The Oyo State Government has partnered with First City Monument Bank to launch a ₦1.5 billion agribusiness financing initiative targeting 1,000 young entrepreneurs, as part of efforts to strengthen food systems and promote inclusive economic growth.
The programme, implemented under the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) initiative, will provide collateral-free loans of ₦1.5 million to each beneficiary, with opportunities to access up to ₦50 million based on business performance and growth.
The initiative is designed to support youth-led enterprises across the agricultural value chain, boost local food production and enhance livelihoods, while addressing unemployment through sustainable enterprise development.
State authorities said more than 5,000 young people have already been trained in agribusiness under the programme, creating a pipeline of beneficiaries equipped with the technical and business skills required to build resilient ventures.
Governor Seyi Makinde said the scheme is structured to deliver long-term economic impact by building capacity among young people rather than offering one-off financial interventions. He noted that the initiative aligns with the state’s broader strategy to improve food security, stimulate rural economies and expand opportunities for youth participation in agriculture.
Officials added that the partnership with FCMB is expected to improve access to finance for young agripreneurs, a key barrier to scaling agricultural businesses in Nigeria, while contributing to broader sustainability goals, including job creation, poverty reduction and economic resilience.
The programme forms part of ongoing efforts by the state government to leverage agriculture as a driver of sustainable development, with a focus on strengthening value chains, increasing productivity and supporting youth as critical actors in Nigeria’s evolving food economy.
