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December 22, 2024

Oyo State Government Partners with FCMB for N1.5 Billion Youth Agribusiness Loan Scheme

The Oyo State Government has announced a new partnership with First City Monument Bank (FCMB) to launch a N1.5 billion loan scheme aimed at supporting youth entrepreneurs in the agribusiness sector. The initiative was approved during the state’s weekly Executive Council meeting and is seen as a significant boost for young agripreneurs in the region.

Oyo State’s Commissioner for Agriculture, Mr. Olasunkanmi Olaleye, revealed the details of the scheme while briefing the press in Ibadan. He confirmed that the state government will contribute N500 million, while FCMB will provide the remaining N1 billion.

The loan scheme will be managed by the Oyo State Agribusiness Development Agency (OYSADA), which will oversee the certification of eligible youth entrepreneurs. These certified individuals will then be able to access the funds to grow their agribusiness ventures.

“OYSADA will soon release the procedures and modalities for accessing the loan,” said Olaleye, adding that the agency’s involvement ensures that the scheme will be targeted at genuine agripreneurs who can drive economic growth within the state.

This partnership highlights the state’s commitment to empowering its youth through sustainable agribusiness opportunities and aligns with broader economic development goals. The scheme is expected to create jobs, enhance food security, and contribute to the overall economic development of Oyo State.

Further details on how interested youth can apply for the loan are expected to be announced shortly by OYSADA.

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