‘Strategic political, corporate leadership needed for Africa’s net zero transition’

Africa must adopt a robust, export-driven strategy to meet the challenges of the net zero transition, according to Mr Temi Popoola, Group Managing Director and CEO of Nigerian Exchange Group (NGX).

Speaking at a side event during the UN Climate Week, organised by Africa Foresight Group and KfW DEG, Popoola emphasised the critical need for strong, coordinated leadership across both political and corporate sectors.

Popoola cautioned against repeating the mistakes of Nigeria’s crude oil sector, often dubbed the “resource curse,” as the continent navigates the rising electric vehicle and smartphone industries. “We must ensure Africa captures the full value of its resources, rather than merely exporting raw materials,” he stated.

He noted the varying levels of commitment among Nigerian companies toward sustainability initiatives. While some corporations are investing significantly to reduce their carbon footprints and engage in transparent reporting, many others remain behind. Popoola also highlighted the growing threat of greenwashing, which could undermine real efforts toward sustainability.

Reflecting on the broader geopolitical context, particularly shifts in climate priorities in the United States, Popoola warned that strong leadership is vital for building a comprehensive value chain capable of addressing these challenges.

“To succeed in the global net-zero agenda, Africa needs a focused strategy that aligns with the realities of this evolving landscape,” Popoola concluded.

As Africa seeks to define its place in the global economy, integrated leadership, and corporate responsibility will be key to driving sustainable growth and development.