NGX Chief Urges Rethink of Africa’s Growth Model, Calls for Homegrown Capital and Tech-Driven Solutions
Temi Popoola, Group Managing Director and CEO of the Nigerian Exchange Group (NGX Group), has urged African leaders and stakeholders to adopt a fresh approach to the continent’s development. Speaking at the 2025 Annual Meetings of the African Development Bank (AfDB) in Abidjan, he emphasized the need for Africa to base its growth model on homegrown capital, technological integration, and strategic partnerships. Popoola argued that the continent must move beyond reliance on foreign investment and instead leverage its internal resources.
Drawing on experiences from the COVID-19 pandemic, Popoola pointed out that domestic capital played a critical role when foreign investments dried up. This, he said, demonstrates Africa’s untapped potential to fund its own development. He emphasized the importance of intentional strategies to mobilize and effectively deploy local capital, asserting that the financial power Africa often seeks abroad already exists within its borders.
Popoola identified three essential pillars for Africa’s financial future: intentional planning, improved financial literacy, and technology-enabled inclusion. He urged both public and private institutions to tailor financial frameworks that resonate with local investors. According to him, foreign capital typically follows strong local commitment, so African institutions must first gain confidence in their own systems and resources.
A major theme of Popoola’s message was the need for cross-border collaboration to integrate African capital markets. He highlighted the African Exchanges Linkage Project (AELP), supported by the AfDB, as a promising model for regional market connectivity. However, he warned that regulatory differences and infrastructure gaps must be addressed to achieve true integration.
Finally, Popoola praised Nigeria’s InfraCredit initiative as an example of how to unlock institutional capital for infrastructure development. He concluded with a call to action, urging African nations to scale up proven solutions and act with deliberate intent to build a more self-reliant and resilient economic future.
Source: Vanguard