Tunmise Olaoye
At the 30th Nigerian Economic Summit (#NES30) held at Transcorp Hilton in Abuja, Farouk Gumel, Vice Chairman of Tropical General Investments (TGI) Group, highlighted the importance of micro-industries in Nigeria’s path toward rapid industrialization. In his address during the CEO Roundtable, Gumel pointed out that despite Nigeria being perceived as under-industrialized, micro-industries are widespread across the country, especially in rural areas.
“From flour mills to bakeries, small industries are present in every village. However, they often go unnoticed in discussions about industrial growth,” Gumel remarked. While acknowledging that these businesses are struggling rather than thriving due to the hyperinflationary environment, he stressed that with the right support, these local enterprises could expand and evolve into national brands.
Gumel provided a solution-oriented approach to the challenges faced by micro-industries. He called for better utilization of available resources, including green technology investments and accessible financing options from institutions such as the Bank of Industry and the Bank of Agriculture. “The tools are there, but we must ensure they are accessible to the right people,” he stated, urging both the public and private sectors to collaborate more effectively.
The roundtable discussion, moderated by Olubukola Adubi, CEO of MicCom Cables & Wires Limited, also featured Tola Adeyemi, CEO of KPMG West Africa, and Winifred Isichei, CEO of Bonita Foods Limited. The panelists emphasized the need to focus on scaling up micro-industries, which, when nurtured, can contribute significantly to Nigeria’s industrial transformation and sustainable economic development.
