Given the relative scarcity of capital and the small volume of savings in most
African economies at independence, the establishment of stock exchanges and their regulation
showed that several countries considered them as strategic financial intermediaries
for channelling capital to their national, and even regional, economies. This article
examines the Lagos Stock Exchange’s formative years as a political process of Nigeria’s
decolonisation and the First Republic. Originally incorporated as a private limited liability
company on 15 September 1960, and as the first stock exchange in West Africa and
the region’s largest economy, the new financial intermediary defined the relationship
between the post-independence state and the growing capital market during a period of
considerable political and economic changes. The role of the post-independence state and
state-owned enterprises in facilitating the trade on the Lagos Stock Exchange broadens
the analytical scope of this investigation to identify the sources of Nigeria’s development
finance. While significant efforts were taken to grow private individual participation in the
share trade and ownership, the early years of the Lagos Stock Exchange were ultimately
marked by the dominance of institutional investors such as state-owned enterprises and private commercial banks.
| Identifer | oai:union.ndltd.org:DRESDEN/oai:qucosa:de:qucosa:92143 |
| Date | 20 June 2024 |
| Creators | Lukasiewicz, Mariusz |
| Publisher | de Gruyter Oldenbourg |
| Source Sets | Hochschulschriftenserver (HSSS) der SLUB Dresden |
| Language | English |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, doc-type:article, info:eu-repo/semantics/article, doc-type:Text |
| Rights | info:eu-repo/semantics/openAccess |
| Relation | 0342-2852, 2367-2293, 10.1515/zug-2022-0016 |
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