Oyo State, FCMB, Mastercard Foundation disburse ₦1.5 Billion to Youth Agripreneurs

The Oyo State Government, in partnership with First City Monument Bank (FCMB) and the Mastercard Foundation, has disbursed ₦1.5 billion in collateral-free loans to support 1,000 young agripreneurs.

This strategic intervention, executed through the Easylift program, is designed to enhance food production and bolster youth-led businesses across the state.

The funding structure comprises ₦500 million provided by the state government and ₦1 billion deployed through the FCMB Easylift initiative. This program operates under the umbrella of the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) initiative.

During the disbursement ceremony held at the Fasola Agribusiness Industrial Hub, Governor Seyi Makinde emphasized that the project is focused on building long-term economic capacity rather than offering one-off financial aid.

He noted that sustainable development relies on deliberate structures that bridge the gap between vocational training, enterprise development, and access to formal finance.

Director-General of the Oyo State Agribusiness Development Agency, Debo Akande reported that over 5,000 young people have undergone training through these initiatives.

In the current phase, beneficiaries received an initial ₦1.5 million each, with the opportunity to access up to ₦50 million based on their subsequent business performance and scale.

Managing Director of FCMB, Yemisi Edun reaffirmed the bank’s commitment to agriculture as a primary driver of national growth.

She highlighted that collaborating with public and development partners allows the financial sector to combine necessary funding with the structural support required for small businesses to thrive.

This initiative aligns with recent broader economic trends in Nigeria, where Micro, Small, and Medium Enterprises (MSMEs) are increasingly being targeted for specialized supply chain and working capital support. By integrating youth participation into the food system, the YEAP and SAfER programs aim to reduce unemployment while strengthening regional food security.