At NES30, TGI Group’s Farouk Gumel outlined the role of micro-industries in Nigeria’s rapid industrialization and sustainable economic development.
At the 30th Nigerian Economic Summit (#NES30) in Abuja, Farouk Gumel, Vice Chairman of Tropical General Investments (TGI) Group, addressed the pivotal role of micro-industries in driving Nigeria’s rapid industrialization. During a CEO Roundtable, Gumel challenged the perception of Nigeria as under-industrialized, highlighting the prevalence of small-scale industries nationwide.
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“In every village, there’s someone running a flour mill or bakery. We often overlook them, focusing on large factories,” Gumel noted. He described these small businesses as the backbone of local economies, essential for broad industrial growth. However, he pointed out that many micro-industries are merely surviving in Nigeria’s hyperinflationary environment, unable to grow into national brands due to limited support.
Gumel emphasized existing but underutilized resources, including financing from the Bank of Industry, Bank of Agriculture, and Nexim Bank, as well as green technology incentives, all of which could enhance micro-industry growth. “There’s a plan, but these tools must be made accessible to the right people,” he stated, urging both public and private sectors to prioritize and enable micro-industries’ expansion.
Joined by other industry leaders like Tola Adeyemi (KPMG West Africa) and Winifred Isichei (Bonita Foods Limited), Gumel’s insights underscored the importance of empowering local businesses. With proper support, micro-industries can grow into influential national brands, transforming Nigeria’s industrial landscape.
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