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ABSTRACT
The study examines the effect of public debt on stock market performance in Nigeria. The ordinary least squares econometric tool was employed to empirically examine the relationship within 1990-2022. The study found out that external debt has a negative insignificant relationship with stock market performance in Nigeria. External debt servicing has a negative insignificant relationship with stock market performance in Nigeria. Domestic debt has a positive significant relationship with stock market performance in Nigeria. The study recommends that there should be fiscal discipline: To effectively manage the levels of public debt, measures to maintain fiscal discipline must be put in place. Transparent debt management is also important: Gaining the trust of investors requires transparent debt management procedures. Diversification of revenue sources is necessary: Nigeria is susceptible to changes in commodity prices due to its excessive reliance on a single revenue stream, such as oil exports. Finally, Adequate infrastructure investment is encouraged: Give top priority to infrastructure initiatives that can boost economic development, increase productivity, and draw in private sector capital. The improvement of infrastructure has the potential to boost several economic sectors, generate job opportunities, and eventually enhance stock market performance.
