealing in shares.
- The establishment of rules regulating transfers.
- Measures to encourage savings and issues of securities of government and other organization.
This report was accepted by the federal government and in September 1960, the Lagos stock exchange was incorporated as a non-profit making organization through the combination of effort from the following.
- Central bank of Nigeria
- Nigerian Industrial Development
- The Federal Government
- Nigeria business community.
The subscribers to the memorandum and Article of association of the Lagos stock exchange at the time of incorporation include:
- Alhaji Shehu Bakar
- Chief Theophilus Adebayo Doherty
- Sir Odumegun Ogukwu
- Mr Akintola Williams
- Y. Boneings and Co. Nigeria Limited
- John Holt Nigeria Limited