Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group (NGX Group), has highlighted a historic surge in capital formation within Nigeria and Africa. Speaking at the Nigeria-Asia Financial Connectivity Dialogue in Singapore, Popoola noted that Nigeria’s capital market is gaining momentum, underscored by significant banking recapitalization efforts and the upcoming Dangote Petroleum Refinery IPO.

The event, co-hosted by the Central Bank of Nigeria (CBN), J.P. Morgan, NGX, and FMDQ Group, focused on deepening investment flows between Nigeria and Asia. Popoola pointed to recent market improvements—such as the transition to a T+1 settlement cycle and FTSE Russell’s reclassification of Nigeria to Frontier Market status—as critical to enhancing international investor participation.

CBN Governor Olayemi Cardoso also attended the summit, emphasizing that sustaining long-term capital inflows requires credible monetary policy, stronger governance, and predictable regulation. The dialogue included engagements with the Singapore Exchange Group to foster institutional collaboration and a memorandum of understanding between the CBN and the Global Finance and Technology Network to drive financial innovation.