The development of capital markets in Africa, with particular reference to Kenya and Nigeria

One aspect of the domestic mobilization of capital is explored: the use of the machinery of capital markets in Kenya and Nigeria. Reviewed are the factors affecting the establishment of capital markets in developing economies, particularly in Africa, and examined are the recent attempts to establish organized capital markets in Kenya and Nigeria. The analysis is confined to the markets for longterm and medium-term capital, and thereby excludes direct private investment, shortterm capital, and money markets. Measures that could help to facilitate the expansion of existing markets and to foster regional or national capital markets in Africa are also analyzed. Notes, tables, summaries in French and Spanish.