The Tropical General Investments (TGI) Group has highlighted the importance of inclusive growth, modernisation and private sector solutions for developing Nigeria and Africa, by focusing on sectors such as agriculture, where value addition can significantly benefit both African economies and the U.S. market.
Speaking at the 21st African Growth and Opportunity Act (AGOA) Forum in Washington D.C., the Vice Chairman of TGI Group (Africa), Farouk Gumel, emphasised 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. 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 $44.8b, 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.”
Meanwhile, at the Africa Social Impact Summit (ASIS) in Lagos, Gumel, who participated in a session, titled: “Enabling Private Sector Solutions in Forced Displacement Contexts – The Nigerian Experience,” explained the firm’s approach to integrating displaced communities into operations by providing resources like seeds and fertilisers and partnering with organisations such as UNHCR.
He addressed how businesses like TGI Group could provide sustainable solutions to forced displacement challenges in Nigeria, saying: “The psychological trauma of forced displacement is often overlooked. We must include and support displaced communities within our value chains.”
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.
