The Oyo State Government has approved N500 million to assist participants in the Youth Entrepreneurship in Agribusiness Project (YEAP).
This decision, announced during an Executive Council meeting chaired by Acting Governor Bayo Lawal, is part of the state’s Sustainable Actions for Economic Recovery (SAfER) program.
In 2021, the Oyo State Agribusiness Development Agency trained approximately 3,300 youths under YEAP.
A post on the state’s official X account late Wednesday revealed that this approval is a significant step in strengthening youth entrepreneurship in agriculture.
According to the post, the financial support is a key element of the SAfER program, which aims to promote economic recovery and growth in the state.
SAfER is a comprehensive intervention by the Oyo State Government to alleviate the economic challenges resulting from the removal of fuel subsidies.
The N500 million from the state government is further supported by an additional N1 billion from First City Monument Bank (FCMB), bringing the total assistance to N1.5 billion.
The post stated, “The Oyo State Executive Council (ExCo) convened today and approved N500 million as enterprise support for YEAP beneficiaries.
“This N500 million was allocated under the Sustainable Actions for Economic Recovery (SAfER) initiative.
“This support is being provided in collaboration with First City Monument Bank (FCMB), which is contributing an additional N1 billion, raising the total to N1.5 billion.
“Acting Governor Barr. Abdulraheem @BayoLawal presided over the ExCo meeting.”
The partnership between the Oyo State Government and FCMB is expected to significantly boost the capacity of young entrepreneurs in the agribusiness sector, leading to job creation and sustainable economic growth in the state.
In February, the state government announced plans to distribute N340.270 million to crop farmers as part of its SAfER initiative, following a recent disbursement of N416.850 million.
A total of N1 billion has been set aside to support farmers, including those trained under YEAP.
According to the International Institute of Tropical Agriculture (IITA), the Oyo State YEAP provides intensive agribusiness training and support to empower youth aged 25-35, with the goal of reducing unemployment and improving livelihoods.
A report on the IITA website titled “Intensive Agribusiness Training for YEAP Beneficiaries” states that the program will equip young people, including at least 30% females, with agribusiness skills, mentorship, and startup support through training and practical demonstrations.
The program employs an agribusiness incubation and apprenticeship model, training youths annually while partnering with development organizations and private sector stakeholders across the agribusiness value chain.
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