This study explored the impact of stock market reforms on capital formation in Nigeria using time series data for the period of 1986 – 2015. The ARDL bound test error-correction model (ARDL-ECM) approach to cointegration was used for the analysis, while CUSUM and CUSUMSQ stability tests among other diagnostic test were applied. The results of the unit root tests indicated that the variables had a mixture of stationarity property of I(0) and I(1) order of integration, while the cointegration results show that there is long run relationship between gross capital formation, new issues of share, market capitalization, all share index, volume of transaction and value of transaction which implie
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