Oyo Approves ₦500 Million for Youth Agribusiness Initiative

The Oyo State Government has allocated ₦500 million to empower young entrepreneurs in the agricultural sector through the Youth Entrepreneurship in Agribusiness Project (YEAP) Continue reading…

This decision was made during an Executive Council meeting chaired by Acting Governor Bayo Lawal, in line with the state’s Sustainable Actions for Economic Recovery (SAfER) initiative.

In 2021, the Oyo State Agribusiness Development Agency’s YEAP program trained around 3,300 youths, equipping them with vital skills for agribusiness success Continue reading...

Also see; Oyo Approves ₦500 Million for Youth Agribusiness Initiative 

The state government announced the approval via social media, highlighting its significance in promoting youth entrepreneurship within agriculture.

This funding is part of the larger SAfER program, designed to drive economic growth and recovery by providing targeted support to young entrepreneurs.

SAfER is a multi-faceted intervention by the Oyo State Government to alleviate the economic challenges resulting from the removal of the Premium Motor Spirit (PMS) subsidy, commonly known as petrol.

The ₦500 million from the state government is complemented by an additional ₦1 billion from FCMB, raising the total support to ₦1.5 billion.

A statement from the government read, “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.”

This partnership between the Oyo State Government and FCMB is anticipated to significantly boost the capacity of young entrepreneurs in the agribusiness sector, thereby contributing to job creation and sustainable economic development in the region.

Earlier in February, the state government announced the disbursement of ₦340.270 million to crop farmers under its SAfER initiative, following a recent disbursement of ₦416.850 million. A total of ₦1 billion has been allocated to support farmers, including those trained through the YEAP program.

According to the International Institute of Tropical Agriculture’s website, the Oyo State YEAP provides intensive agribusiness training and support to empower youth aged 25-35, aiming to reduce unemployment and enhance livelihoods.

The report, titled “Intensive Agribusiness Training for YEAP Beneficiaries,” stated:

“The youth between the ages of 25-35 years, with at least 30% female, will be provided with the appropriate agribusiness skills, mentorship, and business startup support via training and hands-on demonstrations.

“By employing an agribusiness incubation and apprenticeship model, youths will be trained annually and will leverage partnerships with development partners and private sector actors in downstream, midstream, and upstream agribusiness activities.”