This work provides empirical evidence on the effect pension reforms have on the Nigerian capital market. Using data spanning 2004-2014 and a five variable model, market capitalization was regressed on total pension assets, number of workers registered on pension scheme, GDP per capita, and turnover ratio. Total pension assets and number of workers registered on pension scheme were employed as proxies for pension reform. Results from the Ordinary Least Square (OLS) estimation as well as the estimation of the Error Correction Model (ECM) show that growing total pension assets and number of workers registered on pension scheme (as a result of pension reforms) both have positive impact on stock market performance and development. However, these positive impacts were found to be insignificant. The relatively young nature of the reforms, poor implementation, and low compliance from Nigerian workers are reasons that most probably explains the insignificance of the positive effect of the pension reform on capital market development in Nigeria. Thus, it was recommended that the regulatory capacity and technical competence of PENCOM as the apex regulatory body of the Nigerian pension sector should be enhanced, compliance rates should be improved as well as providing a good range of investible assets on the Nigerian stock market to promote investment of pension assets on the capital market.