Oyo Launches N1.5bn Agribusiness Loan For Youths

Oyo State government has announced a partnership with FCMB Bank to launch a ₦1.5 billion loan scheme aimed at empowering trained Oyo Youths in Agribusiness Program (YEAP).

Out of the total sum, the state government will provide N500 million counterpart funds while FCMB Bank would N1 billion totalling N1.5 billion for the loan scheme.

Commissioner for Agriculture and Rural Development, Barrister Olasunkanmi Olaleye, said the scheme was designed to provide financial support and bolster the agricultural sector by leveraging the skills of young entrepreneurs who have completed state-sponsored training programmes under the Oyo State Agribusiness Development Agency.

At a press briefing held at the Press Conference Room, Governor’s Office, Secretariat, Ibadan, Barrister Olaleye said, OYSADA which is the coordinating government agency would roll out modalities for onward disbursement to beneficiaries in the coming days.

Similarly, the commissioner for Information and Orientation, Prince Dotun Oyelade disclosed that the state executive council had also approved N147 million for 12,600 pensioners in the state.

Oyelade said the fund was in fulfillment of Governor Seyi Makinde’s promise to the retired workers as their hardship allowance occasioned by the federal government’s removal of fuel subsidy with direct adverse effects on personal and household income.

Speaking on the impact of the N1.5 billion loan scheme for youths in agribusiness, Olaleye highlighted the importance of the partnership between Oyo State government and FCMB in boosting local agriculture and creating job opportunities.

Fielding questions from correspondents on whether other independent youths in agribusiness not certified by OYSADA could also benefit from the loan scheme, Barrister Olaleye stated that only those specially trained and certified by OYSADA could access the funds.