TGI Group executive director and vice chairman for Africa, Farouk Gumel, has stressed the need to revitalise Nigeria’s manufacturing value chain to unlock its economic potential.
Gumel stated this in a message he delivered at the 2023 United States (US)-Africa Business Summit organised by the Corporate Council on Africa (CCA) in Gaborone, Botswana.
TGI Group is described as a significant contributor to the Nigerian economy, and a prime example of an organisation that has taken proactive measures to control its value chain.
Gumel said the company’s comprehensive approach, which extends to producing essential agricultural inputs, such as seeds, fertilisers, and agrochemicals, to empowering local operators within communities.
He said, “We believe in a balanced approach that combines modern techniques with the preservation of job opportunities.”
Gumel challenged other organisations to emulate the TGI Group by ensuring that the introduction of technology does not lead to unemployment considering the abundance of unskilled labour in the rural areas.
He also advocated for the adoption of modern farming techniques to enhance yield and productivity as a starting point. According to him, any intervention must be a win-win scenario that benefits the company’s operations and the host communities.
This approach, he said, is a significant aspect of TGI’s strategy and its commitment to supporting farmers beyond the harvest.
Gumel said, “Our factories have guaranteed off-take agreements with the farmers, solidifying our commitment to the entire value chain, from input supply to processing.”
‘Even in areas with limited direct control, such as product packaging, TGI has adeptly structured its operations to navigate challenges successfully.TGI Group’s forward-thinking approach extends beyond its core operations,” he said.
Recognising the collective burden of this endeavour, he said the company acquired Union Bank, a prominent financial institution.
Gumel said through the acquisition, TGI fosters financial inclusion in rural areas, transforming agro-dealers into agent bankers who provide essential banking services to individuals in underserved communities.
