Tropical General Investments (TGI) Group’s Vice Chairman, Farouk Gumel, underscored the importance of sustainable multilateral collaborations in fostering Nigeria’s economic growth during a side event at the 79th United Nations General Assembly (UNGA). Speaking at the US-Nigeria Executive Roundtable in New York, Gumel showcased TGI’s proven track record as a reliable partner for driving economic and social impact.
Engagement with International Stakeholders
As a special delegate representing Nigeria’s private sector alongside Vice President Kashim Shettima, Gumel engaged with key players from the international business community. He highlighted TGI’s strategic partnerships, particularly a $200 million facility from the United States International Development Finance Corporation (DFC) to Union Bank.
Hosted by the American Business Council Nigeria and the US Chamber of Commerce, the roundtable focused on high-level discussions regarding investment opportunities and partnerships that can propel Nigeria’s development agenda.
Emphasizing Strategic Partnerships
Gumel emphasized that TGI’s collaboration with DFC and other international partners exemplifies the transformative power of strategic partnerships in enhancing growth and inclusivity for Small and Medium-Sized Enterprises (SMEs) in Nigeria. He stated, “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 TGI Group’s various strategic operations, including enhancing agricultural value chains and supporting SMEs. Gumel noted, “TGI has demonstrated commitment and accountability in utilizing these resources, adhering to global best practices.” He referenced OPIC’s $40 million facility that facilitated the growth of Chi Limited, which ultimately led to Coca-Cola’s $1 billion acquisition of the company.
Commitment to Agricultural Development
Through various initiatives, including a $10 million USAID-backed project with WACOT Rice, TGI has reinforced its commitment to Nigeria’s agricultural development. This project empowered local farmers and integrated them into the broader farming value chain, thereby promoting food security and economic stability.
Kendra Gaither, President of the U.S.-Africa Business Centre, delivered opening remarks that highlighted the investment and partnership opportunities in Nigeria. She noted that such collaborations are vital for fostering a stronger partnership between the U.S. and Nigerian counterparts. Gaither commended TGI and emphasized that the success of businesses, especially startups, could significantly accelerate economic growth and development. “The resilience in the innovation from the startup community continues to inspire and offers great prospects for economic growth and job creation for millions of youth,” she said.
Through initiatives like these, TGI Group continues to play a pivotal role in driving Nigeria’s economic development by leveraging sustainable partnerships and empowering local communities.