This study revisited the effects of government bonds for the growth of the Nigerian capital market. Utilising time-series data obtained from the Nigeria Stock Exchange (NSE) annual reports for the period 2010 to 2017, this study through the Generalised Met hod of Moments (GMM) regression estimator found that the value and the number of lis ted government bonds' positively and significantly affect capital market growth in Nigeria. The low capitalisation of government bonds was found to negatively affe ct the growth of the market. The null hypothe sis of the Hansen J statistics wa saccepted; im plying that the IVs used in the GMM model is valid. We concluded that government bonds have positive and significant effects on the growth of the Nigerian capital market. T hus, government bonds have made the NSE All-Share Index grow over the period under investigation. The study thus, recommends among other things, that there should be more issuance of government bonds to the public and further to enhance the efficiency of the capital markets, both primary and secondary. The funds raised from the capital market through government issuance should also be channelled towards Nigeria'sproductive sectors to promote an all-inclusive growth in the Nigerian economy.
Olaniyan, T. O., & Ekundayo, S. O. (2019). Revisiting Growth Effects of Government Bonds in Nigerian Capital Market. Transdisciplinary Agora for Future Discussions Journal, 1(1), 34–48. https://journal.taffds.org/articles/revisiting-growth-effects-of-government-bonds-in-nigerian-capital-market-6-34
Olaniyan, Temitayo O., and Samuel O. Ekundayo. “Revisiting Growth Effects of Government Bonds in Nigerian Capital Market.” Transdisciplinary Agora for Future Discussions Journal, vol. 1, no. 1, 2019, pp. 34–48. https://journal.taffds.org/articles/revisiting-growth-effects-of-government-bonds-in-nigerian-capital-market-6-34.
Olaniyan, Temitayo O. and Samuel O. Ekundayo. 2019. “Revisiting Growth Effects of Government Bonds in Nigerian Capital Market.” Transdisciplinary Agora for Future Discussions Journal 1 (1): 34–48. https://journal.taffds.org/articles/revisiting-growth-effects-of-government-bonds-in-nigerian-capital-market-6-34.
Olaniyan, T.O. and Ekundayo, S.O. (2019) ‘Revisiting Growth Effects of Government Bonds in Nigerian Capital Market’, Transdisciplinary Agora for Future Discussions Journal, 1(1), pp. 34–48. Available at: https://journal.taffds.org/articles/revisiting-growth-effects-of-government-bonds-in-nigerian-capital-market-6-34 (Accessed: 27 September 2026).
T. O. Olaniyan and S. O. Ekundayo, “Revisiting Growth Effects of Government Bonds in Nigerian Capital Market,” Transdisciplinary Agora for Future Discussions Journal, vol. 1, no. 1, pp. 34–48, Mar. 2019.
Olaniyan TO, Ekundayo SO. Revisiting Growth Effects of Government Bonds in Nigerian Capital Market. TAFFD's J. 2019;1(1):34-48. Available from: https://journal.taffds.org/articles/revisiting-growth-effects-of-government-bonds-in-nigerian-capital-market-6-34