NGX's Temi Popoola Advocates for Africa's Internal Capital Growth

Temi Popoola, the Managing Director and CEO of NGX Group plc, stated that Africa's next capital market opportunity lies in better utilizing the continent's existing capital rather than solely attracting foreign investment. He highlighted the significant pools of savings controlled by pension funds, asset managers, and individual investors across Africa, which could be mobilized to support local businesses needing long-term capital for growth.

Popoola pointed out that Africa's capital markets are currently organized along national lines, complicating cross-border investments due to varying regulatory frameworks and currencies. He believes that addressing these barriers is crucial for the evolution of African capital markets towards greater connectivity.

This sentiment was echoed by Pierre-Célestin Rwabukumba, CEO of the Rwanda Stock Exchange and President of the African Securities Exchanges Association, during the Building African Financial Markets Forum in Dar es Salaam in July 2026. Rwabukumba noted that harmonized markets could enhance liquidity and access to capital for African businesses.