Tropical General Investments (TGI) Group, a key player in the economy, has highlighted importance of inclusive growth, modernisation, and private sector solutions for developing Nigeria and Africa.
At the 21st African Growth and Opportunity Act (AGOA) Forum in Washington D.C., United States, Farouk Gumel, vice chair of TGI Group (Africa), noted the need for AGOA to foster greater inclusion and social impact. ‘‘The essence of AGOA is about creating jobs and promoting inclusive growth’’, said Gumel. ‘‘We must focus on sectors, such as agriculture, where value addition can benefit African economies and United States market’’.
Gumel highlighted the trade figures between Africa and United States, noting while total trade is approximately $44.8 billion, a substantial portion comes from fewer countries and specific sectors. He stressed importance of including more countries and industries that create jobs and drive inclusive growth. ‘‘For AGOA to achieve its goals, Africans must benefit,’’ he nted.
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Other panellists included Parks Tau, South Africa’s minister of Trade, Industry, and Competition; Anne Aliker, Standard Bank’s head of Client Coverage, Corporate and Investment Banking; Catherine Robinson, senior director of Pfizer; Hanok Teferra Shawl, managing director of Africa, Boeing; and Bobby Thomson, global head of Government Engagement, Visa Inc.
In another forum, Africa Social Impact Summit (ASIS) in Lagos, Gumel addressed how businesses like TGI provides sustainable solutions to forced displacement challenges in Nigeria. ‘‘The psychological trauma of forced displacement is often overlooked. We must support them in our value chains,’’ Gumel said.
The panel included Chief Executive Officer of Sterling Bank, Abubakar Suleiman, Country Representative, UNHCR, Arjun Jain, and Cameroonian Refugee and beneficiary of UNHCR – Cuso International Livelihood Intervention, Annette Ndifon. Thesession was moderated by Toyin Saraki, founder of Wellbeing Foundation Africa.