Oyo State Executive Council Approves N500 Million for Youth Agribusiness Support in Collaboration with FCMB

The Oyo State Executive Council (ExCo) convened today and approved a sum of N500 million to support beneficiaries of the Youth Entrepreneurship in Agribusiness Project (YEAP). This funding is part of the Sustainable Actions for Economic Recovery (SAfER) programme, aimed at fostering economic growth and sustainability in the agribusiness sector.

The approved N500 million will be supplemented by an additional N1 billion from First City Monument Bank (FCMB), bringing the total financial support for YEAP beneficiaries to N1.5 billion. This collaborative effort between the Oyo State government and FCMB underscores a strong commitment to empowering young entrepreneurs in the agribusiness sector.

The ExCo meeting, presided over by Acting Governor Barr. Abdulraheem Bayo Lawal, focused on the strategic importance of supporting youth-driven agribusinesses as a means to boost economic recovery and create sustainable employment opportunities. The funding aims to provide essential resources for young agripreneurs to enhance their productivity, expand their operations, and contribute to the state’s overall economic development.

YEAP beneficiaries will have access to this substantial financial support, enabling them to invest in modern agricultural technologies, improve their supply chains, and scale their businesses. This initiative is expected to stimulate local economies, increase food production, and promote innovative agricultural practices within Oyo State.

By partnering with FCMB, the Oyo State government aims to ensure that the financial support is effectively managed and reaches those who need it most. The bank’s additional contribution of N1 billion demonstrates confidence in the potential of young agripreneurs to drive economic growth and sustainability.

The approval of this funding marks a significant step towards achieving the objectives of the SAfER programme, aligning with the state’s vision of fostering a resilient and diversified economy through strategic investments in youth entrepreneurship and agribusiness.