The Oyo State government, in partnership with FCMB Bank, has unveiled a ₦1.5 billion agribusiness loan scheme aimed at empowering youths trained through the state’s Agribusiness Program (YEAP).
The initiative will see the state contribute ₦500 million, while FCMB will provide ₦1 billion.
At a press briefing in the Governor’s Office in Ibadan, Barrister Olasunkanmi Olaleye, the Commissioner for Agriculture and Rural Development, outlined the goal of the scheme: to support young entrepreneurs who have completed state-sponsored training programs under the Oyo State Agribusiness Development Agency (OYSADA). He announced that OYSADA will soon reveal the details for distributing the funds to qualified beneficiaries.
In addition, Prince Dotun Oyelade, the Commissioner for Information and Orientation, shared that the state executive council has approved ₦147 million to be allocated to 12,600 pensioners. This allowance is intended to alleviate the financial strain caused by the federal government’s removal of fuel subsidies, which has adversely affected personal and household incomes.
Olaleye highlighted the importance of the ₦1.5 billion loan scheme, emphasizing its potential to boost local agriculture and generate job opportunities. He clarified that the loan is exclusively available to youths who have been trained and certified by OYSADA, and will not extend to independent agribusiness entrepreneurs not certified by the agency.
