This paper investigated the dynamic interrelationship between macroeconomic fundamentals

and stock prices in Nigeria using time series data spanning from 1980 to 2016. The study made

use of co-integration test and the error correction mechanism. Empirical estimates revealed

pointedly that there is a long run correlation between macroeconomic fundamentals and stock

prices in Nigeria. Similarly, in the short run, the previous values of money supply and interest rate

were found to demonstrate a significant effect on stock prices. Also, the previous value of stock

market return was found to show significant influence on the current stock prices. Markedly, the

results revealed that the natural logarithm of real gross domestic product is a leading indicator

that stimulates stock prices in the long and short run. Based on the above findings the study

recommends that the Central Bank of Nigeria should carry out prudent macroeconomic policies

to derive the best from the stock market. Furthermore, the government should look into the high

rate of inflation since it is one of the most significant macroeconomic indicators used to analyze

the economic conditions of a country.

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