The Oyo State Government, in partnership with First City Monument Bank and the Mastercard Foundation, has disbursed ₦1.5 billion in collateral-free loans to 1,000 young agripreneurs as part of efforts to strengthen agricultural production and support youth-led enterprises in the state.
The funding initiative is delivered through the Easylift programme and forms part of broader interventions under the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) scheme, both aimed at boosting economic participation and reducing unemployment among young people.
The total funding pool comprises ₦500 million contributed by the Oyo State Government and ₦1 billion facilitated through collaboration between FCMB and the Mastercard Foundation, providing accessible financing to beneficiaries without the requirement of collateral.
Brandspur Banking News Desk reports that each beneficiary received an estimated ₦1.5 million as initial capital, with additional financing opportunities of up to ₦50 million available based on business performance and growth trajectory.
The disbursement event, held at the Fasola Agribusiness Industrial Hub, was attended by key stakeholders, including Governor Seyi Makinde, who emphasised that the programme is designed to build long-term economic capacity rather than serve as a one-time financial intervention.
According to the state government, the initiative integrates training, enterprise development, and access to finance, creating a structured pathway for young agripreneurs to scale their businesses and contribute to food security within the state.
The Director General of the Oyo State Agribusiness Development Agency, Debo Akande, disclosed that over 5,000 young individuals have benefited from training programmes under the initiative so far, highlighting the scale of human capital development embedded in the project.
He noted that the current phase of funding is targeted at participants who have completed training modules and demonstrated readiness to deploy capital effectively in agribusiness ventures across various agricultural value chains.
Speaking on the partnership, the Managing Director and Chief Executive Officer of FCMB, Yemisi Edun, said the collaboration reflects the bank’s commitment to supporting agriculture as a critical driver of economic growth and job creation in Nigeria.
She added that working alongside public institutions and development partners enables the bank to combine financial support with technical assistance, ensuring that beneficiaries are equipped with the necessary skills to sustain and expand their businesses.
The YEAP and SAfER programmes are part of Oyo State’s broader economic strategy to harness youth participation in agriculture, strengthen food systems, and promote inclusive economic development through targeted financing and capacity-building initiatives.
The intervention is expected to enhance productivity within the agricultural sector, create employment opportunities, and support the emergence of a new generation of agribusiness entrepreneurs contributing to the state’s economic diversification agenda.
