Popoola advocates regional synergy to boost Africa’s economy

Group Chief Executive Officer of Nigerian Exchange Group Plc (NGX Group), Temi Popoola, has stressed the need for stronger regional collaboration, government-private sector synergy and innovative market solutions to unlock the continent’s economic potential.

At the launch of the Ethiopian Securities Exchange (ESX), Popoola reiterated the transformative potential of Africa’s capital markets.

According to him, ESX will serve as a crucial mechanism for capital formation and market liquidity, driving sustainable economic growth. He said the launch represented a pivotal moment for Ethiopia and the broader African financial landscape, noting that the NGX Group’s strategic investment in ESX underscores its leadership in advancing Africa’s capital market infrastructure.

Expounding on NGX Group’s investment rationale, Popoola highlighted Ethiopia’s immense market potential and the shared vision of fostering economic growth through innovation.

“Our partnership transcends traditional investment parameters. It is about ensuring that ESX evolves into a key player in Africa’s financial ecosystem, enabling cross-border investments and setting benchmarks for market development,” he said. Popoola underscored the importance of opening up the African market, saying it would help to attract more capital.

“By following this path, Ethiopia can become a financial hub in Africa,” he remarked.
Drawing from NGX Group’s six decades of experience, Popoola shared insights on diversifying financial instruments and expanding access to investment opportunities.

“With the right mix of innovation, policy support, and regional collaboration, Ethiopia’s capital market can play a transformative role in driving economic development and establish itself as a leader in Africa’s financial ecosystem,” he noted.

He stated that with the ESX poised to redefine Ethiopia’s financial landscape, NGX Group’s involvement highlights the critical role of partnerships and shared expertise in advancing Africa’s economic narrative.

Ethiopian Prime Minister, Abiy Ahmed, lauded the launch of ESX as a transformative milestone in the country’s journey toward economic modernisation.

“Today, we have officially rung the bell to launch the Ethiopian Securities Exchange, our nation’s first stock exchange. This is a call to global investors: Ethiopia offers immense potential, a fast-growing economy, and a clear trajectory toward shared prosperity,” Ahmed.

CEO of the ESX, Tilahun Esmael Kassahun, expressed confidence in the partnership with NGX Group.

“We are pleased to welcome NGX Group as a strategic partner, building upon the existing support we continue to receive from them,” he said.
Kassahun also emphasized the value of NGX Group’s expertise in shaping ESX’s growth and success,” he said.