Oyo State, FCMB, Mastercard Foundation Disburse ₦1.5 billion to Youth Farmers

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 ₦1.5 billion in collateral-free loans. This impact was made possible through the Easylift programme, in partnership with the Mastercard Foundation.

The funding combines ₦500 million from the state government with ₦1 billion (one billion naira) 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 Seyi Makinde said the programme is designed to build long-term economic capacity rather than provide one-off financial support.

“This is about reinforcing a system,” Makinde said at the disbursement event held at the Fasola Agribusiness Industrial Hub. “Sustainable development depends on deliberate structures that connect training with enterprise and access to finance.”

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

Debo Akande, Director-General of the Oyo State Agribusiness Development Agency, said more than 5,000 young people have been trained so far. Beneficiaries of the current phase received initial funding of about ₦1.5 million each, with the potential to access up to ₦50 million based on business performance.

“This is structured to move participants from learning into a scalable enterprise,” Akande said.

Yemisi Edun, Chief Executive Officer and Managing Director of FCMB, 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.