EFFECTIVE DEVELOPMENT OF THE NIGERIA CAPITAL MARKET AS A PRE-REQUISITE FOR SUCCESSFUL IMPLEMENTATION OF
THE NATION’S INVESTMENT PROGRAM
                                     ABSTRACT
Paper examines various theoretical views about the role Nigeria capital market can play in the economy with a view to showing that the effective development of the market holds sway for the successful economic and emancipation of Nigerian in the emerging 21st century special emphasis has been place on the of Nigerian capital market in the economic development of Nigerian acting to provide a means of raising finance to assist companies to expand and modernize, providing a means of allocating the nation’s physical and companies and serving as a measured of confidence in the economy and as an important economic barometer.
The main argument here is that effective establishment of a stock exchange will definitely serve as a pre-requisite for successful implementation of Nigeria. Investment program in the 21st century. Paper further argues that since in modern economies like Nigeria, the bulk of productive activities and services been usually undertaken by joint stock. Joint stock firms or public institutions [including government] that the importance of stock exchange lies in its being a meeting place for investors and borrowers. It conclude this argument by stating that it is  at this market that stock and shares are bought and sold and since the price of such stocks and shares may rise and fall the stock exchange acts as a thermometer that pulse the economy or the outlook of business the extents of confidence in various shares or industries.
Finally, paper looked at the capital market in the context of structural adjustment program [SAP] and the emerging democratic era and conclude than a careful and judicious exercise of the powers of stimulation and control by the relevant regulatory authorities will lead to the achievement of a buoyant and resilient capital market that can better play its role of mobilizing capital for productive use.    
                         TABLE OF CONTENT
CHAPTER ONE                          
1.0     INTRODUCTION                                  
1.1         THE BACK GROUND OF THE STUDY      
1.2         STATEMENT OF PROBLEM                    
1.3         THE OBJECTIVE OF THE STUDY           
1.4         SIGNIFICANT OF THE STUDY               
1.5         DEFINITION OF TERMS                       
CHAPTER TWO
2.1         FUNCTION OF THE CAPITAL MARKET   
2.2         THE ROLE OF NIGERIA CAPITAL MARKET
2.3      THE ESTABLISHMENT OF STOCK EXCHANGE
2.4      HOW NIGERIAN CAPITAL MARKET  AIDS BUSINESS
2.5          UNDERDEVELOPMENT OF NIGERIAN   
2.6          DEPTH OF THE MARKET                     
2.7          EFFECTIVES IN CAPITAL FORMATION           
2.8          STRUCTURE OF THE MARKET              
2.9          THE ROLE OF THE CAPITAL MARKET IN THE  
CONTEXT OF THE STRUCTURAL ADJUSTMENT 20
          PROGRAM                                                   
CHAPTER THREE
3.1          CONCLUSION                                    
3.2          BIBLIOGRAPHY                                  
CHAPTER ONE
1.0        INTRODUCTION
1.1        THE BACK GROUND OF THE STUDY
In any economy there is a financial system that is usually responsible for regulating the financial environment of the company determining the types and amounts of funds to be issued cost finds and the use of which these funds are to be put the financial systems is made of two major markets: the money an the capital market.
While money market are market for long-term funds and securities, including treasury bills [YBS] treasury certificates [TC] negotiable certificates of deposits [NCDS or CDS for short], commercial papers [CPS] and other funds of less than one years duration; the capital market; is the market for longer term funds and securities whose tenure extends beyond one year. These includes loans, mortgage bonds, preference stocks, ordinary shares common stock federal government bonds also called Eligible development stock or Giltedged securities and industrial loan [Osaze 1997]. It is a “complex” of institution and mechanisms through which intermediate funds and long-term fund are pooled and made.
1.2        STATEMENT OF PROBLEM
 The capital market history suggest the market values of stock and bonds can fluctuate widely from year to year and why does this occur at last part of the answer is that price change because new information arrives and investors reasces asset values based on that information. Some of these are problem
-          Few listed securities: the number of quoted companies operating in the capital market is relatively small.
-          Low demand for securities: the general low personal income within the economy lack of proper knowledge about the securities market the benefit accruing there of and the available of more attractive.
-          Low level of market awareness: the low level of market awareness in Nigeria is still very low contribution to the low demand and supply in the market available to business, government and individuals and instrument already outstanding are transferred [Gwummtz and Daugali] 1975].
These institution, which is traditionally play one role or the other in the transfer of funds from servers to users, include stock exchange, share registers, issuing house stockbrokers and underwriters and the securities and the exchange commission. The relation between the system and the money and capital markets is depicted in figure 1.1 below
1.3         THE OBJECTIVE OF STUDY
The air of this study is to:-
1   investigate the liquidity problem of capital market
2     to highlight possible ways capital market can avert the experience in the implementation of the Nigeria.
3     To suggest the ways of improving accessibility of capital markets.
1.4        SIGNIFICANT OF THE STUDY
This research work will be beneficial to government and economy at a large, hence the abundant available in Nigerian capital market of public enterprises is to enable the general public to utilize this avenue effectively and contribute succefully to the development of the nation.
1.5        DEFINITION OF TERMS
The capital market can be defined as a large corporate organizations and public institution can source long-term investible fund by the use of capital institution.
        It also described as the market for the buying and selling of capital market instruments such as shares, bonds, and debentures e.t.c