The Effects Of Pension Reform On The Nigerian Capital Market (2004-2014)

ABSTRACT This work provides empirical evidence on the effect pension reforms have on the Nigerian capital market. Using data spanning 2004-2014 and a five variable model, market capitalization was regressed on total pension assets, number of workers registered on pension scheme, GDP per capita, and turnover ratio. Total pension assets and number of workers registered on pension scheme were employed as proxies for pension reform. Results from the Ordinary Least Square (OLS) estimation as well as the estimation of the Error Correction Model (ECM) show that growing total pension assets and number…