Oyo State Government and First City Monument Bank (FCMB) have disbursed ₦1.5 billion in collateral-free loans to 1,000 young agricultural entrepreneurs, aiming to strengthen regional food production and scale youth-led agribusinesses. The financing forms part of a coordinated effort to integrate practical training with accessible capital and enterprise development.
The funding package combines ₦500 million in direct allocations from the state government with ₦1 billion deployed through the Easylift programme, implemented in partnership with the Mastercard Foundation. Beneficiaries operate under the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) programme. Rather than providing short-term financial relief, the initiative links agricultural training to structured funding, creating a formal progression from skill development to commercial operations.
During the disbursement event at the Fasola Agribusiness Industrial Hub, Governor Seyi Makinde emphasized that the framework prioritizes institutional capacity. “Sustainable development depends on deliberate structures that connect training with enterprise and access to finance,” he said. Debo Akande, Director-General of the Oyo State Agribusiness Development Agency, noted that more than 5,000 young people have completed agribusiness training under the scheme. Participants in the current phase received approximately ₦1.5 million each, with eligibility to scale financing to ₦50 million based on verified business performance. Akande described the model as a structured pathway from learning to commercial enterprise.
Yemisi Edun, Managing Director and Chief Executive Officer of FCMB, identified agriculture as a central driver of economic expansion. She highlighted that partnerships between commercial banks, state agencies, and development organizations help align capital with the technical assistance required for early-stage business survival and growth. The initiative aligns with Oyo State’s strategy to reduce youth unemployment, modernize food supply chains, and integrate younger demographics into formal economic sectors.
Partners anticipate the programme will generate employment across agricultural value chains, improve household incomes, and establish a replicable financing framework for youth-led ventures. Loan utilization and enterprise growth will be monitored through existing evaluation systems, with subsequent funding rounds tied to measurable performance indicators.
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