Oyo, FCMB Support 1,000 Youth Agripreneurs with ₦1.5bn

Oyo State Government and First City Monument Bank FCMB have partnered to support 1,000 young agripreneurs with N1.5 billion in collateral-free loans designed to boost food production and strengthen youth-led agricultural businesses across the state.

The initiative, facilitated through the Easylift programme in partnership with the Mastercard Foundation, combines N500 million from the state government with N1 billion deployed through the Easylift platform. The funding represents a significant investment in Nigeria’s agricultural sector and youth economic empowerment.

The agribusiness initiative falls under the Youth Entrepreneurship in Agribusiness Project and the Sustainable Actions for Economic Recovery programme, both aimed at building sustainable economic capacity among young Nigerians.

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Governor Seyi Makinde said the programme represents a fundamental shift from providing one-off financial support to building long-term economic capacity. Speaking at the disbursement event held at the Fasola Agribusiness Industrial Hub, Makinde emphasized the importance of creating sustainable structures that connect training, enterprise development, and access to finance.

“This is about reinforcing a system. Sustainable development depends on deliberate structures that connect training with enterprise and access to finance,” Makinde stated.

The programme represents a comprehensive approach to youth empowerment in agriculture. It links agribusiness training directly to financing and ongoing business support, establishing a clear pathway from skills development through to commercial activity and scaling.

The Director-General of the Oyo State Agribusiness Development Agency, Debo Akande, disclosed that more than 5,000 young people have already been trained through the broader initiative. The 1,000 beneficiaries receiving funding in the current phase will initially receive approximately N1.5 million each, with the potential to access up to N50 million based on demonstrated business performance and growth metrics.

“This is structured to move participants from learning into a scalable enterprise,” Akande said, highlighting the programme’s focus on transforming training into actual commercial activity.

The funding structure allows for graduated access to capital based on performance, encouraging accountability and sustainable business development. Participants who demonstrate strong business performance will be able to access significantly higher amounts, supporting expansion and scaling of their operations.

The Chief Executive Officer and Managing Director of FCMB, Yemisi Edun, said the partnership reflects the bank’s strategic commitment to agriculture as a primary growth driver for Nigeria’s economy. She emphasized that combining financing with essential business support services creates conditions for genuine entrepreneurial success.

“Agribusiness remains a key pathway to economic growth. Working with public and development partners allows us to combine financing with the support needed for businesses to grow,” Edun stated.

The Mastercard Foundation’s involvement signals international recognition of the importance of youth participation in agriculture for addressing food security and unemployment challenges across Africa.

The YEAP and SAfER programmes form part of Oyo State’s broader development strategy aimed at reducing unemployment and strengthening food systems through meaningful youth participation. These programmes align with national efforts to diversify the economy and reduce dependence on oil revenues.

The partners expect the initiative to generate significant outcomes including job creation across rural and urban areas, improved livelihoods for participating youth and their families, and advancement of inclusive economic growth throughout the state.

The initiative also addresses Nigeria’s ongoing need to increase domestic food production and reduce imports. By empowering young agribusiness entrepreneurs, the programme contributes to food security objectives while creating employment and generating income for thousands of young Nigerians.

Industry observers note that such structured programmes combining training, financing, and ongoing support offer a more effective approach to youth entrepreneurship development than traditional lending models that often exclude young people due to lack of collateral or credit history.

The success of this initiative in Oyo State may serve as a model for replication in other states, potentially multiplying the impact on youth employment and agricultural productivity across Nigeria.