Oyo State, FCMB Empower 1,000 Young Agripreneurs With ₦1.5bn Collateral-Free Loans

Oyo State, FCMB Empower 1,000 Young Agripreneurs With ₦1.5bn Collateral-Free Loans 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 1,000 young agripreneurs as part of efforts to boost food production, strengthen youth-led businesses, and expand economic opportunities across the state. The intervention, implemented under the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) programme, is designed to bridge financing gaps faced by young farmers while accelerating agricultural development. According to officials, the funding combines ₦500 million contributed by the Oyo State Government with ₦1 billion deployed through FCMB’s Easylift financing initiative. The programme provides beneficiaries with access to capital without traditional collateral requirements, enabling young entrepreneurs to scale agricultural ventures and create employment opportunities. The initiative aims to enhance food security, stimulate agribusiness value chains, and encourage youth participation in agriculture as a viable economic pathway. Speaking at the disbursement ceremony held at the Fasola Agribusiness Industrial Hub, Governor Seyi Makinde said the project goes beyond short-term financial support, stressing that it is structured to create long-term economic capacity. He explained that sustainable development depends on deliberate systems linking training, enterprise development, and access to finance, adding that the programme integrates skills acquisition with funding and ongoing business support to ensure commercial success.

The Director-General of the Oyo State Agribusiness Development Agency, Debo Akande, disclosed that more than 5,000 youths have already received agribusiness training under the broader initiative.

Each beneficiary in the current phase received approximately ₦1.5 million as start-up capital, with opportunities to access additional financing of up to ₦50 million depending on business performance and expansion capacity. The programme connects technical training, mentorship, and financing, creating a structured pathway from learning modern farming practices to operating sustainable agribusiness enterprises. Stakeholders noted that agriculture remains a key driver for economic diversification in Nigeria, particularly as governments and financial institutions intensify efforts to empower young entrepreneurs and reduce unemployment through agribusiness innovation.

Analysts say the ₦1.5 billion intervention is expected to

• Increase agricultural productivity across Oyo State
• Support youth entrepreneurship and job creation
• Strengthen local food supply chains
• Promote private-public collaboration in economic development

The partnership highlights growing cooperation between government, financial institutions, and development organisations to unlock agriculture’s potential as a major engine of inclusive growth in Nigeria.