This study examined the impact of infrastructural expenditure on stock market development in Nigeria for the period 1980 to 2014. The study employed the Ordinary Least Squared (OLS) technique. From the regression estimate, the study observed that infrastructural expenditure has a positive but insignificant effect on stock market development. Thus, the study concluded that infrastructural expenditure has not contributed significantly to the growth of stock market in Nigeria. Based on the conclusion, this study recommended that there is the need for government to increase budgetary allocation to infrastructural sector and also ensure appropriate maintenance of existing infrastructural facilities. This is important to enhance production activities of the real sector and thereby promote the growth of the stock market.