Oyo Gov't partners FCMB to empower 1,000 youths with N1.5bn

Business Insider

04-07-2025

The Oyo State Government has announced plans to support 1,000 young agropreneurs with a ₦1.5 billion fund in a renewed push to expand its agribusiness sector.
The Director-General of the Oyo State Agribusiness Development Agency (OYSADA) and Executive Adviser to Governor Seyi Makinde on Agribusiness and International Cooperation, Dr Debo Akande, made the disclosure on Monday during the Omituntun 2.0 Inter-Ministerial Briefing held at the Governor's Office in Ibadan.
Dr Akande revealed that the state has so far trained 5,020 youths in various aspects of agribusiness, noting that 1,000 of those with active enterprises are to benefit from a government-backed financing initiative in collaboration with First City Monument Bank (FCMB).
He also stated that the Makinde-led administration has attracted over ₦46.6 billion in agribusiness investments and accessed nearly $170 million in international development and agribusiness funds. These efforts, he said, have brought in 14 major processing companies and triggered large-scale agricultural transformation.
'We are seeing the impact of these investments. The Fasola Agribusiness Hub alone has attracted ₦17 billion from 14 agribusiness companies, cultivating over 950 hectares and processing crops such as cashew, cassava and tomato, alongside dairy production from close to 1,000 lactating cows,' he said.
Dr Akande highlighted Fasola as Nigeria's first designated Agricultural Transformation Centre, which has integrated approximately 8,200 smallholder farmers with investors to build a reliable supply chain.
'Fourteen agribusinesses are currently operational at Fasola. Some are focused on crop cultivation, others on processing, and one is engaged in equipment leasing. These investors have already cultivated 950 hectares without any government input in inputs or labour. This is the essence of agribusiness,' he added.
He cited the success of commercial greenhouse tomato farming at Fasola, explaining that the produce is already supplying local markets, with the model proving viable year-round, regardless of rainfall.
'This is the standard seen globally. Agriculture should not be seasonal. If we replicate this with 1,000 greenhouses, imagine the quantity of tomatoes we'll produce and process all year long,' he said.
Looking ahead, Akande disclosed that the state, with support from the African Development Bank (AfDB), has awarded the contract for the construction of the Ijaiye Agribusiness Industrial Hub. Unlike Fasola, Ijaiye will host more than 40 medium to large-scale agribusiness firms, and construction is set to commence once contracts are finalised.
He also noted that similar developments are planned for Eruwa, Oke-Ogun 1, Oke-Ogun 2, and Ogbomoso, each tailored to the comparative agricultural advantage of their regions.
'There are already seven companies signed up for Ijaiye. This will become the central hub to which others feed. In Eruwa, we have a model similar to Fasola underway, and we're already oversubscribed with investor interest,' Akande said.
The state, he added, is also supporting 46,000 smallholder farmers through OYSADA, the Ministry of Agriculture and Rural Development, and the Agric-Credit Corporation of Oyo State. Improved infrastructure, including key roads and feeder routes, has played a major role in enhancing agribusiness logistics and growth.
He announced that the state has signed a partnership with France-based international food wholesaler Rungis-Semmaris to construct a wholesale produce market in Ijaiye. The facility, when completed, will serve as a central aggregation point for farm produce, reducing capital flight and ensuring that produce value remains within the state.
'This development will stabilise food prices and ensure Oyo benefits directly from the infrastructure it has invested in. We are also focusing on a balanced approach, producing for both export and local consumption,' he explained.
Dr Akande was joined at the briefing by Mr Badmus Kolawole, OYSADA Permanent Secretary, and Mr Kola Kazeem, State Coordinator of the Livestock Productivity and Resilience Support Project (L-PRES).