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The Oyo State government, in collaboration with FCMB Bank, has concluded plans to launch a N1.5 billion loan scheme with the major objective of empowering trained Oyo Youths in Agribusiness Programme (YEAP).
Out of the total sum, the state government will provide N500 million counterpart funds while FCMB Bank would provide N1 billion totalling N1.5 billion for the loan scheme.
Commissioner for Agriculture and Rural Development, Olasunkanmi Olaleye, said the scheme was designed to provide financial support and boost the agricultural sector by tapping into the skills of young entrepreneurs who have completed state-sponsored training programmes under the Oyo State Agribusiness Development Agency (OYSADA).
At a recent press briefing held in Ibadan, Olaleye said OYSADA, which is the coordinating government agency, would release modalities for the disbursement of the fund to beneficiaries.
The Commissioner for Information and Orientation, Prince Dotun Oyelade, also disclosed that the State Executive Council (SEC) had also approved N147 million for 12,600 pensioners in the state.
Oyelade said the fund was in fulfillment of Governor Seyi Makinde’s promised allowance to retired workers to cushion the effect of the Federal Government’s removal of fuel subsidy on their personal and household income.
Speaking on the impact of the N1.5 billion loan scheme for youths in agribusiness, Olaleye highlighted the importance of the partnership between Oyo State government and FCMB in boosting local agriculture and creating job opportunities.
On whether youths in agribusiness not certified by OYSADA could also benefit from the loan scheme, Olaleye said only those specially trained and certified by OYSADA could access the funds.
