'Africa must rethink growth model'
African policymakers, capital market leaders, and development stakeholders need to rethink the continent’s growth model to achieve amenable framework for accelerated development.
Group Managing Director of Nigerian Exchange Group, Temi Popoola, said any amenable growth model must be anchored on homegrown capital, tech-enabled integration, and bold partnerships.
Speaking at 2025 annual meetings of African Development Bank in Abidjan, Popoola said the renewed African development agenda should prioritise financial sovereignty and economic resilience, built on deliberate domestic capital mobilisation and scalable, tech-driven solutions.
Reflecting on lessons from COVIDc, he noted: “When foreign capital dried up and domestic capital stepped in to fill the void, it revealed something powerful: the capital we seek abroad exists in our borders. What is needed is intentionality and a clear plan to mobilise and deploy it effectively”.
He outlined three foundational pillars for Africa’s financial future including intentionality, financial literacy, and technology-driven inclusion.
He urged institutions to design frameworks that align with realities and expectations of local investors.
“Foreign capital follows local commitment. When African institutions lead with clarity and confidence, others follow. But we must first trust and invest in ourselves,” Popoola said.
He urged greater cross-border collaboration to accelerate integration of African capital markets. Referencing AfDB-backed African Exchanges Linkage Project, he said it is a model for regional capital connectivity, but regulatory silos and uneven infrastructure remain barriers.
He pointed to Nigeria’s InfraCredit as a successful model for unlocking institutional capital for infrastructure. “We already have the templates, the tools, and the capital. It’s time to act with intent and scale what works.”
Popoola’s call for African-led solutions comes at a pivotal moment for the continent’s premier development institution. The 2025 meetings marked the final one under the leadership of Dr. Akinwumi Adesina, whose decade-long tenure as AfDB President, saw the Bank’s capital base grow from $93 billion to $318 billion and more than 500 million lives impacted.
Commending these achievements, Popoola urged continuity with even greater ambition and urgency. “There’s now a broader awareness that Africa can solve its own problems. The incoming AfDB leadership and all of us across the public and private sectors must build on this momentum to deliver African-led growth.”
He concluded with a charge to the continent’s leaders and financial actors, stating, “Africa must stop waiting for rescue. Our capital, our ideas, and our partnerships are the keys to unlocking sustainable development from within.”
Popoola’s comments reflect a growing consensus among financial leaders that Africa’s next phase of growth must be self-directed, leveraging local capital and innovation to shape its own development trajectory.
