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SECURITY MARKET AS A SOURCE OF FINANCE FOR THE PUBLIC AND PRIVATE SECTORS IN NIGERIA.

 

ABSTRACT

  developing the establishment and efficient operation of security market has come to be accepted as an important pre- requisite for rapid economic development.

    The study is carried out through the use of library (textbook), newspapers and journals.

     In chapter I (one) is the background of the study (introduction), statement of the problems, objective of the study, and significance of the study, scope and limitation of the study, and reference.

    In chapter ii (two) shows the overview of security market the study critically examines the extent to which security market has contributed to the economic development of the country, government intervention in form of policies and regulatory controls have contributed immensely to the development and expansion of the market.

    In chapter iii (three) is the research design and methodology, method of data collection, secondary data location of data and tools of analysis.

    In chapter iv (four) is the summary of findings and the general benefit of security market. Chapter v (five) is the recommendation and conclusion, bibliography.

 

TABLE OF CONTENT

CHAPTER ONE INTRODUCTION

1. INTRODUCTION
2. PROBLEM IDENTIFICATION
3. STATEMENT OF OBJECTIVE
4. SIGNIFICANCE OF STUDY
5. SCOPE AND LIMITATION

CHAPTER TWO

2.1 LITERATURE REVIEW

2.2 DEVELOPMENT OF SECURITY MARKET

2.3 THE NIGERIA MONEY MARKET

THE NIGERIA CAPITAL MARKET

2.4 MONEY MARKET VERSUS CAPITAL MARKET

2.5 SECURITY MARKET AS A MEDIUM FOR FINANCING THE PUBLIC SECTOR

2.6 LONG-TERM FEDERAL GOVERNMENT DOMESTICS FINANCE ANALYSIS

2.7 THE IMPACT OF THE SECOND- TIER SECURITY MARKET ON CAPITAL MARKET

2.8 EVALUATION OF SECURITY MARKET TOWARDS FINANCING THE PUBLIC AND PRIVATE SECTORS

2.9 PRIVATE SECTOR AND THE SECURITY MARKET IMPEDIMENTS OF CAPITAL MARKET IN FINANCING PRIVATE SECTOR.

CHAPTER THREE

3.0 RESEARCH DESIGN AND MENOLOGY

3.1 SOURCES OF DATA (SECONDARY DATA)

3.2 METHOD OF DATA COLLECTION.

CHAPTER FOUR

4.1 FINDINGS

CHAPTER FIVE

5.1 RECOMMENDATION AND

5.2 CONCLUSION

BIBLIOGRAPHY

 

CHAPTER ONE

1. INTRODUCTION

 

   Security market or financial market in a broad sense is an institutions arrangement that facilitates the intermediation of funds in an economy. Financial intermediation means the mobilization of financial resources from surplus –spending unity and channeling of such funds to deficit –spending units for productive investment and generation of assets or securities exchange such as bonds and shares, which is approved by the exchange authorities. And as a market it acts as a meeting place or where sellers and buyers of financial resources come into contact.

    It is also a financial market in which shares, bond debentures stock, treasury bill, treasury certificate, call money and other financial securities are exchanged provide a means through which firms and government raised long-term fund for business expansion and development projects through investors who own shares in business, firm for the eventual economic benefit of all members of all the society.

     This market is segmented into two. The money market, which deals in short term funds, and the capital market, which is mainly for long-term, loan able funds. The reason for the distinction between money market and capital market is based on the degrees of liquidity of the instruments traded in. it can be sub-divided into primary market and secondary market. The primary market is that segment of the capital market where financial securities are first floated for subscription. Put differently, it is a market for the quotations of new issues of securities. Secondary market is a market where financial securities that have been fully subscribed and paid for, are offered for sale. In order words it is a market for the transfer of ownership of shares, debenture stock and bonds. In as much as the secondary market dose not has effect on the creation or allocation or newly created wealth (new issues), it still supports the primary market.

    The market performs an economic function by facilitating the transfer of real economic resources from the lender to the borrowers. By the inducement of interest income, the market facilitates the transfer of purchasing power from the lenders to the investors who wish to exercise demand over real resources. As a real resources flow from the lenders to borrowers the production of goods and services is enhanced and consequently the welfare of the people is improved.  

1. PROBLEM IDENTIFICATION

 

The major features of any financial market is its ability to provide the credit needs of both the private and public sectors which result to economic growth and development. The fundament characteristic of a sound financial system is the ability to finance credit needs which contributed to economic growth without injury to stability.

      Though the market have provided the facilities for retaining funds in the economy but still lacks the in-depth and breadth. The major reasons are:

1. The number of individual investors are not still impressive because they do not consider financial market as a source of financing their organization
2. The attitude of investors in buying and holding of securities also contributed to its scarcity in supply irrespective of the establishment of the second tier security market.
3. The stringent rules and regulation imposed by the securities exchange commission for companies to be quoted in the stock exchange.
4. The market infrastructure inadequacies the delay in effecting transaction between issuing houses, broker dealers registrar investors and their bank due largely to the in adequacy of postal and telegraphic services. This discourages many investors based on its performance. This is because it dose not works isolation it needs the co-operation of others financial institutions in discharging its duties and attaining its objectives.              

 

1.3 STATEMENT OF OBJECTIVE

 

   The view of the problems identified it would be appropriate to analyze in-depth in the study how security market could act as a basic foundation in financing public and private sectors. The analysis is as follows.

1. To identify whether the security market is providing long-term and short-term fund to the public and private sectors in Nigeria.
2. To find out whether the security market help in mobilizing the surplus fund owner to the deficit fund users for long and short –term investment.
3. To examine the extent the market is providing opportunity to the public and private sectors in buying shares in foreign firms.
4. To identify whether the market is promoting a rapid capital formation 
5. To find out how market is providing sufficient liquidity for public and private sectors in Nigeria
6. Consequently, to find out whether the market is providing sound financial instrument, through which the apex financial institution (C.B.N) is acting on behalf of the government latter, that is (monetization and demonstration).

 

1.4 SIGNIFICANCE OF STUDY

 

       This study will serve as a useful guide for effective corrective measures in government parastatals with regards to their financing and the use of security market for effective and efficient profit performance their viability .it will enable the parastatals through it recommendation to explore other avenues to raise funds for their operations.