The paper evaluated the effect of primary market on economic growth in Nigeria. Data were collected from CBN statistical bulletin for twenty one (21) years. Expost facto design was employed for the study. The data were subjected to unit root test and the result suggested the use of autoregressive and distributed lag model for the analysis.The findings showed that Equity (EQT), Federal government bond (FGB) and Corporate bond (COB) had no significant effect on GDP at 5 percent level of significance during the period of the study. Bound test was also conducted to check whether the error of the short run could be corrected at the long run but the result still showed no relationship. Based on the findings, we recommend that government and corporate bodies should look out and source funds from other sources such as investing in a profitable ventures that will bring funds in the economy other than equity, corporate bonds and government bonds to expand their businesses which will eventually grow and develop the economy