March 12, 2017





The Nigerian economy is aiming to have the sustainable growth path. Through the development of their information technology and enhancement of the capital market in their stock exchange the government can adopt the comprehensive progress. Nigeria has a structural and sectoral macroeconomic policy reform and the main strategies were (a) the liberalization of the external trade and payment systems, (b) the adoption of a market-based exchange rate for the domestic currency Naira, (c) the elimination of price and interest rate controls, and (d) the reliance on market forces as the major determinants of economic activity (Owoye & Onafowora, 2007). With the reformation in the capital market the Nigerian Stock Exchange can use the monetary control and instruments for implementing monetary policy in Nigeria.


Background of the Study

In any countries across the globe, the government policies seek at achieving relative macroeconomic stability. Basically, the stock market and information technology changes in Nigeria are more than the objective of economic stability. The efforts were actually based on the view that development and progress lies on these factors. Different elements and principles in governance like the adoption of new information technologies and enhancement of the capital market in the Nigeria Stock Exchange were incorporated to improve the level public awareness among the citizens. Moreover, the process of initiating or re-introducing the rights of the people and their protection are promoted.  Basically, through the social changes, the Nigerian economy describes the flow of consumption and production in the increase or decrease in trade, investments, and the national economic growth (Edwards, 2002). This pattern proven that there is also an increase in the commercialization and being supported by the creation of the marketing practices that often lead to the exploitation of the natural resources if the government and the people did not monitor the rapid changes – and their answer to the sustainable development. 


Statement of the Problem

The researcher will investigate the information technology and capital market development, in general. Specifically, the focus will be on development of Stock Market in Nigeria and whether they contribute to the overall development of the country.  In this study, several key queries will be sought. They are:

1.         What are the existing changes in the information technology and capital market development in accordance to the country’s overall development?

 2.        What are the implications of information technology and capital market development in Nigeria?

3.         Are information technology and capital market development in the Nigerian Stock Market an effective way of alleviating poverty in Nigeria?

Purpose of the Study

The purpose of the study is to provide a helpful research material about information technology and capital market development in Nigeria as a form of contribution to the bulk of studies conducted on the practices of Nigerian Stock market.  This material should educate the readers about the impacts of information technology and capital market development to the progress of the Nigerian economy. This paper might trace possible barriers that prevent Nigerian Stock market to achieve their goals, but might also provide solutions on how those barriers can be overcome. The dissertation could also present the issues and concerns on the problems of poverty that confront the citizens of Nigeria in order to come up with sound solutions to the problems of this particular society.



The suggested method in the study is the use of secondary information coming from the economic reviews of the country. It is a good start if the study can determine the recent reforms and successful monetary policies from the previous years to link the present situation of Nigeria with its literature on its stock market policies and information technology development. The materials or sources that can be use are the International Monetary Fund (IMF) Reports, Nigerian Treasury Bills (NTBs), Central Bank of Nigeria (CBN), and participating Nigerian banks to organize the ideas regarding the measurement of money against inflation.



Edwards, A. (2002). Nigeria: Country Profile, Johannesburg Summit [Online] Available at: [Accessed 09 Feb 2011].

Owoye, O., & Onafowora, O. (2007). M2 Targeting, Money Demand, and Real GDP Growth in Nigeria: Do Rules Apply?, Journal of Business and Public Affairs 1(2) [Online] Available at: [Accessed 09 Feb 2011]. 

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