By: Peace Udugba.
The Group Managing Director/Chief Executive Officer of Nigerian Exchange Group (NGX Group), Temi Popoola, has spotlighted the capital market as a key driver for strengthening Nigeria–Brazil economic relations, emphasizing its role in unlocking inclusive and cross-border growth, particularly for small and medium-sized enterprises (SMEs).
Popoola made the remarks during a high-level business forum held as part of President Bola Ahmed Tinubu’s state visit to Brazil. He stressed that while large corporates continue to play a role in trade, the future of bilateral economic growth lies in empowering SMEs and entrepreneurs through accessible capital market structures.
“Exchanges are no longer just platforms for large corporations,” Popoola said. “The growth of our economies depends on SMEs, and we must design financing structures that serve them.”
He highlighted NGX’s efforts in lowering entry barriers for SMEs through initiatives like its Growth Board, alongside alternative funding options including crowdfunding, receivables financing, and private market solutions.
Speaking on Nigeria’s investment environment, Popoola described it as one of the most open and digitalized in emerging markets, with no capital controls, well-established digital intermediaries, and access to increasingly integrated African markets. “We offer a compelling opportunity for Brazilian investors,” he added.
The forum also saw the signing of a Memorandum of Understanding (MoU) between Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development (BNDES), aimed at boosting agricultural financing and investment.
Popoola reiterated NGX Group’s broader commitment to African economic integration, referencing initiatives like the African Exchanges Linkage Project and its recent stake in the Ethiopia Stock Exchange, aligning with AfCFTA objectives.
With Brazil as Latin America’s largest economy and Nigeria as Africa’s largest, the potential for cooperation is immense,” Popoola concluded. “Capital markets are the bridge that can connect our SMEs, investors, and innovators to this opportunity.
President Tinubu’s visit—accompanied by ministers and top Nigerian business leaders—marks a new chapter in Africa–Latin America engagement, centered on inclusive, innovation-driven trade.
