Adequate accounting information is essential for the efficient functioning of capital markets and by extension economic growth of a nation. The development of stock market is dependent on the integrity of financial reporting process. Lack of reliable accounting information generates low investment, which invariably affects the economic growth. The objective of this project  is  to ascertain the link between accounting information, stock market and Nigerian Economy. Simple regression was used to analyze the investors’ reactions to accounting earnings by analyzing changes in share prices of eight companies(four from conglomerate and four from banking sector) for over a period of four years, while correlation between stock market and the Nigerian  Economy from 1970-2003 was examined using Cobb-Douglas production function. Empirically, the result indicated that investors reacted to accounting earnings and there was a link between the stock market and Nigerian Economy. The study provides useful insights to all the users of accounting information, especially, the policy makers in Nigeria, operators in the stock market, academics, investors and practitioners dealing with economic development around the world. The study  advocates for greater commitment and more efficient accounting system on the part of the preparers of financial statements that will bring about the required reliable accounting data and information which will in turn increase investors’ confidence in Nigerian stock market.
The study recommends that Stock market regulators should put in place mechanisms to
improve efficiency of the market that can stimulate a speedy economic growth.

Title Page ------------------------------------ii.
Declaration ----------------------------------.iii.
Certification ----------------------------------iv.
Dedication ----------------------------------.v.
Acknowledgements -------------------------- - vi.
Abstract ------------------------------------.vii.

CHAPTER ONE  
1.1 Background of the Study --------------..----------..1 - 3
1.2 Statement of Research Problem ----------------------.3 - 5
1.3 Objectives of Study --------------------------------5 - 6
1.4 Significance of the Study ----------------------------6 - 7
1.5 Research Hypothesis --------------------------------7
1.6 Research Methodology ------------.------------------7 - 8
1.7 Scope of the Study ----------------------------------.8 - 9
1.8 Limitations of Study ----------------------------..----9
1.9 Definitions of Terms ----------------------..----------10
References: ----------------------------------------. 11

CHAPTER TWO
2.0 Literature Review             
2.1 Introduction --------------------------------.--------.12    
2.2 Accounting Information and Stock Market Growth --------.--12 – 16
2.2.1 Relevance of Accounting Information ------------------ - 16 –18
2.3 Stock Market and Economic Growth ------------.-------- - 18 – 19
2.4 Nigerian Capital Market --------------------------------19 – 22
2.4.1 Financing Instruments in the Nigerian Capital Market ------..22 – 23
2.5 Nigerian Economy and Stock Market Growth -------------- - 23 – 25
2.6 Challenges of Nigerian Capital Market --------------------.25 – 26
2.7 Role of Efficient Capital market to an Economy --------------26 - 27
References ----------------------------------------------.28 - 30

CHAPTER THREE
Research Methodology ------------------------------------31     
3.0 Introduction ------------------------------------------..31
3.1 Specification of Models ----------------------------------32 -33
3.2 Model Estimation Technique------------------------------.34
3.3 Measurement of Variable --------------------------------..34
3.4 Sources of Data ------------------------------------.----34   
References ---------------------------------------------- - 35

CHAPTER FOUR
Data Presentation and Analysis
4.0 Introduction --------------------.----------------------..36
4.1 Presentation of Data Showing Relationship Between
Market Per Share and Earnings Per Share --------------------36 - 39
4.2 Results of Data Analysis Showing Relationship Between
Market Price Per Share and Earnings Per Share -------------- - 39- 40
4.3 Result of Data Analysis Showing Relationship Between
Stock Market Capitalization and Economic Growth------------..41- 43

CHAPTER FIVE
Summary and Conclusion
5.0 Introduction --------------------------------------------.44  
5.1 Summary of Work --------------------------------------..44  
5.2 Findings ----------------------------------------------..45 - 46
5.3 Recommendations --------------------------------------..46 – 47
5.4 Conclusion --------------------------------------------.47 - 48

Bibliography ----------------------------------------------.49 - 52
Appendix: 1 --------------.. 53 - 55
2 --------------. 56
3 --------------. 59