Oyo Govt Launches #1.5 Billion Loan Scheme for Youths in Agribusiness …As FCMB supports Oyo state’s agricultural growth

The Oyo State Government has announced a partnership with FCMB to launch a ₦1.5 billion loan scheme aimed at empowering trained Oyo Youths in Agribusiness Program (YEAP.
Out of the total sum, Oyo state government will provide a 500 million naira counterpart funds while FCMB Bank would provide the sum of one billion naira totalling 1.5 billion naira for the loan scheme.

The scheme, according to the Commissioner for Agriculture and Rural Development, Barrister Olasunkanmi Olaleye, is designed to provide financial support and bolster the agricultural sector by leveraging the skills of young entrepreneurs who have completed state-sponsored training programs under the Oyo state Agribusiness Development Agency.

Speaking on Wednesday, August 14 during a press briefing held at the Press Conference room, Governor’s Office, Secretariat, Ibadan, Barrister Olaleye said, OYSADA which is the coordinating government agency would roll out modalities for onward disbursement to beneficiaries in the coming days.

Similarly, the Commissioner for Information and Orientation, Prince Dotun Oyelade disclosed that the State Executive Council has also approved the total sum of 147 million naira for 12,600 (twelve thousand) pensioners in the state.

Oyelade said the funds was in fulfillment of governor Seyi Makinde’s promise to the retired workers as their hardship allowance occasioned by the federal government’s removal of fuel subsidy with direct adverse effects on personal and household income.

“It was revealed at the state executive council meeting that as promised by His Excellency during the SAfER (Sustainable Action for Economic Recovery) activities, a sum of 147 million naira has been released to 12,600 pensioners, that it will be part of the relief package that his administration will give those pensioners particularly who have been affected by the removal of fuel subsidy by the federal government.

Speaking on the impact of the 1.5 billion loan scheme for youths in agribusiness, Barrister Olaleye highlighted the importance of the partnership between Oyo state government and FCMB in boosting local agriculture and creating job opportunities.

Fielding questions from State House Correspondents on whether other independent youths in agribusiness not certified by OYSADA could also benefit from the loan scheme, Barrister Olaleye stated that only those specially trained and certified by OYSADA could access the funds.