This Research Paper purposed to evaluate Collective Investment Scheme in the Nigerian Capital Market, its impact performance of the Capital Market. The study focused on the Weekly performance of 48 Collective Investment Funds operating in Nigerian Capital Market and Secondary data was collected using the data available on Security and Exchange Commission and Central Bank of Nigeria. OLS Multiple Regression analysis and One-Sample t-tests using Eviews 9 were undertaken and used to test the research hypotheses. Findings of this study revealed that there existed a noteworthy connection between growth of collective investment funds and the development of the capital market. It is concluded that efforts to strengthen Fund Managers enlistment on this scheme is strategic to strengthen the Nigerian financial system and create an appropriate platform for comparative dealings on global financial market.