The Role of Nigerian Capital Market in the Growth of Industrial Sector

1.0 Introduction
The Nigerian capital market has always played significant role in the economic growth and development of the nation. In time of economic boom, it assist in the provision of finance for expansion, retooling and establishment of production facilities. Also incurrent period of recession it has been providing finance for maintaining existing facilities diversification and acquisitions. The capital market spearheads the ongoing prudential structural adjustment of our national economy which will call for huge financial commitments of a reasonable proportion of the financial needs. Under this structure re arrangement will certainly be met through the assistance of the Nigerian capital market.
A said feature of the Nigerian economic landscape is the large number of industrial projects of the federal and state government as well as the compelling if an unequipped private sector to assume greater responsibilities in the economy in order to who may concern reduced the domineering status of foreign bodies.
The oil boom of the 1970;s made it possible for government to embark on various industrial projects.
However, the non- completion or under utilization cases where some of them are sully executed of these projects an owners to waste of scare services resources under the government industrialization programme consideration are given to the small and medium scale enterprises (SME) which form the center or the industrial development of the country.
Unfortunately, the SME are only living in the shadows of large business for so long hence their importance as roots to the economic health of a nation have been forgotten the problems of SME ranges from improper policies which has been constitutes by the authorities guiding them to the problems of taste of the Nigerians citizens with regards to foreign products as well as the problems of finances for the formation and sustenance or SME's.

1.1 Statement Of The Problem
The Nigerian industrial sector in spite of the grate potential has failed to achieve the great aim of converting Nigeria into industrialized country, on like (1994) stated that there is apathy of our indigenous companies to see quotation on the stock exchange second tier securities market was established to remove the obstacles that militate against indigenous companies seeking quotation and to provide wider and cheaper long term source if financing for small and medium indigenous companies.
In spite of this most indigenous companies still sly away from the stock market, come cause of these are the requirements if the stock change as been developed over the year. Based on the above analysis these question arise why do our industrialist sly away from capital market in spite of its numerous benefits?
Do our industrialists loose their enterprises by quotation on the capital market? Are the disadvantages of capital market out weighting the advantages. This research work seeks to answer these questions.

1.2 Need For The Study
The study role of the capital market in the growth of the Nigerian industrial sectors designed for us to understand and appreciate the importance and functions of the capital market in shaping work done on this topic various researchers and analysis. It has not in any way duplicate previously studies or investigation rather it has us goal as trying to improve on what has already been done. The study and research thereby for is necessary because. It tires to find new ways and methods of applying the capital market concept so as to improve the performance of the industrial sector.
Government and the enterprises would take advantages if the suggestion and recommendations from the study make results oriented industrial policies.
It encourages the researcher investigator. Academies, professional and analysis on the need for the research work and more studies on this issue.

1.3 Objective Of The Study
As we have a scribed the role of Nigerian capital market in industrial growth if country, the study is aimed at:

1. know the problems and prospectus of Nigerian capital market in financing and sustaining industrial enterprises.
2. make recommendations on how the activities of the Nigerian capital market can be improved to further aid industrial growth in Nigerian.

1.4 Research Questions/ Hypothesis

1. Does capital market mobilize long-term finance for the development of industrial sector?
2. How resilience and to what extent has the capital market encourage business and industrial expansions for economic growth and development?
3. What are the pertinent factors hindering the activities of the market as a resources if long term finance?
4. What role doe the capital market play in revamping the economy?
5. Does the capital market extent influence on the performance of the Nigerian economy?.

Hypothesis
This has to do with the statement about the population which may or may not be true.
Hi: the Nigerian capital market mobilize adequate fund for industrial development.
Ho: the Nigerian capital market does not mobilize adequate fund for industrial development.
Hi: the Nigerian capital market mobilize for agro industrial sector
Ho: The Nigerian capital market does not mobilize fund for agro- industrial sector.

1.5 Scope Of The Study
This study will as which as possible assists the Nigerian capital market roles and activities to the economy.
The institutional operations of the Nigerian capital market and its functions. Also it will out line the pertinent factors hindering the activities of the Nigerian capital market and possible solution to the problems by taken data that covers period of (5) five years will be able to achieve the set objectives of this work. The choice of the period from 2001- 2005 quickly calls to mild the industrial situation of the country.

1.6 Assumptions Of The Study
The study role of capital market in the growth if the Nigerian industrial sector is designed for us to understand the important and functions of the capital market.
The research is therefore assumed that it will find new ways and methods of applying the capital market concepts so as to improve the performance of the industrial sector.
Government and enterprises would take advantages the suggestion and recommendation from the study make result oriented industrial policies making use of the capital market.
It will encourage the researchers academies and analysis on the need for the research work and more studies on this issue.

1.7 Limitations Of The Study
The problems encountered in the course of the study include,
Time:
Due to the hectic academic schedule of the researchers the researcher was unable to visit move stock market operators and entrepreneur to get a wider view for the study.
Finance:
Because the major constraints, the researcher encountered this limited his transportation as well as the size of the sample used.
Data:
The researcher used secondary data. The problem here is that some companies in most cases unwilling to part time necessary information thus hindering the research.

1.8 Definition Of Terms
The course of carrying out the study for clarification purposes, it becomes imperative to define certain terms raised in the study which may not be easily understand.
Capital Market:
This is a market in which financial assets with maturity of more than one year are bought and sold.
Stock:
This refers to the certificate ownership in a company. It is the right if ownership in company. The stock holder has right to attend meeting of the company.
Bond:
This is a loan stock of fixed nature for development purposes.
Share:
This is part of the stock which gives you the right to a percentage of the company's profit in every year.
Issuing House:
This refers to the investment banks or merchant banks which generally conduct the activity of a company, which is to be quote on the stock market. They are advisers as well as marketers of the firm's shares.
Stock Brokers:
It refers to the individuals or firm who engages in the sell or purchase of stock on behalf of the public or investors.