The Vice-Chairman, Tropical General Investments (TGI) Group, Farouk Gumel, has said that micro-industries would play vital role in Nigeria’s quest for industrialisation.

Speaking at a CEO Roundtable at the 30th Nigerian Economic Summit (#NES30), in Abuja, Gumel noted that while Nigeria is often seen as under-industrialised, micro-industries are, in fact, prevalent throughout the country.

“In every village, somebody runs a flour mill or a bakery. We have small industries everywhere, but we often ignore them for the big factories and technologies,” he noted.

Gumel emphasised that these small businesses play a vital role in local economies, yet, they are rarely acknowledged in the broader conversation about industrialisation.
He offered a roadmap for the public and private sectors to better leverage existing frameworks to promote industrial growth.

Gumel said with proper support, micro-industries could evolve into national brands, contributing to sustainable economic development and helping to realize Nigeria’s industrial potential.

Other panellists at the roundtable discussion were Chief Executive Officer, KPMG West Africa, Tola Adeyemi, and Chief Executive Officer, Bonita Foods Limited, Winifred Isichei. The panel was moderated by Olubukola Adubi, Chief Executive Officer, MicCom Cables & Wires Limited.

The discussion reinforced the need for Nigeria to focus on scaling up micro-industries as a pathway to rapid industrialisation.