Group Managing Director and Chief Executive Officer of Nigerian Exchange Group (NGX Group), Temi Popoola, has urged African leaders and development institutions to embrace a new growth model rooted in domestic capital, technology-driven solutions and strategic partnerships.
Speaking at the 2025 yearly meetings of the African Development Bank (AfDB) in Abidjan, Popoola stressed the need for financial sovereignty and homegrown resilience, arguing that Africa must shift from dependency on foreign capital to harnessing its financial strength.
He said: “COVID-19 taught us a powerful lesson. When foreign capital retreated, it was local capital that stepped in. The capital we often seek abroad already exists within our borders. What’s lacking is the intentionality to mobilise and deploy it.”
Popoola outlined three critical pillars for Africa’s economic transformation: domestic capital mobilisation, financial literacy, and tech-driven inclusion. He encouraged institutions to create investment frameworks aligned with local investor needs and realities.
“Foreign investors follow local confidence. If we trust and invest in ourselves first, others will follow,” he said. Highlighting cross-border collaboration as essential to unlocking Africa’s potential, Popoola pointed to the African Exchanges Linkage Project (AELP) as a model for regional integration.
However, he warned that regulatory fragmentation and infrastructure gaps remain key obstacles. He also cited Nigeria’s InfraCredit as a homegrown success story in mobilising institutional capital for infrastructure, stressing that Africa already possesses the tools needed for scalable development.
“We do not need to reinvent the wheel, we need to act with purpose and scale what already works,” he said. Popoola praised the progress made by the AfDB under President Akinwumi Adesina, whose decade-long leadership saw the bank’s capital base triple and over 500 million lives impacted.Popoola urged the incoming leadership to drive even bolder African-led reforms.
“Africa must stop waiting for rescue. Our capital, our ideas and our partnerships are the keys to building a sustainable future from within.”
His call aligns with a growing movement among African financial leaders pushing for a self-determined development path powered by local investment and innovation.
