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Published Article
IMPACT OF MACROECONOMIC VARIABLES ON STOCK MARKET PERFORMANCE IN NIGERIA
ABSTRACT
Stock markets perform an essential role in the development of industries and trade, which has
an impact on the whole economy. The study looked at macroeconomic variable’s impact on
Nigerian stock market performance spanning from 1986 to 2019. The analysis relied on
secondary data from the World Bank databank and the Nigerian Central Bank. The study
adopted the Error correction model. It found that inflation, oil price, exchange rate, and
investment positively affect stock market performance in Nigeria. The paper concludes with
the suggestion that almost all institutional investors and financial planners undertake
systematic research on the macroeconomic environment and instruct their clients accordingly
on the perfect sweepers to invest in because of so many influences of the macroeconomic
environment on stock market performance.
KEYWORDS: Macroeconomic Variables, Stock Market, ECM Model
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