Oyo, FCMB, disburse N1.5bn to youth farmers

Oyo State Government and First City Monument Bank (FCMB) have supported 1,000 young agripreneurs to boost food production and support youth-led businesses by disbursing N1.5 billion in collateral-free loans. This impact was made possible through the Easylift programme, in partnership with the Mastercard Foundation.

The funding combines N500 million from the State government with N1 billion deployed through the Easylift programme. The agripreneurs initiative falls under the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) programme.

Seyi Makinde, Governor of Oyo State, said the programme was designed to build long-term economic capacity rather than provide one-off financial support.

“This is about reinforcing a system”, Governor 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 connects agribusiness training to funding and ongoing support, establishing a clear link between developing skills and progressing to commercial activity.

Debo Akande, Director-General of the Oyo State Agribusiness Development Agency, said more than 5,000 young people had been trained so far. Beneficiaries of the current phase received initial funding of about N1.5 million each, with the potential to access up to N50 million based on business performance.

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“This is structured to move participants from learning into a scalable enterprise,” Akande said.

Yemisi Edun, Chief Executive Officer and managing director of FCMB, 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.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.