Oyo State Government and First City Monument Bank have supported 1,000 young agripreneurs with N1.5bn in collateral-free loans to boost food production and empower youth-led businesses. The initiative was facilitated through the Easylift programme, in partnership with the Mastercard Foundation.
A statement from the partners on Wednesday stated that the funding combines N500m from the state government with N1bn deployed through the Easylift programme. The agripreneurs initiative is part of the Youth Entrepreneurship in Agribusiness Project and the Sustainable Actions for Economic Recovery programme.
Governor Seyi Makinde said the programme is designed to build long-term economic capacity rather than provide one-off financial support. “This is about reinforcing a system,” Makinde said at the disbursement event held at the Fasola Agribusiness Industrial Hub. “Sustainable development depends on deliberate structures that connect training with enterprise and access to finance.”
The programme links agribusiness training to funding and ongoing support, establishing a clear path from skills development to commercial activity.
The Director-General of the Oyo State Agribusiness Development Agency, Debo Akande, said more than 5,000 young people have been trained so far. Beneficiaries of the current phase received initial funding of about ₦1.5m each, with the potential to access up to ₦50m based on business performance. “This is structured to move participants from learning into a scalable enterprise,” Akande said.
The Chief Executive Officer and Managing Director of FCMB, Yemisi Edun, said the partnership reflects the bank’s focus on agriculture as a growth driver. “Agribusiness remains a key pathway to economic growth,” Edun said. “Working with public and development partners allows us to combine financing with the support needed for businesses to grow.”
The YEAP and SAfER programmes form part of Oyo State’s broader development plan to reduce unemployment and strengthen food systems through youth participation. The partners expect the initiative to support job creation, improve livelihoods, and advance inclusive economic growth.
Arinze Nwafor is a journalist at Punch Newspapers with five years of experience reporting on Nigeria’s economy, industry, data, metro, and judiciary. He focuses on highlighting growth, policy, and market challenges shaping Africa’s largest economy. Arinze’s reporting reflects practical newsroom experience, editorial judgment, and a strong commitment to accurate, informative, and audience-focused journalism.
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