The study examined the impact of capital market on industrial development in Nigeria between 1985
to 2018. We used the major capital market indicators viz; market capitalization, growth in the number
of listed securities, and volume of transaction. Data obtained for this study were from secondary
sources. The study employed the ordinary least square (OLS) techniques of multiple regression analysis
to examine the impact of capital market on industrial growth. The study revealed that the growth in the
number of listed securities (GLST) is positively related to industrial growth in Nigeria, while market
capitalization (MC) and volume of transaction (VT) have negative relationship with industrial growth.
Therefore, we recommend that the funds from the capital market should be properly channeled into the
real sector of the economy, to boast industrial development in Nigeria.
