The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group Plc, Temi Popoola, has called for stronger collaboration among regulators, exchanges and international partners to drive sustainable capital flows across emerging markets.
Popoola made the call at an International Finance Corporation conference in Cairo during a panel session themed “Capital Mobilisation for Sustainability, Transition and Resilience.”
He said emerging markets are currently navigating structural challenges, including the development of ESG data and reporting infrastructure, policy frameworks, funding costs and market liquidity.
According to him, global investor appetite for sustainable assets is rising, supported by innovation in labelled financial instruments and improvements in regulatory standards.
“Emerging markets have a significant opportunity to contribute to the future of sustainable capital flows. Realising this potential calls for constructive alignment, robust disclosure standards, policy consistency, and synergy across the capital market ecosystem,” Popoola said.
He stressed the importance of evolving disclosure frameworks, noting that stronger reporting standards would enhance transparency, support risk assessment and attract long-term investment.
Drawing from Nigeria’s experience, Popoola referenced the country’s green and sustainable bond market, which began with Africa’s first certified sovereign green bond in 2017. He said the market has since expanded across sovereign, sub-national and corporate issuers, with repeated oversubscription indicating rising investor confidence.
He also highlighted Nigeria’s sovereign sukuk programme, including the most recent Series VII Sukuk, which recorded subscriptions significantly above the offer size, demonstrating strong domestic demand for long-term infrastructure-linked instruments.
Popoola noted that stock exchanges play a crucial role in advancing sustainable finance by providing platforms for impact-focused instruments, supporting disclosure standards and building issuer capacity.
He pointed to NGX’s Impact Board, launched in 2024, as a dedicated listing segment for green, social and sustainability-linked instruments.
The NGX chief also referenced the Net-Zero Programme, co-funded by DEG Impulse, which supports listed companies in developing science-based transition plans and improving climate disclosures. He said the programme is expected to reduce or avoid about 20,000 tonnes of CO₂e emissions in its initial phase while helping companies access climate-aligned financing.
On collaboration, Popoola emphasised the need for alignment among policymakers and market operators, citing Nigeria’s first sovereign green bond—executed through coordination between the Exchange, the Ministry of Finance, Ministry of Environment and the Debt Management Office—as an example of effective public-private partnership.
The conference brought together policymakers, regulators, exchange leaders and development finance institutions to explore ways to mobilise capital for sustainability, resilience and long-term economic growth across emerging markets.
