Resumen
This study examines the relationship between crude oil price on stock market and economic growth nexus, with a focus on Nigeria from 1981 to 2018, using the new autoregressive distributed lag approach (ARDL) to examine cointegration. A major component analysis is used to create three stock market growth indicators. The exposes the influential position of oil price as one of Nigeria's engines for economic development. The study found that the stock market was insignificant in driving economic growth in Nigeria by using inflation and opening trade as moderator for economic activities in Nigeria, which suggested that the performance of the financial sector had been weak. In general, the findings show the dominant position of the crude oil price and the weakness of the stock market by resource mobilization in Nigeria and to stimulate economic development. To achieve sustainable economic development and maximize stock market performance, policymakers in oil exporting countries should monitor crude oil price movement.