The Nigeria Stock Exchange (NSE) is the centre point of the Nigeria Capital Market, while the Securities and Exchange Commission (SEC) serves as the apex regulatory body. There are other regulatory bodies of the Nigerian Capital Market. They are the Federal Ministry of Finance, the Central Bank of Nigeria (CBN) and the Merchant Banks. The Nigerian Stock Exchange provides a mechanism for mobilising private and public savings and makes such funds available for productive purposes. There is what appears to be the general opinion that, a vibrant Capital Market contributes immensely to the economic growth and development of any nation. Nigerian Stock Exchange market has a role to play through a periodic performance evaluation of quoted companies for adequate and efficient generation of income. When income increases, there will be enough to plough back into the business by way of retained profit for business expansion; expansion will equally lead to employment of more hands, thereby reducing the unemployment rate. Also high profit will lead to increased tax liability for infrastructural development. The study attempts to analyse and measure the rate of the economic development of the country through quoted company’s level of capitalisation, value indices of common stocks, growth in the number of listed securities and Gross Domestic Product. The study will also analyse the operation of the Nigerian Stock Exchange, its challenges and prospects, the functions and dealers in the Nigeria Stock Exchange market. The study suggests that, the system should be liberalised so that expected result of capital reform would not be distorted by inefficiencies in the financial sector.
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