Nigerian Journal of Banking and Financial Issues (NJBFI)

Capital Market Development And Economic Growth Of West African Countries

Authors

  • SULAIMAN, Luqman Adedamola Author
  • ADEJAYAN, Adeola oluwakemi Author
  • ILORI Olanrewaju Olurotimi Author

Keywords:

Foreign Direct Investment, Anglophone, rancophone, Domestic Investment

Abstract

This study seeks to examine the effect of capital market development on economic growth in ECOWAS countries using annual data spanning from 1980 to 2019; sourced from World database. Using the Panel Auto regressive Distributed Lag model, the result shows that Gross capital Formation (GCF), and Foreign Direct Investment (FDI) contribute significantly to Anglophones economic growth while only Gross Capital Formation significantly affects growth of Francophone economies.  This implies that for Anglophones, the combination of Foreign and Domestic investment contributes immensely to economic growth while the growth of Francophone economies is strongly determined by the level of domestic investment. Therefore, the study recommends that government should provide safe and conducive investment climate to attract foreign multinational companies and domestic investment for economic development.

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Published

2026-01-08

Issue

Vol. 9 No. 1 (2023): Nigerian Journal of Banking and Financial Issues (NJBFI)

Section

Articles