Temi Popoola, the CEO of the Nigerian Exchange Group (NGX Group), spoke about how Africa’s capital markets, like stock exchanges, have the potential to transform the continent’s economy.
He made these remarks at the launch of the Ethiopian Securities Exchange (ESX). Details At the event, Popoola stressed the importance of working together—both within African countries and between governments and private businesses—to create innovative financial solutions that can unlock Africa’s economic potential.
NGX Group has invested in Ethiopia’s new stock exchange (ESX) to show its commitment to improving Africa’s financial systems. Popoola described the ESX as an important step for Ethiopia and Africa, as it will help raise money for businesses and create more opportunities for people to trade and invest, which will drive economic growth.
In his words, “The launch of ESX represents a pivotal moment for Ethiopia and the broader African financial landscape. “
“ESX will serve as a crucial mechanism for capital formation and market liquidity, driving sustainable economic growth.”
Popoola explained why NGX Group decided to invest in Ethiopia. He said the country has a lot of untapped market opportunities and shares NGX Group’s vision of using innovation to boost the economy. This partnership is not just about investment but also about helping ESX become an important player in Africa’s financial market and encouraging investments across borders.
“Our partnership transcends traditional investment parameters,” he explained. “It is about ensuring that ESX evolves into a key player in Africa’s financial ecosystem, enabling cross-border investments and setting benchmarks for market development.”
He compared Ethiopia’s potential with global success stories like India, which used its stock markets to grow its economy. Popoola suggested that Ethiopia could become a financial hub in Africa by carefully opening up its markets and attracting investors from within and outside the continent.
Prime Minister Abiy Ahmed celebrated the launch of ESX as a major achievement for Ethiopia’s economy. He announced on social media that Ethiopia’s first stock exchange is open and invited global investors, emphasizing the country’s economic growth and potential for prosperity.
In his words, “Today, we have officially rung the bell to launch the Ethiopian Securities Exchange, our nation’s first stock exchange.”
“This is a call to global investors: Ethiopia offers immense potential, a fast-growing economy, and a clear trajectory toward shared prosperity.”
The CEO of ESX, Tilahun Esmael Kassahun, welcomed NGX Group as a key partner. He praised NGX for its continued support and highlighted how its expertise will help shape the success of the Ethiopian stock exchange.
Popoola also shared lessons from NGX Group’s 60 years of experience, emphasizing the need to create diverse investment options and make investing more accessible to people. He believes that with innovation, supportive policies, and teamwork within Africa, Ethiopia’s stock exchange can lead the way in transforming the continent’s economy.
Final Thoughts
The launch of ESX marks a significant change for Ethiopia’s financial system. NGX Group’s involvement demonstrates how partnerships and shared knowledge can play a vital role in advancing Africa’s economic progress.
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