Victor ENORUOMWANSE

This study examined the impact of capital market fundamentals measured by (MCAP, ASI, TVT, and LE) on Nigeria's economic Growth, measured with Real Gross Domestic Product (RGDP). The study adopted time series data, specifically employing unit root
testing, ARDL bounds cointegration test, and Error Correction Model (ECM). The findings show that Listed Equities (LE) exert a statistically significant positive impact on Nigeria’s economic growth in the short run. In the long run, all the independent variables MCAP, This study examined the impact of capital market fundamentals measured by (MCAP, ASI, TVT, and LE) on Nigeria's economic Growth, measured with Real Gross Domestic Product (RGDP). The study adopted time series data, specifically employing unit root testing, ARDL bounds cointegration test, and Error Correction Model (ECM). The findings show that Listed Equities (LE) exert a statistically significant positive impact on Nigeria’s economic growth in the short run. In the long run, all the independent variables MCAP, ASI, TVT, and LE collectively exert a statistically significant impact on Nigeria’s economic growth, indicating the cumulative importance of the capital market over extended periods. Market Capitalization (MCAP) does not
have a statistically significant short-run impact on Nigeria’s economic growth. All Share Index (ASI) does not have a statistically significant short-run impact on Nigeria’s economic growth. Total Value of Transactions (TVT) does not have a statistically significant short-run impact on Nigeria’s economic growth. In line with findings and conclusions, the study recommends, among others, that the Nigerian Exchange Group Should Strengthen the performance of Listed Equities: The Nigerian Exchange and regulatory bodies should prioritize policies that encourage the listing of high-performing companies, enforce corporate governance standards, and attract both domestic and foreign investors. These measures will help sustain the short-run economic benefits of
equity trading. Also, the Nigerian Exchange Group Should Promote long-runcapital market development: The government should implement reforms aimed at deepening the capital market through enhanced infrastructure, transparent regulatory frameworks, and policies that reduce systemic risk and enhance investor confidence.

TVT, and LE) on Nigeria's economic Growth, measured with Real Gross Domestic Product (RGDP). The study adopted time series data, specifically employing unit root testing, ARDL bounds cointegration test, and Error Correction Model (ECM). The findings show that Listed Equities (LE) exert a statistically significant positive impact on Nigeria’s economic growth in the short run. In the long run, all the independent variables MCAP, This study examined the impact of capital market fundamentals measured by (MCAP, ASI, TVT, and LE) on Nigeria's economic Growth, measured with Real Gross Domestic Product (RGDP). The study adopted time series data, specifically employing unit root testing, ARDL bounds cointegration test, and Error Correction Model (ECM). The findings show that Listed Equities (LE) exert a statistically significant positive impact on Nigeria’s economic growth in the short run. In the long run, all the independent variables MCAP, ASI, TVT, and LE collectively exert a statistically significant impact on Nigeria’s economic growth, indicating the cumulative importance of the capital market over extended periods. Market Capitalization (MCAP) does not have a statistically significant short-run impact on Nigeria’s economic growth. All Share Index (ASI) does not have a statistically significant short-run impact on Nigeria’s economic growth. Total Value of Transactions (TVT) does not have a statistically significant short-run impact on Nigeria’s economic growth. In line with findings and conclusion, the study recommends among others that the Nigerian Exchange Group Should Strengthen the performance of Listed Equities: The Nigerian Exchange and regulatory bodies should prioritize policies that encourage the listing of high-performing, enforce corporate governance standards, and attract both domestic and foreign investors. These measures will help sustain the short-run economic benefits of equity trading. Also, The Nigerian Exchange Group Should Promote long-run capital market development: The government should implement reforms aimed at deepening the capital market through enhanced infrastructure, transparent regulatory frameworks, and policies that reduce systemic risk and enhance investor confidence.