Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group) has called on African policymakers, capital market leaders, and development stakeholders to collaboratively rethink the continent’s growth model, anchoring it on homegrown capital, tech-enabled integration, and bold partnerships as pillars of a renewed African development agenda.
Speaking at the 2025 Annual Meetings of the African Development Bank (AfDB) in Abidjan, Popoola emphasised that financial sovereignty and economic resilience must be built on deliberate domestic capital mobilization and scalable, tech-driven solutions.
Popoola’s comments reflect a growing consensus among financial leaders that Africa’s next phase of growth must be self-directed, leveraging local capital and innovation to shape its own development trajectory.
Reflecting on lessons from the COVID-19 pandemic, he noted that, “When foreign capital dried up and domestic capital stepped in to fill the void, it revealed something powerful: the capital we often seek abroad already exists within our borders. What is needed now is intentionality and a clear plan to mobilise and deploy it effectively.”
Drawing on his leadership of one of Africa’s premier financial market infrastructure institutions, Popoola outlined three foundational pillars for Africa’s financial future: intentionality, financial literacy, and technology-driven inclusion. He urged public and private institutions alike to “speak the language of capital” by designing frameworks that align with the realities and expectations of local investors. “Foreign capital follows local commitment,” he said. “When African institutions lead with clarity and confidence, others follow. But we must first trust and invest in ourselves.”
Popoola also called for greater cross-border collaboration to accelerate the integration of African capital markets. Referencing the African Exchanges Linkage Project (AELP), an AfDB-backed initiative, he described it as a model for regional capital connectivity while cautioning that regulatory silos and uneven infrastructure remain barriers.
He pointed to Nigeria’s InfraCredit as a successful model for unlocking institutional capital for infrastructure. “We already have the templates, the tools, and the capital. It’s time to act with intent and scale what works.”
Popoola’s call for African-led solutions comes at a pivotal moment for the continent’s premier development institution. The 2025 meetings marked the final one under the leadership of Akinwumi Adesina, whose decade-long tenure as AfDB President, saw the Bank’s capital base grow from $93 billion to $318 billion and more than 500 million lives impacted.
Commending these achievements, Popoola urged continuity with even greater ambition and urgency. “There’s now a broader awareness that Africa can solve its own problems. The incoming AfDB leadership and all of us across the public and private sectors must build on this momentum to deliver African-led growth.”
He concluded with a charge to the continent’s leaders and financial actors, stating, “Africa must stop waiting for rescue. Our capital, our ideas, and our partnerships are the keys to unlocking sustainable development from within.”
Culled from BusinessDay