FIXED INCOME SECURITY MARKET AND NIGERIA’S CAPITAL MARKET PERFORMANCE

OWOEYE, Segun Daniel
Department of Banking and Finance
College of Management Sciences
Federal University of Agriculture, Abeokuta, Nigeria
owoeyesd@funaab.edu.ng
OLABISI, Jayeola
Department Accounting
College of Management Sciences
Federal University of Agriculture, Abeokuta, Nigeria
olabisij@funaab.edu.ng
OLOWOYO, Banji Jacob
Department of Accounting &Finance
Faculty of Social &Management Sciences
Oduduwa University, Ipetu, Osun State, Nigeria
banjiolowoyo@gmail.com
DADA, Mathew Abiodun
Department of Economics
College of Management Sciences
Federal University of Agriculture, Abeokuta, Nigeria
dadama@funaab.edu.ng
ABSTRACT
The study examined the impact of fixed income securities on performance of Nigeria’s capital market for
the period of 1990-2019. The study adopted ARDL model to examine how fixed income security market
contributes to performance of Nigerian capital market over the period. The results reveal a positive
impact of bonds on capital market performance, though not statistically significant. The results further
indicate that fixed income security do not have long-run effect on capital market performance. The study
recommends that fixed security market should be reinvigorate in terms of issues and admission of more
corporate organizations that are in need of long-term capital to finance their operation into the market.
Keywords: corporate bonds, government bonds, market capitalization, capital market