Oyo, FCMB, Mastercard Foundation Disburse N1.5bn  to Young Farmers

Kayode Tokede

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.

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

 “This is about reinforcing a system. Sustainable deve-lopment depends on deliberate structures that connect training with enterprise and access to finance,” he said.

The programme connects agribusiness training to funding and ongoing support, establishing a clear link between developing skills and progressing to commercial activity.

Also speaking, Director-General of the Oyo State Agribusiness Development Agency, Debo Akande,  said more than 5,000 young people have 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. This is structured to move participants from learning into a scalable enterprise,” Akande said.

Managing Director/ Chief Executive Officer,  FCMB, Yemisi Edun,  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.