Abstract
The importance of the capital market to sustained growth and development of an economy cannot be overstated. The capital market acts as a catalyst for rapid and sustained manufacturing growth, especially in capitalist economies. However, the role of the capital market in the development of the Nigerian manufacturing sector has remained unaddressed and the effect has not been felt despite several policy tools by the government aimed at improving the manufacturing sector. The paper investigated the effect of capital market on manufacturing sector output in Nigeria from 1990 to 2021. The ARDL-ECM method of analysis was adopted in carrying out the analysis. Findings from the paper revealed that market capitalization has a positive impact on the manufacturing sector's output. The study recommends steps aimed at improving the capital market and all share indexes as both have a positive and significant impact on the manufacturing sector output as well as put in place measures to ensure that share prices are reflective of their real values.
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