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This study examines the impact of Nigerian capital market on economic growth and development between 1999 and 2012.Data were collected from Security Exchange Commission reports, Nigerian Stock Exchange Review Reports, and Central Bank of Nigeria Statistical Bulletin respectively.Ordinary lease square method of regression analysis was used to analyze the data.The result shows that capital market indices have not significantly impacted on the GDP.It was concluded that capital market in Nigeria has the potential of growth inducing but it has not contributed meaningfully to the economic growth of Nigeria because of low market capitalization, low absorptive capitalization, illiquidity, and misappropriation of funds among others.The study recommends that government should restore confidence to the market through regulatory authorities which will portray transparency, fair trading transactions and dealing in the stock exchange, improve dealing in the market capitalization by encouraging more foreign investors to participate in the market and also to increase investments instruments such as derivatives, convertibles, swap and option in the market.
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