Nigerian lender FCMB, state government provide $1.1 million to support youth farmers

First City Monument Bank (FCMB), led by Nigerian banking executive Yemisi Edun, has partnered with the Oyo State Government to provide financial support to 1,000 young agripreneurs. The initiative aims to boost food production and strengthen youth-led businesses through collateral-free loans totaling N1.5 billion ($1.1 million).

State, FCMB back youth agribusiness

The funding comes under the Easylift program, run in collaboration with the Mastercard Foundation. N500 million ($375,000) was contributed by the state government, while FCMB deployed N1 billion ($725,000) through Easylift.

The program is part of the Youth Entrepreneurship in Agribusiness Project (YEAP) and the Sustainable Actions for Economic Recovery (SAfER) initiative. Together, they seek to connect business training with practical financing to help young agripreneurs transition into commercially viable enterprises.

Governor Seyi Makinde said the program is designed to build long-term economic capacity rather than provide one-off support. “This is about reinforcing a system,” Makinde said at the disbursement event held at the Fasola Agribusiness Industrial Hub. “Sustainable development depends on deliberate structures that connect training with enterprise and access to finance.”

Oyo Youth receive agribusiness funding support

The program’s approach combines training, funding, and ongoing guidance. Debo Akande, Director-General of the Oyo State Agribusiness Development Agency, said over 5,000 young people have received training so far. Each participant in the current phase received an initial N1.5 million ($1,100), with the potential to access up to N50 million ($37,500) as their businesses grow.

“This is structured to move participants from learning into a scalable enterprise,” Akande said. Yemisi Edun, Chief Executive Officer and Managing Director of FCMB, said the partnership reflects the bank’s focus on agriculture as a growth driver. “Agribusiness remains a key pathway to economic growth,” Edun said. “Working with public and development partners allows us to combine financing with the support needed for businesses to grow.”

YEAP, SAfER expand youth employment roles

YEAP and SAfER are part of Oyo State’s broader development plan, which seeks to reduce unemployment, improve livelihoods, and strengthen food systems through active youth participation. The programs are expected to generate jobs, create new opportunities for young entrepreneurs, and contribute to inclusive economic growth across the state.