By Olawale Lamina
Oyo State governor, Seyi Makinde has approved N500 million towards supporting beneficiaries of the Youth Entrepreneurship in Agribusiness Project.
This was part of the decisions reached during the state Executive Council meeting presided over by the acting governor, Mr. Bayo Lawal.
The government stated that this was in line with the Sustainable Actions for Economic Recovery programme.YEAP, facilitated by the Oyo State Agribusiness Development Agency, which led to the training of about 3,300 youths in 2021.
According to the state government’s official X account post on Wednesday the approval was a significant move to enhance youth entrepreneurship in the agricultural sector.
The statement emphasized that the financial support is part of the broader SAfER programme, aimed at driving economic recovery and growth in the state.
SAfER is a multi-prong intervention implemented by the Oyo state government to mitigate the economic conditions faced by the people as a direct effect of subsidy removal on petrol in the country.
It was further revealed that the sum of N500m contribution from the state government was augmented by additional N1bn provided by First City Monument Bank, bringing the total support to N1.5bn.
I“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,” according to the post.
The synergy between the state and FCMB iis aimed at boosting the capacity of young entrepreneurs in the agribusiness sector, thereby contributing to job creation and sustainable economic development in the state.
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