INTERNATIONALIZATION OF THE NIGERIAN STOCK EXCHANCE MARKET AND THE REGULATORY FRAME WORK
INTERNATIONALIZATION OF THE NIGERIAN STOCK EXCHANCE MARKET AND THE REGULATORY FRAME WORK
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Date
1998-10
Authors
LAWAL, SAGIR SHEHU
Journal Title
Journal ISSN
Volume Title
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Abstract
BEING A PROJECT SUBMITTED TO THE POSTGRADUATE
SCHOOL, IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR
THE AWARD OF A MASTERS DEGREE IN BUSINESS
ADMINISTRATION (MBA), DEPARTMENT OF BUSINESS
ADMINISTRATION
AHMADU BELLO UNIVERSITY
KONGO CAMPUS
ZARIA.
Description
ABSTRACT
Internationalization of Stock Exchange is an inevitable fact of the global
securities. Therefore any nation wishing to be truly global player would be left
with no alternative than to internationalize. Decree Nos. 16 and 17 of 1995 of the
Nigerian Government gave power to the subject.
To internationalized, we need Foreign investment in our great country. The
project identified some problem relating to the political economy of Nigeria
particularly in the Finance Sector. The Nigerian Economy has been in prolonged
state of recession since the era of 1980s. A series of the ad-hoc reform measures
cultivated in the introduction of structural adjustment programme (SAP) in 1996
by the Federal Government. The Economy was suffered due to poor management
of some past leaders through looting the government treasury. But debt, both
domestic and external running in billions of Naira, IMF loan accumulated.
It was discovered that Nigeria was rated the worst nation in terms of
transparency under the following areas:
• Fiscal and monetary transparency
• Banking Transparency
• Corruption accounting
• Custody and settlement
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However, the above problem could be a propaganda from the western
countries.
It was found out that the performance of the Nigeria Stock Exchange
globally is progressive as Nigeria was rated the first nation (in the
emergency market) in terms of market capitalization of other IFCG index
stocks in 1995 42.2% and considering the inflows of foreign investment of
about USS 256 billion naira as at 1996.
Finally, it was recommended that:
• Privatization and commercialization programme be implemented by
the Government to encourage foreign inflow (investment).
a The operators should apply the Decrees No. 16 and 17 strictly as per
Government policy.
Keywords
INTERNATIONALIZATION,, NIGERIAN,, STOCK EXCHANCE,, MARKET,, REGULATORY,, FRAME,, WORK.