Abstract
This paper examines the role of foreign direct investment (FDI) in stock marketdevelopment in Nigeria for the period 1981-2018 via Dynamic Ordinary Least Squares(DOLS)and pairwise Granger causality techniques. Empirical Öndings indicate that FDI plays apositive signiÖcant role in the development stock market in Nigeria. Also, a unidirectionalcausality áows from FDI to stock market development. This study concludes that FDI con-stitutes a catalyst to stock market development in Nigeria, which implies the complementaryrole of FDI in stock market. Therefore, Nigerian government should ensure investors-friendlymacroeconomic framework and implement policies to encourage ináows of FDI in Nigeria.
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