The vice chairman of Tropical General Investments (TGI) Group, Farouk Gumel, has outlined strategies to accelerate Nigeria’s industrial growth while stressing the significant role of micro-industries in the transformation.
During a roundtable in Abuja, Gumel challenged the conventional view of Nigeria as under-industrialised.
According to him, while large factories often draw the focus, small, community-based industries are active across the country and could be crucial to advancing Nigeria’s industrial landscape.
He pointed out that these small businesses, while critical to local economies, are frequently excluded from the national conversation about industrialisation. Nevertheless, he stated that they face considerable challenges, with many barely surviving amid high inflation.
Gumel stated that the solutions to these challenges are already available but underutilised.
He suggested that if these businesses were thriving, they could expand into neighbouring regions or even scale to national recognition. He also urged the public and private sectors to leverage existing frameworks to promote sustainable growth.
He said, “In every village, someone operates a flour mill or a bakery, we have small industries everywhere, yet we often overlook them in favour of larger factories and advanced technologies that may seem beyond our reach.
“There is a plan, and it hasn’t changed. Green technology offers incentives, while institutions like the Bank of Industry, Bank of Agriculture, and Nexim Bank provide financing. These tools exist, but we need to ensure they are accessible and used by the right people.”
Other speakers at the roundtable included Tola Adeyemi, CEO of KPMG West Africa, Winifred Isichei, CEO of Bonita Foods Limited and Olubukola Adubi, CEO of MicCom Cables and Wires Limited.
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