Popoola reemphasises NGX capacity to provide sustainable devt, combat climate change
The Chief Executive Officer of Nigerian Exchange Limited (NGX), Temi Popoola has re-emphasized the capacity of NGX in advancing sustainable development and combat climate change by fostering the growth of long-term sustainable finance.
Popoola in a statement celebrating World Environment Day, said as the sustainable exchange championing Africa’s growth, NGX has a long-standing commitment to fostering the growth of long-term sustainable finance in Nigeria and across Africa.
He noted that securities exchanges are uniquely positioned at the heart of the financial industry, facilitating the effective and efficient allocation of resources for the purpose of economic growth and development, saying the convening power of securities exchanges also positions these outstanding institutions as a driving force for change.
He pointed out that “Amidst the unfortunate loss of lives and the associated economic downturn brought by the COVID-19 pandemic, the global capital market offered some respite through innovative financial solutions such as the COVID-19 bonds that are actively helping the global economic recovery.
“At the peak of the COVID-19 pandemic, we experienced high level collaborations across the private and public sectors. More so, we saw the birth of innovative financial instruments developed in respond to the COVID-19 crisis such as the unprecedented $3 billion impact bond raised by the African Development Bank.”
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He explained that “This year’s World Environment Day creates an opportunity for reflection. We need to reflect on the collective challenges we face in preserving the only place we know as our home and start to make decisions that put social and environmental benefits at the core of our individual activities and business operations.
“We have ‘Only one Earth’ and we all have a part to play in preserving it. The COVID-19 pandemic has shown us that our activities as individuals and businesses have an immediate impact on our loved ones, and on people all around the world. As we continue building back our lives and return business activities to normalcy, it is critical to rethink our model of growth.”
According to the CEO of NGX, over the course of my year at the Exchange, I have become more convinced of the potential of securities exchanges serving as a force for good. I have a firm belief that securities exchanges have a unique opportunity to advance sustainable development and combat climate change by fostering the growth of long-term sustainable finance in new ways that reflect the times that are characteristic of the world in we live in today.
“In recent years, we have seen tremendous growth in green bonds as well as other sustainable financial instruments which are designed to tackle the climate crisis. As a leading securities exchange in Africa, NGX helped develop Africa’s first fully certified green bond, the debut Federal Government Sovereign N10.69 billion Green Bond. This is an area the Exchange has continued to play a leading role and will continue to with the support of all its stakeholders.”
“As part of today’s celebration of the 2022 World Environment Day, we are set to make good our commitment to foster the growth of long-term finance in Nigeria by launching a dedicated platform for sustainable finance instruments,” he emphasised.