By Maigari, Ahmed Misau
The capital market is an important economic sector whose uses are best appreciated from the perspective of efficiency in capital formation and allocation. Through its functions, the capital market enables governments and industry to raise long-term capital for the financing of new projects, expansion arid modernization of industrial/commercial concerns.
Nigeria has a formal capital market, as symbolized by the existence of The Nigerian Stock Exchange and an active new issue market. Other institutions of the Nigerian Capital Market include: The Federal Ministry of Finance, the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), Issuing Houses (Merchant :jacks and some non-bank financial institutions), Stockbroking firms etc.