In a massive boost for Nigeria’s food security, the Oyo State Government and First City Monument Bank (FCMB) have partnered to empower 1,000 young agricultural entrepreneurs. The initiative, backed by a ₦1.5 billion funding pool, is designed to turn trained youths into commercial business owners without the traditional hurdle of collateral.
The “Easylift” Financial Engine The funding structure is a strategic blend of public and private capital:
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State Contribution: ₦500 million provided under the Sustainable Actions for Economic Recovery (SAfER) programme.
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FCMB/Mastercard Foundation: ₦1 billion deployed through the Easylift programme.
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Individual Impact: Each beneficiary received an initial ₦1.5 million, with a performance-based “scaling” clause that allows them to access up to ₦50 million as their businesses grow.
Moving Beyond One-Off Handouts Speaking at the Fasola Agribusiness Industrial Hub, Governor Seyi Makinde emphasized that this is not “free money,” but a structured investment in a system. The initiative falls under the Youth Entrepreneurship in Agribusiness Project (YEAP), which focuses on:
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Skills Acquisition: Over 5,000 youths have already been trained through the Oyo State Agribusiness Development Agency (OYSADA).
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Market Access: Connecting these trained youths to commercial value chains.
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Sustainable Finance: Providing the capital necessary to transition from learning to a scalable enterprise.
Banking on the Soil Yemisi Edun, CEO of FCMB, reiterated that agriculture is the most viable pathway to Nigeria’s economic resilience. By combining financing with public sector training, the bank aims to de-risk the sector and prove that youth-led agribusiness is a bankable and highly productive venture.
The Roadmap to ₦50 Million Debo Akande, DG of OYSADA, clarified that the ₦1.5 million is just the starting line. The program is designed to monitor business performance closely; those who demonstrate operational discipline and growth will be eligible for larger tranches of capital, reaching up to ₦50 million to facilitate large-scale industrial farming.
