Tropical General Investments (TGI) Group’s Vice Chairman, Farouk Gumel, has emphasized the critical role of sustainable multilateral collaborations in boosting Nigeria’s economic development during a side event at the 79th United Nations General Assembly (UNGA).

During his address at the US-Nigeria Executive Roundtable in New York, Gumel highlighted TGI’s proven track record as a trusted partner in advancing economic and social impact.

Speaking 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. He highlighted TGI’s ongoing partnerships, notably 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 facilitated high-level discussions on investment opportunities and partnerships that can drive Nigeria’s development agenda.

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,” said Gumel.

The DFC funding, channelled 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 utilizing these resources, adhering to global best practices,” Gumel added. He also highlighted how OPIC’s facility of $40 million facilitated the growth of Chi Limited, ultimately leading to Coca-Cola’s $1 billion acquisition of the company.

Through various initiatives, including a $10 million 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.

Kendra Gaither, President of the U.S.-Africa Business Centre, 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 $200 million DFC loan to the Nigerian Mortgage Refinance Corporation and a $100-million 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.