Orbunde, Bemshima Benjamin2023-12-102023-12-102015-10-01Ajayi, K. Henri, S. Lee W. (2009) Portfolio Manager Ownership and fund performance. Journal of financial Economics Vol. 86 Issuel 1 July 2009 pp 179 - 204 Ajayi. K. Henri S. & Peter T. (2005), explaining the size of the mutual fund industry around the world journal of financial Economics Vol. 78 issues 1 October, 2005, pp 146 - 186 Ako R. M. (1999) Capital market manual, Published by La Rose Ltd Garki Abuja. Akpa B. (2011)., Knowledge creation process: concepts and applications in social research Aboki Publishers Makurdi, Ibadan and Abuj. Arwo Z.O. F.A Sowunmi & K.A.A Lawai (2011); "Sustaining a Developing Economy with financial intermediaries: Nigeria as a case study "International journals of management science Vol 3 No. 4 pp 107 - 111 ' Bachelier (1900) "Theory of speculation in cootner (1904) 17 - 78 Berger A. W Ifleke H and Leora K. (2004); "Further evidence on the link between, financial and growth: An international Analysis of community baking and economic performancein Bank of Inland discussion paper NO 8 (2004). Fama, E. (1995), "Random walk in Stock market prices" Financial Analysis journal September 1 October 36. Igbokwe A. (2011) Strategies for mitigating Agency Comflicts in Business in financial management strategies decision by Tankom. & Uwalike U. Fix Impression Ltd Abuja pp (15 - 2). Ihemeje J. (2011), Portfolio theory capital Asset pricing mode and the Arbitrage procing model in financial management strategic decision by Tako M. & Uwalike U. Fix impression Ltd Abuja pp (242 - 259). Itseuwa J. O ad Uwaleke U. (2014) An insight into the Nigerian capital market Globe net pre - press and press consultants) suite 31 block a commerce plaza Area 11 Garki - Abuja.https://keffi.nsuk.edu.ng/handle/20.500.14448/924In any economy there exists a financial system that regulates the financial environment o f that economy. This study thus aims at assessing the impact of Collective Investment Schemes (CIS) to financial market development in Nigeria. The study applied a non-experimental research design using regression analysis (ordinary least square) to address the hypothesis o f the study. The. study identify two financial market variables like Capital Market Investment and Money Market Investment to measure how CIS, investable fund has impacted on the financial market development. Augmented Dickey Furled (ADF) Unit root test was tested to ascertain the stationarity o f the data. Findings from the study showed that CIS were found to have influenced the growth o f financial markets positively and equally significantly. It was observed that CIS lias significant and positive relationship with CMI. The findings further showed that CIS investment in the area o f bonds and equity funds have contributed immensely to the growth of money market (MM) in Nigeria. The study thus recommends that the apex regulators o f the financial market like SEC, NSE and CBN should create more awareness for investors in the financial market to mobilize themselves into institutional investors like CIS firm s to participate fully in the financial market through investment in Capital' Market and Money Market Investments. Collective Investment Schemes are vital vehicle for developing the financial market in both developed and developing economies and as such Nigeria should have to take advantage o f it to develop its financial system.enCollective investment, Capital Market, Money market, financial marketArticle