Oyo State Government Partners with FCMB to Launch ₦1.5 Billion Agribusiness Loan for Trained Youths
The Oyo State government has entered into a strategic partnership with FCMB Bank to introduce a ₦1.5 billion loan initiative aimed at empowering young entrepreneurs trained under the Youths in Agribusiness Program (YEAP).
The initiative is designed to enhance the state’s agricultural sector by providing financial support to these certified agribusiness professionals.
Under this collaboration, the Oyo State government will contribute ₦500 million as counterpart funding, while FCMB Bank will provide ₦1 billion, bringing the total fund to ₦1.5 billion.
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Barrister Olasunkanmi Olaleye, the Commissioner for Agriculture and Rural Development, announced that the scheme is intended to support the growth of the agricultural sector by leveraging the expertise of youths trained through the Oyo State Agribusiness Development Agency (OYSADA).
During a press briefing at the Governor’s Office in Ibadan, Olaleye explained that OYSADA would soon release the details and process for the disbursement of the loans to eligible beneficiaries.
In related news, Prince Dotun Oyelade, Commissioner for Information and Orientation, revealed that the state has also approved ₦147 million for 12,600 pensioners, fulfilling Governor Seyi Makinde’s commitment to alleviate the economic challenges posed by the removal of fuel subsidies.
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