Oyo State, FCMB Launch ₦1.5bn Agribusiness Fund to Empower 1,000 Youths
The Oyo State Government has unveiled a ₦1.5 billion empowerment scheme in partnership with First City Monument Bank (FCMB) to support 1,000 young agribusiness entrepreneurs. This initiative is part of Governor Seyi Makinde’s broader strategy to transform Oyo into a leading agribusiness hub. Dr Debo Akande, Director-General of OYSADA, made this announcement during the Omituntun 2.0 Inter-Ministerial Briefing, highlighting that 5,020 youths have already received training, and the top 1,000 with active ventures will receive financial backing under this new scheme.
Dr Akande emphasized the administration’s success in attracting ₦46.6 billion in agribusiness investments and securing nearly $170 million in international development funds. The Fasola Agribusiness Hub, a flagship project, has become Nigeria’s first Agricultural Transformation Centre and now hosts 14 major agribusiness companies. With over 950 hectares cultivated and nearly 1,000 lactating cows contributing to dairy production, Fasola has become a model for integrated, private-sector-led agricultural development.
The government has also pioneered commercial greenhouse tomato farming, allowing year-round production regardless of rainfall. Akande explained that expanding this model could drastically boost local food production and processing capacity. He stressed that agriculture should not remain seasonal, and scalable greenhouse infrastructure offers a path to consistent yields, increased farmer income, and food security.
Further expansion plans include the Ijaiye Agribusiness Industrial Hub, backed by the African Development Bank. Set to host over 40 agribusiness firms, this facility will build on Fasola’s success by focusing on medium- to large-scale operations. Similar hubs are in development for other agricultural zones such as Eruwa, Oke-Ogun 1 and 2, and Ogbomoso, each tailored to local crop strengths and economic potential. Seven companies have already committed to the Ijaiye hub, with construction scheduled to begin soon.
In a significant step toward market development, Oyo State signed a partnership with French wholesale giant Rungis-Semmaris to establish a central produce market at Ijaiye. This market is expected to curb capital flight, stabilize food prices, and create a value-retention system within the state. Complemented by ongoing support for 46,000 smallholder farmers and enhanced rural infrastructure, Oyo’s agribusiness agenda reflects a deliberate push to create jobs, boost local economies, and make the state a national agricultural powerhouse.