ABSTRACT
Paper examines various theoretical views about the role Nigeria capital market can play in the economy with a view to showing that the effective development of the market holds sway for the successful economic and emancipation of Nigerian in the emerging 21st century special emphasis has been place on the of Nigerian capital market in the economic development of Nigerian acting to provide a means of raising finance to assist companies to expand and modernize, providing a means of allocating the nation's physical and companies and serving as a measured of confidence in the economy and as an important economic barometer. The main argument here is that effective establishment of a stock exchange will definitely serve as a pre-requisite for successful implementation of Nigeria. Investment program in the 21st century. Paper further argues that since in modern economies like Nigeria, the bulk of productive activities and services been usually undertaken by joint stock. Joint stock firms or public institutions [including government] that the importance of stock exchange lies in its being a meeting place for investors and borrowers. It conclude this argument by stating that it is at this market that stock and shares are bought and sold and since the price of such stocks and shares may rise and fall the stock exchange acts as a thermometer that pulse the economy or the outlook of business the extents of confidence in various shares or industries. Finally, paper looked at the capital market in the context of structural adjustment program [SAP] and the emerging democratic era and conclude than a careful and judicious exercise of the powers of stimulation and control by the relevant regulatory authorities will lead to the achievement of a buoyant and resilient capital market that can better play its role of mobilizing capital for productive use.
