Effect of Foreign Direct Investments on Number of Listed Securities in Selected Sub-Saharan African Stock Markets, 1984 - 2015

This Study examined the Effect of Foreign Direct Investments (FDI) on the number of listed securities (NLS) in Selected Sub-Saharan African (SSA) Stock markets, 1984 to 2015.The study used secondary data obtained from World Bank, IMF, Bureau of Statistics and the Central Bank of selected countries; The research work selected Nigeria, South Africa and Kenya as its sample and used the OLS, GLS Panel Data Analysis techniques, to test the Effect of the independent variables (FDI, and Gross domestic product) on the dependent variables (NLS) at the 5% level of significance. The findings amongst others show that FDI had an insignificant effect on NLS for Nigeria and Kenya stock markets but significant effect on South Africa; while the SSA countries’ pooled panel result indicateth at FDI had a positive and significant effect on NLS. The result implies that a 1% increase in FDIR will result to a 1.71003% increase in number of listed securities. The study concludes that FDI affects number of listed securities and hence, recommends among others the provision of FDI friendly environment and implementation of market-friendly regulations such as reduction in listing requirements that will enable FDI benefiting Multinational companies (MNCs) to be listed on the stock exchange.