Open Journal of Statistics, 2018, 8, 584-602 http://www.scirp.org/journal/ojs ISSN Online: 2161-7198 ISSN Print: 2161-718X An Empirical Assessment of the Impact of Nigerian all Share Index, Market Capitalization, and Number of Equities on Gross Domestic Product Obubu Maxwell, Obiora-Ilouno Happiness, Uzuke Chinwendu Alice, Ikediuwa Udoka Chinedu Department of Statistics, Nnamdi Azikiwe University, Awka, Nigeria Abstract A stock exchange is an exchange where stock brokers and traders can buy and sell shares of stock, bonds, and other securities. All listings are included in the Nigerian Stock Exchange All Shares index. In terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. Objectives: The paper assesses the impact of Nigerian Stock Market (all share index, market capitalization, and number of equities) on Gross domestic product (Economic Growth). Materials and Methods: Regression analysis and ordinary least square technique were employed. Result and Discussion: The series was stationary at 1%, 5%, and 10% α level; the residuals were nor- mally distributed but not serially correlated at 5% α level. All Share Index, Market Capitalization and Total Number of listed Equities have a joint and individual significant effect on Economic Growth (Gross Domestic Product) with Total Number of listed Equities having a negative (opposite) linear rela- tionship with the Gross Domestic Product. The Durbin-Watson statistics (R 2 = 0.9910 < DW = 1.3686) suggest that the model is not spurious and it is de- void of positive and negative autocorrelation (DW = 1.3686 > d l = 1.07 and DW = 1.5033 < 4 - d u = 2.17). Therefore, it can produce meaningful result when used for forecasting a positive relationship between gross domestic product, all share index and market capitalization with a 99.1% R-square val- ue. Significant Positive connection between all share index, market capitaliza- tion, the number of equities and gross domestic product suggests that gov- ernment policies and bills aimed towards rapid development of the capital market should be initiated. Keywords Nigerian Stock Market, Gross Domestic Product, Market Capitalization, All How to cite this paper: Maxwell, O., Hap- piness, O.-I., Alice, U.C. and Chinedu, I.U. (2018) An Empirical Assessment of the Impact of Nigerian all Share Index, Market Capitalization, and Number of Equities on Gross Domestic Product. Open Journal of Statistics, 8, 584-602. https://doi.org/10.4236/ojs.2018.83038 Received: October 26, 2017 Accepted: June 22, 2018 Published: June 25, 2018 Copyright © 2018 by authors and Scientific Research Publishing Inc. This work is licensed under the Creative Commons Attribution International License (CC BY 4.0). http://creativecommons.org/licenses/by/4.0/ Open Access DOI: 10.4236/ojs.2018.83038 Jun. 25, 2018 584 Open Journal of Statistics