OYO APPROVES N500M FOR YOUTH AGRIBUSINESS PROGRAM
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The Oyo State Government has allocated N500 million to support participants in the Youth Entrepreneurship in Agribusiness Project.
This decision, made during an Executive Council meeting led by Acting Governor Bayo Lawal, is part of the state’s Sustainable Actions for Economic Recovery initiative.
The project, managed by the Oyo State Agribusiness Development Agency, provided training to around 3,300 youths in 2021.
A post on the state’s official X account late Wednesday highlighted this approval as a key step in promoting youth entrepreneurship in agriculture.
The post indicates that this financial support is part of the larger SAfER program, designed to stimulate economic recovery and growth in Oyo State.
SAfER, a comprehensive intervention by the state government, seeks to alleviate the economic strain caused by the removal of the Premium Motor Spirit (commonly known as petrol) subsidy.
The state government’s N500 million contribution is further supplemented by an additional N1 billion from FCMB, bringing the total support to N1.5 billion.
It read, “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.
“The N500 million was approved for YEAP beneficiaries under the Sustainable Actions for Economic Recovery (SAfER) programme.
“The support is being provided in collaboration with First City Monument Bank (FCMB), which will be providing an additional N1 billion, making a total of N1.5 billion.
“Acting Governor, Barr. Abdulraheem @BayoLawal, presided over the ExCo meeting.”
The International Institute of Tropical Agriculture stated on its website that the Oyo State YEAP offers intensive agribusiness training and support to empower youth aged 25-35, aiming to reduce unemployment and improve livelihoods.
A report on the site titled, “Intensive Agribusiness Training for YEAP Beneficiaries,” stated.
It read, “The youth between the ages of 25-35 years, with at least 30% female, will be provided with the appropriate agribusiness skills, mentorship, and business startup support via training and hands-on demonstrations.
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“By employing an agribusiness incubation and apprenticeship model, youths will be trained annually and leverage partnerships with development partners and private sector actors in downstream, midstream, and upstream agribusiness activities.”
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