TGI Group’s advocacy for inclusive growth, sustainable solutions echoes at forums
Tropical General Investments (TGI) Group, a key player in the Nigerian economy, has highlighted the importance of inclusive growth, modernization, and private sector solutions for developing Nigeria and Africa.
At the 21st African Growth and Opportunity Act (AGOA) Forum in Washington D.C., Farouk Gumel, Vice Chairman of TGI Group (Africa)emphasized the need for AGOA to evolve by fostering greater inclusion and social impact. “The essence of AGOA is about creating jobs and promoting inclusive growth,” said Gumel. “We must focus on sectors such as agriculture, where value addition can significantly benefit both African economies and the U.S. market.”
Gumel highlighted the trade figures between Africa and the U.S., noting that while the total trade is approximately $44.8 billion, a substantial portion comes from a few countries and specific sectors. He stressed the importance of diversifying this trade to include more countries and industries that create jobs and drive inclusive growth. “For AGOA to achieve its goals, African nations and their people must truly benefit from it,” he stated.
Other panellists at the forum included Hon. Parks Tau, Minister of Trade, Industry, and Competition, Republic of South Africa; Anne Aliker, Standard Bank Head Client Coverage, Corporate and Investment Banking; Catherine Robinson, Senior Director, Pfizer; Hanok Teferra Shawl, Managing Director, Africa, Boeing; and Bobby Thomson, Global Head of Government Engagement, Visa Inc.
Meanwhile, at the Africa Social Impact Summit (ASIS) in Lagos, Gumel participated in a session titled “Enabling Private Sector Solutions in Forced Displacement Contexts – The Nigerian Experience.” He addressed how businesses like TGI Group can provide sustainable solutions to forced displacement challenges in Nigeria. “The psychological trauma of forced displacement is often overlooked. We must include and support displaced communities within our value chains,” Gumel remarked.
He explained TGI Group’s approach to integrating displaced communities into operations by providing resources like seeds and fertilizers and partnering with organizations such as UNHCR. “Balancing a reliable value chain and a profitable business requires partnerships with development agencies, ensuring rural economies thrive and displaced individuals live dignified lives,” he added.
The panel included the CEO of Sterling Bank, Abubakar Suleiman, Country Representative, UNHCR, Arjun Jain, and Cameroonian Refugee and beneficiary of UNHCR – Cuso International Livelihood Intervention, Annette Ojong Ndifon. The session was moderated by Toyin Saraki, the founder of Wellbeing Foundation Africa.
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