The study investigated the operational efficiency of the Nigerian stock market between 1986-2010. This was necessary given the degree of thinness of the market.  The objectives of the study were: to investigate the extent to which the operations of the market have contributed to the growth of the Nigerian economy and also to determine the functionality of the market. To achieve these objectives  data were gathered on some capital market indicators from the stock exchange factbook  of various years on market capitalization (MCAP), all share index (ASI) volume of transaction (VOLT) value of transaction (VALT) and number of listed companies (NLC) on the stock exchange.  The data were tabulated, analyzed and tested using the ordinary least square statistical technique. Findings resulting from the test of data showed that NLC, VOLT, VALT, ASI and MCAP were positive and that increase in any of the above parameters  would in turn cause an increase in the growth of the Nigerian economy at five and ten  percent levels of significance.  It further showed that  the market was operationally weak form efficient. It was therefore recommended that government should continue to provide better macro-economic environment for the private sector to lead the economy on the part of sustainable growth and development.

The study examined the effect of lease financing on the performance of quoted consumer goods companies in Nigeria for the period - 2009 to 2018. Specifically, the study assesses the effect of finance or capital lease, leveraged lease and the moderating effect of firm size on lease financing and performance of consumer goods companies. It also employed historical research design in investigating cause and effect relationship among the variables. Using Desk Survey Method, data were collated from Annual Reports and Accounts of the companies. The Ordinary Least Square (OLS) Multiple Regression Technique, as well as descriptive statistics, was employed in the analysis of data. Pre-tests such as Panel Unit Root test and Johansen/Fisher combined co-integration were adopted to check the presence of non-stationary and long-run relationship respectively. Vector Auto Regressive Lag and Panel Vector Error Correction Model were also employed to address the issue of short-run and long-run dynamics. Estimated results showed that finance lease had a significant positive effect on the performance of quoted consumer goods companies in Nigeria. Leveraged lease and firm size exerted a significant negative effect on the performance of quoted consumer goods companies in Nigeria. Based on the results, it was recommended amongst other things that the amount of debt used in the firm capital mix should be proportionate to the size of the firm in terms of its assets and capacity to produce consumer goods. Also, firms should reduce the use of finance or capital lease as a financing option given the overall negative effect of lease financing on the performance of consumer goods companies in Nigeria; and rather adopt the use of operating lease which has an overall significant positive effect, especially in the short run.

This study examines export-import misalignment and gross fixed capital formation in Nigeria. Three variables are used and myriad of control variables, spanning the period of 1981-2020. The model was tested with several econometrics and statistical instruments. The results from the findings indicates that, export-import misalignment has a negative and an insignificant impact on gross fixed capital formation, however, export and import impact gross fixed capital formation differently. There was a 30.3% threshold evidence as indicated in the F-statistics value in the model. We recommend that, the federal government of Nigeria should reprioritize her needs. They should spend more on capital expenditures as against the current trend of 68:32% allocations to recurrent and capital expenditures respectively. Efforts must be made to mobilize the desired level of gross national savings that could be big enough to attract foreign direct investments as FDI will help to complement our domestic savings. Government should work on her potentially exportable commodities. The proceeds should be utilized in the importation of needed technical tools and components. Basic infrastructures like good roads, electricity supply and security must be seen to be adequate. This will help to reduce the drudgeries currently being faced by manufacturers. Efforts should be geared towards a reduction in exchange rate distortion, volatility and general mismanagement. Policy formulators in Nigeria need to enact some investor friendly policies that will encourage, promote and attract more capital inflows (Be it official or private inflows) and provide a conducive and enabling environment for gross fixed capital formation to thrive. There is need to play down on speculative businesses and to invest into the real sectors of the economy. There is also the need to reduce the level of capital flight out of country. Inflows should be tied to specific, relevant and purposeful projects. This will help to create employment opportunities in the long run. Prudence and proper accountability should be the watchword in the management of accruals from official capital inflows and transfers. Production of petroleum products need be increased: Since the wealth of the nation is hinged on this mono-product. Lastly, macroeconomic projections should guide the overall level of expenditure etc.

This study sought to assess the significance of dividend policy and suggest measures that could enhance its effectiveness on firms’ performance in Nigeria. To achieve the objective, some financial and performance indicators were evaluated. The ex-post facto research design was adopted and the data were collated, analyzed and tested using the descriptive statistics and the panel data analysis techniques. Analysis revealed that without the moderating variable (corporate governance index), dividend payout ratio was statistically insignificant both in the short run and long run periods. This implies that without the moderating variable, the relationship between dividend payout ratio and firm performance is a matter of chance. While, with the moderating effect, dividend payout ratio became statistically significant in the short run as well as in the long run indicating that existence of a relationship between dividend payout and firm performance is not caused by chance. Also, without the moderating variable, dividend per share was statistically insignificant in both the short and long run periods. The investigation concluded that amongst the various dividend policy options considered, dividend payout ratio is the most critical dividend policy measure that determines the performance of a firm both in the short and long run periods. The study recommended among others that listed firms that are willing to maximize shareholders wealth and firms value should consistently increase their dividend payout ratio as this signals that the firm is financially healthy.