The Oyo State Government has approved a N500 million fund to support beneficiaries of the Youth Entrepreneurship in Agribusiness Project (YEAP), a key initiative under the state's Sustainable Actions for Economic Recovery (SAfER) programme. This decision, announced during an Executive Council meeting presided over by Acting Governor Bayo Lawal, aims to bolster youth entrepreneurship in the agricultural sector.
YEAP, facilitated by the Oyo State Agribusiness Development Agency, has already trained around 3,300 youths since its inception in 2021. The newly approved financial support, combined with an additional N1 billion from First City Monument Bank (FCMB), brings the total fund to N1.5 billion. This collaboration is expected to significantly enhance the capacity of young entrepreneurs in agribusiness, contributing to job creation and sustainable economic development in the state.
The SAfER programme is a multi-faceted initiative designed to mitigate the economic impact of the recent subsidy removal on Premium Motor Spirit (petrol) and drive economic recovery in Oyo State. In addition to the recent approval for YEAP beneficiaries, the state government had earlier disbursed N340.27 million to crop farmers, following a previous N416.85 million disbursement. A total of N1 billion has been allocated to support farmers, including those trained under the YEAP programme.
The Oyo State YEAP, in partnership with the International Institute of Tropical Agriculture, offers intensive agribusiness training and support to empower youth aged 25-35, aiming to reduce unemployment and improve livelihoods. The programme focuses on providing participants with agribusiness skills, mentorship, and business startup support, leveraging partnerships with development partners and private sector actors across the agribusiness value chain.
This strategic investment in youth agripreneurship underscores the Oyo State Government's commitment to driving economic growth and fostering sustainable development through the empowerment of its young population.
