The Oyo State government has approved N500 million in incentives to support young entrepreneurs in the agricultural sector, as part of its ongoing efforts to drive economic recovery and growth in the state, known for its significant contributions to cocoa, cassava, and tobacco cultivation.
Acting Governor Bayo Lawal announced the initiative during an executive council meeting focused on advancing the state’s Sustainable Actions for Economic Recovery (SAfER) program. The financial support targets beneficiaries of the Youth Entrepreneurship in Agribusiness Project (YEAP), a program launched in 2021 by the Oyo State Agribusiness Development Agency.
Lawal shared the news on his X (formerly Twitter) handle, stating, “The Oyo State Executive Council (ExCo) met today and approved the sum of N500 million as enterprise support to Youth Entrepreneurship in Agribusiness Project (YEAP) beneficiaries under the Sustainable Actions for Economic Recovery (SAfER) program.”
In addition to the state’s contribution, First City Monument Bank (FCMB) will provide an additional N1 billion, bringing the total support to N1.5 billion. This collaborative effort between the Oyo State government and FCMB is expected to significantly enhance the capacity of young entrepreneurs in the agribusiness sector, fostering job creation and sustainable economic development across the region.
