Effects of the Nigerian Capital Market on the Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria

This study on “Effects of the Nigerian Capital market on the Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria ” is intended to identify and consequently analyze the financial incentives available to MSMEs in the Nigerian capital market. It provides solution to the financial gap existing between large scale enterprises and micro, small and medium scale enterprises in terms of availability of financial resources referred to as the missing middle. The methodology adopted in conducting the research was a survey design. The independent variable of the study was the Nigerian capital market while the dependent variable was the MSMEs. A disproportionate stratified random sampling technique was adopted to select a representative sample of one hundred MSMEs in Lagos state being the centre of commerce in Nigeria. Questionnaire was used as instrument for data collection. The questionnaire was developed on a five-likert scale ranging from one to five (i.e. from strongly disagree to strongly agree) while, the hypothesis developed was tested using Chi-square (X). Data analysed using the statistical technique called chi-square to test the hypotheses of the study. Base on the findings, it was recommended that, the government through the Nigerian Capital Market should create an Alternative Stock Exchange-that is, Dedicated Stock Exchange for MSMEs as done in the developed countries like USA