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ABSTRACT
This study examines the impact of foreign investment on stock market performance in Nigeria. This is predicated on the wide-ranging controversy surrounding the exact impact of foreign investment inflows on stock market. Using data covering the period 1986 to 2020, the Ordinary Least Squares econometric tools was utilized. Based on the empirical analysis, the following specific findings were made: Foreign direct investment (FDI) has a positive and significant impact on stock market performance in Nigeria. Foreign Portfolio Investment FPI) has a positive and significant impact on the stock market performance in Nigeria, with the influence more pronounced than other components of international capital flows. Market Liquidity has a positive and significant influence in stock market performance in Nigeria. Thus, a reasonably level of market liquidity will stimulate stock market activities and consequently enhance its performance. Domestic openness is positively and significantly related to stock market performance in Nigeria. Exchange rate is negatively and insignificantly related to stock market performance in Nigeria. Thus, rising exchange rate may dampen the prospect of stock market performance in Nigeria.
