Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group, has called for continued collaboration among regulators, exchanges, and international partners to effectively channel sustainable capital flows across emerging markets.
Speaking at the International Finance Corporation conference in Cairo during a panel session themed Capital Mobilization for Sustainability, Transition and Resilience, Popoola provided insights into the evolving landscape for developing economies.
He acknowledged that emerging markets are navigating structural considerations, including the development of ESG data and reporting infrastructure, policy frameworks, funding costs, and market liquidity. He also noted a growing global investor appetite for sustainable assets, supported by innovation in labelled instruments and the ongoing enhancement of regulatory standards.
“Emerging markets have a significant opportunity to contribute to the future of sustainable capital flows,” Popoola said. “Realizing this potential calls for constructive alignment, robust disclosure standards, policy consistency, and synergy across the capital market ecosystem.” He highlighted the importance of evolving disclosure frameworks, noting that stronger reporting standards can enhance transparency, support risk assessment, and help attract long-term investment.
Drawing on Nigeria’s experience, he pointed to the country’s green and sustainable bond market, which began with Africa’s first certified sovereign green bond in 2017. Since then, the market has expanded across sovereign, sub-national, and corporate issuers, with repeated oversubscription reflecting growing investor confidence. He also referenced Nigeria’s sovereign sukuk programme, including the most recent Series VII Sukuk, which recorded subscriptions significantly above the offer size, demonstrating sustained domestic demand for long-term infrastructure-linked instruments.
According to Popoola, stock exchanges play a key role in advancing sustainable finance by providing platforms for impact-focused instruments, supporting disclosure standards, and aiding issuer capacity building. In this regard, he highlighted NGX’s Impact Board, launched in 2024 as a dedicated listing segment for green, social, and sustainability-linked instruments. He also discussed the NGX Net-Zero Programme, co-funded by DEG Impulse, which supports listed companies in developing science based transition plans and enhancing climate disclosures. The programme is projected to reduce or avoid approximately 20,000 tonnes of CO₂e emissions in its initial phase while positioning companies to access climate-aligned financing.
On collaboration, Popoola emphasized the importance of alignment among policymakers and market operators, citing Nigeria’s first sovereign green bond, executed through coordination between the Exchange, the Ministry of Finance, Ministry of Environment and the Debt Management Office, as an example of effective public, private partnership.
The conference convened policymakers, regulators, exchange leaders, and development finance institutions to explore pathways for mobilizing capital toward sustainability, resilience, and long-term economic growth across emerging markets.