The Nigerian stock Exchange was established in 1961. It was expected to make certain vital contributions to the national development. It therefore, has existed for long enough to pursuit a critical evaluation of its achievements and failures.
This study is an attempt to familiarize the public about the essence, machines and potentials of a unique and vital institution within the economy. It aims at investigating the effectiveness of the stock Exchange with regards to the development of the Nigerian economy.
The fact that the stock exchange is traditionally not an institution that operates single handedly by itself, but one which must co- operate with a number of other institutions, makes it some how difficult to pin point responsibility for any success or failures recorded.
In order to arrive at a conclusive decision the senior staff member of the Onitsha branch of the stock Exchange were interviewed, library research was made, the relevant records of the stock Exchange were examined and information extracted.
This project is an attempt to familiarize the public about the essence, mechanics and potentials of a unique and vital institution within the economy. It aims at investigating the effectiveness of the stock Exchange market with regards to the development of the Nigerian economy.
This project will be divided into five chapters. Chapter one, contains introduction of stock Exchange, statement of the problem, objective of the study etc. chapter two will contain literature review which include what a stock exchange is, benefits of public quotation and the primary and secondary of stock market. While chapter three will contain the development of the stock Exchange in Nigeria, legal framework, factors influencing growth of the market etc. chapter four will also contain the evaluation of the performances of the exchange market, capital mobilization, gross fixed formation at current prices, structure and growth of listed securities etc. Chapter five is the summary of findings, Recommendation and conclusion.
TABLE OF CONTENTS
CERTIFICATION PAGE III
DEDICATION IV
ACKNOWLEDGEMENT V
ABSTRACT VII
TABLE OF CONTENTS IX
CHAPTER ONE
INTRODUCTION 1
STATEMENT OF THE PROBLEM 3
OBJECTIVE OF THE STUDY 4
PROPOSITIONS 5
RESEARCH QUESTION 6
CHAPTER TWO
LITERATURE REVIEW 7
WHAT A STOCK EXCHANGE IS 7
BENEFITS OF PUBLIC QUOTATION 14
THE PRIMARY AND SECONDARY OF STOCK MARKET 22
CHAPTER THREE
THE DEVELOPMENT OF THE STOCK EXCHANGE IN (NIG>0 28
LEGAL FRAMEWORK 33
FACTORS INFLUENCING GROWTH OF THE MARKET 34
ORGANIZATIONAL STRUCTURE 35
ORDINARY MEMBERSHIP 36
DEALING MEMBERSHIP 36
THE ROLE AND POWER OF THE COUNCIL 38
THE STOCK EXCHANGE MARKET IN OPERATION 39
FIRST TIER SECURITIES MARKET 41
SECOND TIER SECURITIES MARKET 43
CHAPTER FOUR
EVALUATION OF THE PERFORMANCE OF THE EXCHANGE MARKET
CAPITAL MOBILIZATION 49
DEPTH OF THE MARKET ` 54
CHAPTER FIVE
SUMMARY OF FINDINGS, RECOMMENDATION AND CONCLUSION 59
FINDINGS 59
RECOMMENDATION 60
CONCLUSION 61
REFERENCES  
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