Empirical Analysis of Listed Securities and New Issues as Drivers of Economic Growth in Nigeria

The capital market can support economic growth by mobilizing and channeling long-term funds for productive investments. Listed securities broaden investment opportunities, while new issues provide a channel for raising fresh viable investment capital. This study examined listed securities and new issues as drivers of economic growth in Nigeria. An ex post facto research design was adopted using quarterly time-series data covering 2010Q1–2025Q4. Data were analyzed using descriptive statistics, Augmented Dickey–Fuller tests, Johansen cointegration tests, and the vector autoregression model. The result revealed that listed securities and new issues, have significant effect on economic growth. The study concluded that capital mobilisation and broader securities participation could support economic activity, subject to confirmation through consistent estimation in first differences. It recommended facilitating securities issuances for financing productive investments and encouraging quality listings supported by effective disclosure and investor protection.