Oyo Govt Allocates ₦500 Million For Youth Agribusiness Initiative

The Oyo State Government has approved ₦500 million to support the Youth Entrepreneurship in Agribusiness Project (YEAP), as part of its Sustainable Actions for Economic Recovery (SAfER) program.

This decision, announced by Acting Governor Bayo Lawal during an Executive Council meeting, aims to enhance youth involvement in the agricultural sector.

YEAP, managed by the Oyo State Agribusiness Development Agency, trained around 3,300 youths in 2021.

A recent update on the state’s official X account highlighted that this funding is a crucial step toward strengthening youth entrepreneurship in agriculture.

This financial boost is part of the broader SAfER initiative designed to mitigate economic challenges following the subsidy removal on Premium Motor Spirit (petrol).

The state’s ₦500 million contribution is complemented by an additional ₦1 billion from a commercial bank, bringing the total support to ₦1.5 billion.

The announcement detailed, “The Oyo State Executive Council (ExCo) met today and approved the sum of ₦500 million as enterprise support to Youth Entrepreneurship in Agribusiness Project (YEAP) beneficiaries.

“The ₦500 million was approved for YEAP beneficiaries under the Sustainable Actions for Economic Recovery (SAfER) programme.

“The support is being provided in collaboration with First City Monument Bank (FCMB), which will be providing an additional ₦1 billion, making a total of ₦1.5 billion.

“Acting Governor, Barr. Abdulraheem @BayoLawal, presided over the ExCo meeting.”

The collaboration between the Oyo State Government and FCMB is expected to significantly boost the capabilities of young agribusiness entrepreneurs, fostering job creation and economic development in the region.