Oyo, FCMB Disburse N1.5bn Interest-Free Loans to 1,000 Young Farmers

The Oyo State Government, in collaboration with First City Monument Bank (FCMB), has provided N1.5 billion in collateral-free loans to 1,000 young agripreneurs to boost food production and support youth-driven businesses.

The initiative was delivered through the Easylift programme in partnership with the Mastercard Foundation, according to a statement by FCMB. The funding comprises N500 million from the Oyo State Government and N1 billion from the Easylift scheme.

The programme is part of the Youth Entrepreneurship in Agribusiness Project (YEAP) and aligns with the state’s Sustainable Actions for Economic Recovery (SAfER) agenda.

Governor Seyi Makinde said the intervention is focused on building sustainable economic systems rather than offering temporary financial relief. Speaking at the disbursement ceremony held at the Fasola Agribusiness Industrial Hub, he emphasised the need for structured support that links training, enterprise development, and access to finance.

According to him, long-term development depends on creating systems that enable young people to translate acquired skills into viable businesses.

FCMB’s Chief Executive Officer, Yemisi Edun, noted that the partnership highlights the bank’s commitment to agriculture as a key driver of economic growth. She said collaboration with government and development partners helps combine funding with the technical support needed for agribusinesses to thrive.

The initiative integrates training, funding, and mentorship, ensuring beneficiaries can transition from learning to running sustainable enterprises.

Director-General of the Oyo State Agribusiness Development Agency, Debo Akande, revealed that over 5,000 youths have been trained under the programme so far. He added that each beneficiary in the current phase received about N1.5 million, with opportunities to access up to N50 million depending on business performance.

Akande explained that the scheme is designed to help participants scale their ventures from small startups into commercially viable enterprises.