The Oyo State Government, in partnership with First City Monument Bank (FCMB), has disbursed N1.5 billion in collateral-free loans to 1,000 young agripreneurs to boost food production and support youth-led businesses.
Gatekeepers News reports that the initiative was implemented under the Easylift programme in collaboration with the Mastercard Foundation, according to a statement by the bank.
The funding package comprises N500 million contributed by the state government and N1 billion deployed through the Easylift programme.
The agripreneurship drive is part of the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) programme.
Governor Seyi Makinde said the initiative is aimed at building sustainable economic capacity rather than offering one-off financial support.
“This is about reinforcing a system,” Makinde said during the disbursement ceremony at the Fasola Agribusiness Industrial Hub. “Sustainable development depends on deliberate structures that connect training with enterprise and access to finance.”
Chief Executive Officer of FCMB, Yemisi Edun, noted that the partnership aligns with the bank’s strategic focus on agriculture as a key driver of growth.
“Agribusiness remains a key pathway to economic growth. Working with public and development partners allows us to combine financing with the support needed for businesses to grow,” she said.
The programme integrates agribusiness training with access to funding and ongoing support, creating a pathway from skill development to commercial enterprise.
Director-General of the Oyo State Agribusiness Development Agency, Debo Akande, revealed that more than 5,000 young people have been trained so far. He added that beneficiaries in the current phase received about N1.5 million each, with opportunities to access up to N50 million based on performance.
“This is structured to move participants from learning into a scalable enterprise,” Akande said.
