The Executive Director and Vice Chairman for Africa at TGI Group Farouk Gumel has underscored the urgent need to revitalize Nigeria’s manufacturing value chain, citing its critical role in unlocking its economic potential.
Gumel while delivering message at the 2023 US-Africa Business Summit organized by the Corporate Council on Africa (CCA) in Gaborone, Botswana, highlighted the company’s comprehensive approach, which extends from producing essential agricultural inputs, such as seeds, fertilizers, and agrochemicals, to empowering local operators within communities.
TGI Group, a significant contributor to the Nigerian economy, is a prime example of an organization that has taken proactive measures to control its value chain.
“We believe in a balanced approach that combines modern techniques with the preservation of job opportunities,” Gumel emphasized. TGI Group ensures that introducing technology does not lead to unemployment considering the abundance of unskilled labour in the rural areas”, he said.
He advocated for the adoption of modern farming techniques to enhance yield and productivity as a starting point. Any intervention must be a win-win scenario that benefits TGI’s operations and the host communities.
A significant aspect of TGI’s strategy is its commitment to supporting farmers beyond the harvest.
Gumel explained, “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. Recognizing the collective burden of this endeavour, the company acquired Union Bank, a prominent financial institution. Through this acquisition, TGI fosters financial inclusion in rural areas, transforming agro-dealers into agent bankers who provide essential banking services to individuals in underserved communities.
TGI Group’s vision and innovative strategies enhance Nigeria’s manufacturing value chain and positively impact local economies and inclusive development.
The combination of TGI’s commitment to the value chain and its efforts in financial inclusion serves as a powerful model for sustainable progress, contributing to economic growth and job creation.
Tropical General Investments (TGI) Group is a global conglomerate with most of its investments in emerging markets.
TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities and a highly skilled workforce to produce world-class products consumed locally and exported to global markets.
TGI Group is the parent company of WACOT Rice, CORMART, and CHI Farms, among others.
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