Oyo State Governor, Seyi Makinde has kickstarted the disbursement of ₦1.5 billion to 1,000 beneficiaries under the Youth Entrepreneurs in Agriculture Programme and the Sustainable Action for Economic Recovery (YEAP-SAfER) initiative.
This is the Governor reaffirmed that youth empowerment and agribusiness remain the pillars of his administration’s economic expansion strategy.
Speaking on Monday at the Oyo State Agribusiness Transformation Centre in Fasola, the Governor revealed that the initiative provides ₦1.5 million each to 1,000 youths who previously completed state-sponsored training at CSS Integrated Farms in Nasarawa State.
This empowerment program is a strategic partnership between the Oyo State Government, First City Monument Bank (FCMB), and the Mastercard Foundation.In a further move to alleviate economic pressure,
Governor Makinde also approved a ₦10,000 monthly transport allowance for civil and public servants at both state and local government levels.He noted that this intervention is designed to cushion the rising cost of transportation and ensure workers maintain their productivity despite current financial burdens.
During the symbolic presentation of cheques, themed “Agri-Entrepreneurial Support Partnership,” Makinde emphasized that sustainable development requires deliberate, concerted action.
He noted that since the program’s inception in 2021, the state has moved from mere intervention to a structured system.Economic prosperity happens when education, entrepreneurship, and productivity are prioritized.
We are demonstrating that sustainable development is not built on isolated interventions. We created OYSADA to replace the moribund OYSADEP, ensuring our young people are active participants in the economy, not just observers,” the Governor stated.
The Governor urged beneficiaries to exercise discipline, highlighting that the funds are collateral-free loans intended to scale their businesses.
He thanked FCMB and the Mastercard Foundation for providing ₦1 billion to match the state’s ₦500 million contribution, calling on other private sector actors to utilize the YEAP-SAfER platform for large-scale social impact.Dr. Debo Akande, Director-General of the Oyo State Agribusiness Development Agency (OYSADA), explained that the program has trained over 50,000 young entrepreneurs over the last five years.
He highlighted success stories of previous participants who scaled modest ₦100,000 grants into multi-million naira enterprises.Akande clarified that the current support is an interest-free loan. Beneficiaries who establish a solid three-year track record will be eligible to progress to ₦5 million loans, with eventual pathways to access up to ₦50 million through the Bank of Industry (BoI).
Representatives from FCMB and the Bank of Industry praised the Governor’s vision. Mr. Kabiru Salawu of FCMB described the move as a strong statement of confidence in the state’s youth, while Mrs. Tayo Onikola of the BoI lauded the inclusion of women in the agribusiness sector.
The event was attended by high-ranking officials, including Deputy Governor Barr. Bayo Lawal, Speaker of the House Rt. Hon. Adebo Ogundoyin, and various members of the state’s executive council and elders’ forum.Speaking for the beneficiaries, Dolapo Opekun thanked the Governor, noting that the capital injection would immediately boost
their agricultural productivity.
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