The Oyo State Government has announced the approval of N500 million in an effort to boost Youth Entrepreneurship in Agribusiness Projects in the state.
Acting Governor Bayo Lawal announced the approval on Wednesday when the state held its Executive Council meeting, which he presided over. He explained that the decision was made to implement the state’s sustainable Actions for Economy Recovery Program.
In a post on the state government’s X page Wednesday night, the government stated that the approval has marked a significant move to boost entrepreneurship in the agriculture sector in the state.
The statement further mentioned that the financial commitment by the state government will support a wider SAfER programme which will facilitate the growing back of the states economy.
Initially, First City Monument Bank had provided N1bn, the N500m contribution from the state brings the total amount to N1.5bn which will be used to drive economic growth in the state.
The programme, named SAfER, is a multi-prong intervention by the state government to reduce the people’s suffering. It has been orchestrated by the removal of the subsidy on Premium Motor Spirit, otherwise known as petrol.
The collaborative effort between the Oyo State Government and FCMB is expected to significantly enhance the capacity of young entrepreneurs in the agribusiness sector, contributing to job creation and sustainable economic development in the region.
The programme was first approved in February 2024 by the state. It was stated a total of N340.270m would be paid to farmers in the state as part of the AfER initiative, and a total of N416.850m was recently disbursed to beneficiaries. The total amount allocated was to be paid to those trained under the YEAP programme.
In a statement on the website of the International Institute of Tropical Agriculture it was explained that the Oyo State YEAP offers intensive agribusiness training and support to empower youth aged 25-35, aiming to reduce unemployment and improve livelihoods.
The programme name YEAP, was facilitated by the Oyo State Agribusiness Development Agency, and has trained about 3,300 youths in 2021.
