Group managing director and chief executive officer of Nigerian Exchange Group (NGX Group) Plc, Temi Popoola, has emphasized the need for African policymakers, capital market leaders, and development stakeholders to collaboratively innovate the continent’s growth model.
He advocates for a renewed focus on homegrown capital, tech-driven integration, and strategic partnerships as essential elements of Africa’s development agenda.
During the 2025 Annual Meetings of the African Development Bank (AfDB) in Abidjan, Popoola highlighted the importance of establishing financial sovereignty and economic resilience through intentional domestic capital mobilization and scalable, technology-driven solutions.
Reflecting on insights gained during the COVID-19 pandemic, he stated, “when foreign capital became scarce, domestic capital stepped in to fill the void, illustrating a vital truth: the resources we often seek from abroad are already available within our own borders. What we require now is intentionality and a well-crafted plan to effectively mobilize and deploy these resources.”
Popoola outlined three foundational pillars for Africa’s financial future: intentionality, financial literacy, and technology-driven inclusion.
He urged stakeholders in both the public and private sectors to ‘speak the language of capital’ by creating frameworks that resonate with the realities and expectations of local investors.
He emphasized, “foreign capital aligns with local commitment. When African institutions lead with authenticity and confidence, they inspire others to follow. We must first invest in and believe in ourselves.”
Popoola also advocated for enhanced cross-border collaboration to elevate the integration of African capital markets. He referenced the African Exchanges Linkage Project (AELP), an initiative supported by the AfDB, as a promising model for regional capital connectivity, while noting that challenges such as regulatory silos and uneven infrastructure still need to be addressed.
He pointed to Nigeria’s InfraCredit as a successful example of how to unlock institutional capital for infrastructure projects, saying “we already possess the strategies, tools, and resources. Now is the time to act with purpose and scale the initiatives that yield results.”
Popoola stated Africa-led solutions comes at a transformative moment for the continent’s leading development institution.
The 2025 meetings celebrated the conclusion of Dr. Akinwumi Adesina’s impactful decade-long tenure as AfDB President, during which the Bank’s capital base expanded from $93 billion to $318 billion, positively affecting over 500 million lives.
Applauding these accomplishments, Popoola urged both continuity and heightened ambition, adding that “there is a growing awareness that Africa is capable of addressing its own challenges. The incoming AfDB leadership, along with everyone in the public and private sectors, should build on this momentum to foster African-led growth.”
He noted that “Africa must seize the initiative instead of waiting for external assistance. Our capital, our innovative ideas, and our collaborative partnerships hold the key to unlocking sustainable development from within.”
Popoola’s remarks resonate with an increasing consensus among financial leaders that Africa’s next growth phase must be self-directed, harnessing local capital and ingenuity to define its own development path.
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