Impact of Internatinal Trade on Economic Growth. a Case of Nigeria

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International Journal of Economics and Finance

Vol. 4, No. 1; January 2012

Adopting Strategic Management Approach in the Capital Market Development: The Nigerian Case
Augustine, UJUNWA, Ph.D (Corresponding author) Department of Banking and Finance, University of Nigeria, Enugu Campus Tel: [phone] E-mail: [e-mail]

Nwanneka Judith, MODEBE Department of Banking and Finance, University of Nigeria, Enugu Campus Tel: [phone] Received: July 25, 2011 doi:10.5539/ijef.v4n1p223
Abstract

Accepted: September 6, 2011

Published: January 1, 2012

URL: http://dx.doi.org/10.5539/ijef.v4n1p223

This paper examines the roles and channels through which the capital market promotes economic development. The paper documents extensive evidence to show the adverse effects of the recent global financial crisis on the Nigerian capital market. Given the pivotal role of the capital market in economic development, the study advocates for the adoption of strategic management approach in ensuring capital market efficiency. These strategic management measure ranges from effective regulation to achieving favourable macroeconomic environment. These strategies will not only promote the efficiency of the capital market, but will leverage the role of the capital market in promoting economic growth.
Keywords: Capital Market, Economic development, Strategic management 1. Introduction

Improving the efficiency of the capital market has become a recognized means of meeting national objectives such as enhancing productivity and competitiveness, reducing local environmental costs associated with capital market transactions, promoting savings and investment on economic wide basis (Mark, 2011). At international level, it is considered a key element of strategy to mitigate the risk of capital flight associated with lack of international investors’ confidence in the market. In this context, improving capital market efficiency in the developing and

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