Oyo, FCMB, Mastercard Disburse N1.5bn To 1,000 Youth Farmers

The Oyo State government, in partnership with First City Monument Bank (FCMB) and the Mastercard Foundation, has disbursed N1.5 billion in collateral-free loans to 1,000 young agripreneurs to boost food production and support youth-led businesses.

The funding, delivered under the Easylift programme, comprises N500 million from the state government and N1 billion from the initiative, deployed in collaboration with the Mastercard Foundation.

The agripreneurship drive is part of the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) programme.

Speaking at the disbursement event held at the Fasola Agribusiness Industrial Hub, Governor Seyi Makinde said the initiative was aimed at building sustainable economic capacity.

He said the programme is designed to strengthen systems that link training, enterprise development and access to finance, rather than provide one-off financial support.

The director general of the Oyo State Agribusiness Development Agency, Debo Akande, said over 5,000 young people have been trained under the initiative so far.

He added that beneficiaries in the current phase received about N1.5 million each as initial funding, with opportunities to access up to N50 million based on business performance.

The managing director and Chief executive officer of FCMB, Yemisi Edun, said the partnership underscores the bank’s commitment to agriculture as a key driver of economic growth.

She noted that collaboration with the public and development partners enables the provision of financing alongside technical support required for business expansion.