Sustainable multilateral collaborations have been identified as key elements in boosting Nigeria’s economic development.
The Vice Chairman, Tropical General Investments (TGI) Group, Farouk Gumel, who disclosed this in his address during a side event at the 79th United Nations General Assembly (UNGA), in New York, highlighted TGI’s proven track record as a trusted partner in advancing economic and social impact.
During his address at the US-Nigeria Executive Roundtable in New York, Gumel, where he spoke as a special delegate of Nigeria’s private sector, led by Vice President, Kashim Shettima, Gumel engaged with key stakeholders from the international business community, highlighting TGI’s ongoing partnerships, notably a $200m facility from the United States International Development Finance Corporation (DFC) to Union Bank.
Gumel noted that TGI’s collaboration with DFC and other international partners exemplifies the power of strategic partnerships in accelerating growth and inclusivity for Small and Medium-Sized Enterprises (SMEs) in Nigeria.
“Our collaboration with the DFC has not only enhanced our operational capacity but also enabled us to channel resources effectively to the sectors that matter most. This partnership has been instrumental in promoting youth employment and entrepreneurship, which are critical drivers of Nigeria’s GDP growth.
“The DFC funding, channeled through the Overseas Private Investment Corporation (OPIC), aims to bolster various strategic arms of TGI Group’s operations, including enhancing agricultural value chains and supporting SMEs. As a company fully aligned with the principles of sustainable development, TGI has leveraged these funds to boost its trade hubs and increase project financing.
“TGI has demonstrated commitment and accountability in utilising these resources, adhering to global best practices,” Gumel added. He also highlighted how OPIC’s facility of $40m facilitated the growth of Chi Limited, ultimately leading to Coca-Cola’s $1b acquisition of the company.” Gumel said.
Through various initiatives, including a $10m USAID-backed project with WACOT Rice, TGI has also reinforced its support for Nigeria’s agricultural development. The project empowered local farmers and integrated them into the broader farming value chain, promoting food security and economic stability.
The President of the U.S–Africa Business Centre, Kendra Gaither, delivered the opening remarks to the discussion by highlighting the investment and partnership opportunities that exist in Nigeria, which would be beneficial in fostering a stronger partnership with the U.S. and Nigerian counterparts.
She commended existing partners such as TGI, while also sharing that the success of these businesses, especially startups, can accelerate economic growth and development.
“The resilience in the innovation from the start-up community continues to inspire and offers great prospects for economic growth and job creation for millions of youth,” Gaither said.
The roundtable also saw announcements of additional funding commitments to Nigeria, such as a $200m DFC loan to the Nigerian Mortgage Refinance Corporation and a $100m loan plan to support women-owned SMEs. These pledges underscore the growing confidence in Nigeria’s economic potential and the strategic role of partners like TGI Group in unlocking that potential.
