The Oyo state government has approved N500m incentives to support young entrepreneurs in the state’s agricultural sector. The move is part of an ongoing effort to drive economic recovery and growth in the state known for its dominance in cassava and tobacco cultivation.
This was disclosed by Acting Governor Bayo Lawal, during an executive council meeting to drive the state’s Sustainable Actions for Economic Recovery (SAfER) programme.
Lawal, in a post on his X handle (formerly Twitter), said the financial support is specifically targeted at beneficiaries of the Youth Entrepreneurship in Agribusiness Project (YEAP), a 2021 programmme facilitated by the Oyo State Agribusiness Development Agency.
The post reads, “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 collaborative effort between the state and the FCMB is expected to significantly enhance the capacity of young entrepreneurs in the agribusiness sector, contributing to job creation and sustainable economic development in the region.
