The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), Temi Popoola, has made a compelling case for African policymakers, capital market leaders, and development stakeholders to fundamentally reassess the continent’s economic growth strategy.
Speaking at the 2025 Annual Meetings of the African Development Bank (AfDB) held in Abidjan, Côte d’Ivoire, Popoola emphasized the need to center Africa’s development agenda around domestic capital mobilisation, technology-driven market integration, and bold, strategic partnerships.
He stressed that building economic resilience and financial sovereignty must begin with unlocking Africa’s internal resources, rather than relying heavily on external funding. “The capital we often chase abroad already exists within our borders,” Popoola said. “We must now act with intentionality and a plan to mobilize and utilize it effectively.”
Drawing on insights from the pandemic-era financial landscape, Popoola pointed out that when foreign capital retreated, local capital played a vital role in sustaining economies, revealing Africa’s untapped financial potential.
He proposed a three-pronged approach to securing Africa’s financial future: deliberate action (intentionality), enhanced financial literacy, and inclusive technology deployment. According to him, institutions must design investment frameworks that align with the expectations and realities of local investors. “Foreign capital follows local commitment,” he stated. “Confidence and clarity from African institutions will encourage international partners, but the first step is for us to believe in ourselves.”
Highlighting the need for regional cooperation, Popoola referenced the African Exchanges Linkage Project (AELP)an AfDB-supported initiative as a key example of successful capital market integration. However, he cautioned that fragmented regulations and infrastructural gaps remain significant hurdles.
He also cited Nigeria’s InfraCredit as a proven model for channeling long-term capital into infrastructure, reinforcing his message that Africa already possesses the necessary frameworks and tools. “It’s not a question of invention, but of scale and intention,” he said.
Popoola’s remarks come as the AfDB prepares to transition to new leadership, marking the end of Dr. Akinwumi Adesina’s tenure. Under Adesina’s stewardship, the Bank’s capital base expanded dramatically, and more than half a billion lives were touched by its initiatives.
In his closing remarks, Popoola called on African leaders, both in public and private sectors, to sustain the momentum and champion African-led solutions. “Africa must stop waiting for external rescue. The answers to our challenges lie in our capital, our innovations, and our collective resolve to shape our future from within.
