INVESTIGATING THE MODERATING ROLE OF OIL PRICES MOVEMENT ON STOCK MARKET-GROWTH NEXUS IN NIGERIA |

This study uses the new autoregressive distributed lag approach (ARDL) to explore cointegration between crude oil price on the stock market and economic growth nexus, with a focus on Nigeria from 1981 to 2018. Three stock market growth indicators are created using a major component analysis. The highlights the importance of oil prices as one of Nigeria's economic development engines. By employing inflation and open trade as moderators for economic activity in Nigeria, the study concluded that the stock market was minor in driving economic growth in Nigeria, implying that the financial sector's performance had been poor. In summary, the findings illustrate the crude oil price's dominant position and the stock market's weakness as a means of resource mobilisation and economic development in Nigeria. Oil exporting countries' officials should keep an eye on crude oil price movements in order to accomplish long-term economic development and maximum stock market performance.

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