During a recent dinner session at the 30th Nigerian Economic Summit, Farouk Gumel, the Vice Chairman of TGI Group, emphasized the critical role of rural inclusion in Nigeria’s economic development. The event was themed “Rural Economy: The Good, the Bad, and the Ugly,” and hosted by TGI.
“Rural inclusion is essential for Nigeria’s development,” Gumel stated. “Most of our resources, whether it’s oil and gas, agriculture, or solid minerals, are concentrated in rural areas. That is our GDP; that is our economic activity.”
He urged for greater collaboration between urban decision-makers and rural entrepreneurs to foster sustainable business growth. “We must ensure that urban consumption, processing, and financing align with rural production to unlock the full potential of these areas.”
Gumel pointed out that the presence of both current and former heads of Nigeria’s security and intelligence agencies at the summit underscored the progress made in establishing peace and stability in rural regions. He noted, “Inclusive community engagements have been a crucial part of this peace process. To sustain that peace, more engagement needs to happen.”
Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, also addressed the potential within Nigeria’s rural areas. He remarked, “Inclusive development is crucial to unlocking wealth in agriculture, minerals, and energy sectors. During my tenure as governor, I witnessed how transformative programs, like increasing farmers’ yields from less than one ton per hectare to over four tons, can lift people out of poverty.”
Bagudu highlighted that strategic investments in rural development are vital to unlocking Nigeria’s full economic potential. According to an agricultural survey, approximately 40.9 million households are engaged in agriculture, suggesting that government empowerment could lead to significant national and economic growth.
