The Lagos Chamber of Commerce and Industry (LCCI) says Nigeria needs to invest $538 million every year for 10 years to boost agro-processing and create real industrial growth.Chairman of the Chamber's Agricultural and Allied Group, Tunde Banjoko, made… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader $538m needed annually for agro-processing — LCCI By Busola Bamidele on May 2, 2025 The Lagos Chamber of Commerce and Industry (LCCI) says Nigeria needs to invest $538 million every year for 10 years to boost agro-processing and create real industrial growth. Chairman of the Chamber's Agricultural and Allied Group, Tunde Banjoko, made the projection while urging government to build on the African Development Bank's investment in the Special Agro-Industrial Processing Zones (SAPZ) initiative. Read also: $538m needed annually for agro-processing — LCCI APPLY NOW: Sales and Marketing Officer APPLY NOW: Accountant APPLY NOW: Admin Assistant Ogun launches $400m industrial hub to attract investors, create 40,000 jobs He stressed the need for a long-term plan that helps each state focus on its agricultural strength whether cocoa, groundnut, sesame, or rubber just like in the 1960s. "Industrialisation takes time and planning. If this kind of funding continues annually, we'll see results," Banjoko said. He also warned that many states are missing out on the SAPZ project due to lack of counterpart funding, which could slow agro-industrial growth and limit opportunities for small businesses in the sector.

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