The study investigated the effect of accounting estimates on market based performance of listed firms in Nigeria. The population of the study was Consumer and Industrial Goods Sector of the Nigerian Exchange Group. The study was anchored on the Agency theory. The research design was employed in the study was the ex post facto research design. Depreciation, intangible assets, current tax, and pension liability estimates were used as the dimensions of the accounting estimates (the predictor) while market based performance (the dependent variable) was measured using market price per share. The study used the convenience sampling technique to select a sample of 25 listed consumer and industrial goods companies’ in Nigeria. The data collected and used for the study was for a period of 7 years from 2013 to 2019. The Panel Multiple Regression Technique was employed in testing the hypotheses formulated. Descriptive and correlational analysis were also carried out. The results of the F-statistics indicated that accounting estimates was significant in predicting market based performance at 5% significant level. It was also recommended that depreciation estimates it does not affect the way market performance is measured. Secondly, since the estimated amount of Intangible assets has significant effect on market performance of listed firms. Thirdly, since current tax estimates have signifi positive effects on the market prices of the listed consumer and industrial goods firms in Nigeria, it means that firms should be mindful when estimating current tax, as this could affect the way their performance is measured. And finally it was recommended that pension liabilities, since it does not have significant effects on market price per share of listed consumer and industrial goods firms in Nigeria.

Keywords: Accounting Estimates, Market Performance, Market price per share

Numerous efforts to enhance the financial system were implemented in Nigeria as a result of the late 2000s global financial crisis. Diverse methods and reforms were implemented to make sure that the financial sector is well-positioned and strong enough to contribute to Nigeria’s economic growth as a buffer against the effects of similar crises in the future. Therefore, this study looked at the relationship between Nigeria’s financial industry and economic growth from 2004 to 2022. It specifically aims to look at how financial deepening is reflected in the profitability, investment, deposit, advances, inflation, and interest rate to GDP ratios. To achieve its goals, the study used econometric techniques such Unit Root Tests, regression, and causality tests. The financial statements of thirteen listed deposit money banks as of December 2022 (2004-2022) and the CBN statistical bulletin of 2022 were the data’s primary sources. Results showed a strong positive association between the financial sector and economic growth in Nigeria. Additionally, it was shown that the rise of the banking sector had little bearing on inflation, advances, and interest rates. The policy relevance of these findings is that the financial sector is one of the sought-after panaceas for achieving economic growth in Nigeria, and any financial development policy is anticipated to have a beneficial impact on the rate of economic growth in Nigeria. Based on these conclusions, the research makes several recommendations, including that the government refocus its financial sector policies on the fact that deposit money banks and the stock market are the most active institutions in the Nigerian financial system. In order to give investors access to long-term resources that are essential for the financing of medium- and long-term projects, the government, through the Central Bank, should pursue favorable policies that will energise the financial sector while ensuring effective and efficient stock exchange functioning free from fraud and malpractice. These will encourage the private sector’s expansion and investments, which are the growth and development engine. Finally, the Central Bank of Nigeria should continuously check on the financial sector’s deposit money banks’ compliance with monetary policy processes.

Keywords: Financial sector development, economic growth, profitability, investment, and gross domestic product.