CHAPTER ONE
INTRODUCTION
1.1 Background
Information
Over the years, Economists have been emphasizing the need for effective mobilization of resources as a catalyst for national development in any economy, which can only be achieved through the effectiveness in the mobilization and allocation of funds to different sectors of the economy, so as to allow them manage their human or material resources which will result in optimal output for a sustainable growth and development in any economy, (Oke, 2012).
One of the significant areas of underdevelopment in financial management in developing countries is domestic capital market issues. In most developed countries the domestic capital market is regarded as an important source of funding by the state and has many advantages over the use of foreign sources of debt financing. All over the world, the capital market has played significant roles in financial development and hence economic growth. One intermediary in the market that operates as a rallying point for the overall activities is the stock exchange. It is a common postulation that without a functional stock market, the capital market may be very illiquid and unable to attract investment, (Akingunola, Adekunle and Ojodu, 2012). Essentially, the stock market provides liquidity (Ezeoha, et al 2009), contributes to capital formation, and investment risk reduction by offering opportunities for portfolio diversification (Levine, 1991).
The capital market is very vital to the growth, development and strength of any country because it supports government and corporate initiatives, finances the exploitation of new ideas and facilitates the management of financial risk. The rate of financial development has been inexonerably linked to the sophistication of capital market efficiency. The capital market facilitate the mobilization and channelling of funds into productive constituents and ensures that the funds are used for the pursuit of socio-economic growth and development without being idle (Akinbohungbe, 1996)
Since 1960, efforts have been made by market operators, regulators, and governments, to strengthen the capital market in Nigeria. According to Esosa (2007), several such reforms were formulated to boost the sector and some of the highlighted are; the securities and exchange decree was promulgated on April 1, 1978, to replace the capital issues commission and expand the scope of its activities, while the second-tier securities market (SSM) of the
| Review project details | Comments |
|---|---|
| Number of Pages | 51 pages |
| Chapter one (1) | Yes Introduction |
| Chapter two (2) | Yes Literature review |
| Chapter three (3) | Yes methodology |
| Chapter four (4) | Yes Data analysis |
| Chapter five (5) | Yes Summary,discussion & recommendations |
| Reference | Yes Reference |
| Questionnaire | Yes Questionnaire |
| Appendix | yes Appendix |
| Chapter summary | yes 1 to 5 chapters |
| Available document | PDF and MS-word format |
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