Farouk Gumel, Vice Chairman of Tropical General Investments (TGI) Group, spoke at the 30th Nigerian Economic Summit (#NES30) in Abuja about the critical role micro-industries play in propelling Nigeria’s swift industrialization.
Gumel contested the idea that Nigeria is under-industrialized during a CEO Roundtable, emphasizing the country’s large number of small-scale businesses. He said: “In every village, someone is running a flour mill or bakery. We often overlook them, focusing on large factories.”
According to him, these small enterprises are the foundation of regional economies and are necessary for widespread industrial expansion. In Nigeria’s hyperinflationary environment, he noted, many micro-industries are barely surviving and are unable to develop into national brands because of a lack of support.
Continuing, he highlighted underutilized but already-existing resources that might support the growth of the microindustry, such as green technology incentives and funding from the Bank of Industry, Bank of Agriculture, and Nexim Bank. He stated: “There’s a plan, but these tools must be made accessible to the right people.”
BrandSpur national news stories report that alongside other prominent figures in the industry, such as Tola Adeyemi from KPMG West Africa and Winifred Isichei from Bonita Foods Limited, Gumel’s observations emphasized the significance of strengthening regional companies. Micro-industries have the potential to develop into significant national brands with the right assistance, changing the industrial landscape of Nigeria.
