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Effect of Federal Government of Nigeria (FGN) Domestic Debt Instruments on Capital Market Growth in Nigeria

This study investigated the effect of FGN domestic debt instruments; FGN Bonds, FGN Savings Bonds and Nigerian Treasury Bills on capital market growth in Nigeria using quarterly time series data from 2015 to 2025. Market capitalization was used as a proxy for capital market growth. The study employed econometric techniques including descriptive statistics, correlation analysis, Autoregressive Distributive Lag (ARDL) regression, and diagnostic tests. The results showed that FGN Bonds has a positive and significant effect, Savings Bonds is negative and not significant while Nigerian treasury bil…

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    from https://www.iiardjournals.org/get/IJBFR/VOL. 12 NO. 7 2026/EFFECT OF FEDERAL GOVERNMENT 23-39 (1).pdf