The Oyo State Government, through the State Agribusiness Development Agency, is set to commence the disbursement of loans to young farmers across the state.
The Director-General of Oyo State Agribusiness Development Agency, Debo Akande, who announced this during a press conference in Ibadan, the state capital, on Wednesday, said the initiative is aimed at empowering the youth population to engage in agricultural activities and boosting the agricultural sector for overall economic growth.
He said, “The initiative is scheduled to begin next week and aims to introduce more youths to practical opportunities in agricultural ventures, a sector the agency views as critical to economic growth and job creation.”
PUNCH Online reports that the state government, through the Agricultural Credit Corporation of Oyo State, in collaboration with OYSADA, has continued to disburse loans to farmers as part of its food security initiatives.
The government also disbursed N1 billion in agricultural support loans to farmers across the seven geopolitical zones of the state in 2023 under the Sustainable Action for Economic Recovery programme.
At the press briefing, Akande stated that the initiative is focused on youth participation, noting that empowering young people is central to the state’s agribusiness transformation agenda.
“This focus inspired the theme of the programme: Youth Entrepreneurship in Agriculture Programme,” he said, adding that training had commenced for participants at the Centre for Skills and Services in Nasarawa State, where beneficiaries are being exposed to modern agribusiness practices.
He disclosed that more than 60 youths have so far participated in the programme, with support from advisory staff drawn from partner organisations.
“OYSADA has previously empowered hundreds of youths through similar initiatives by providing materials, training and loans to help them establish agribusiness ventures across rural, suburban and urban communities.
“In a related effort, the Oyo State Government has collaborated with financial institutions on youth agropreneur financing, including support for thousands of youths trained in agribusiness and a fund aimed at empowering youth-led enterprises in the sector”, he added.
Akande noted that beneficiaries of the Youth Empowerment Agribusiness Programme were carefully selected based on their commitment and willingness to grow their agribusiness ventures.
He commended the state government and Governor Seyi Makinde for their continued support and investment in agribusiness initiatives, stressing that sustainable youth engagement in agriculture remains critical to enhancing food security, creating jobs and driving economic development.
The event was attended by agricultural stakeholders and partners, including a representative of First City Monument Bank, Friday Nwokolo; OYSADA’s Permanent Secretary, Kola Badmus; and other key players in the agriculture sector.
