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This study applied the error correction model to examine the relationship between financial deepening and capital market returns in Nigeria. The study was conceived because of the importance of capital market as an engine and fulcrum that propel economic growth. As such, the degree of financial services it receives should be a matter of concern to finance and economic researchers. However, after empirical analysis of data obtained from the central bank of Nigeria and the National Bureau of Statistic, it was majorly found that the ratio of money supply to gross domestic product has a positive and significant impact on the returns of the capital market of Nigeria. It was also found that ratio of credit to private sector to gross domestic product has negative and significant influence on the return of the capital market in Nigeria. In the light of these findings, the researchers advise the central bank of Nigeria to always do proper evaluation and monitoring of the distribution of such financial services, aimed at ensuring it gets to the targeted individuals, thereby stimulating economic growth in Nigeria. In addition, supervisory authorities of the capital market in Nigeria should in her advisory role, organize technical sections for investors on the rechanneling of their returns in the exchange. This will go a long to increase the capitalization of the capital market.

Financial Deepening and Capital Market Returns in Nigeria