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SAfER: Oyo Rolls Out N500 Million Loans For YEAP Beneficiaries

The Oasis Reporters
October 7, 2023


Oyo State Governor, Seyi Makinde (middle) at the International Institute for Tropical Agriculture (lITA) during the Commissioning of STEP-Oyo Project School at Methodist High School, Ibadan. FILE PHOTO: Oyo State Govt.


Participants in Oyo State’s Youth Entrepreneurship in Agribusiness Project (YEAP) are to benefit from the N500 Million loan the government is rolling out to support agribusiness as part of its Sustainable Actions for Economic Recovery (SAfER).

YEAP is an Oyo State programme targeted at training young people in modern technology-driven agribusinesses and providing them with enterprise support.

SAfER is a multi-prong intervention implemented by the Oyo state government to ease the economic burden foisted on the people as a consequence of subsidy removal on Premium Motor Spirit, popularly known as petrol.

The 500 Million naira earmarked by the state government as loan for agro-entrepreneurs is one of the measures put in place by the government to empower those in the sector and reinvigorate the economy.

The Oyo State Agribusiness Development Agency (OYSADA), which handles YEAP, facilitated the training of about 3,300 youths in 2021.

According to a statement by OYSADA, the gesture by the state government is to enable the YEAP beneficiaries “apply their knowledge and skills in profitable agribusiness ventures and reshaping the agri-food sector, not just in Oyo State, but across Nigeria.”

The statement added that interested beneficiaries should apply at:
OYSADA has been providing beneficiaries of its programme with enterprise support on an ongoing basis.

In 2021, the agency provided an opportunity for about 100 of youth agro-entrepreneurs to practise the skills they acquired when some of those in the crop production enterprise were given one hectare of farmland at the Fasola Agribusiness Industrial Hub.

Another set of youths were supported in various farm groups in 11 Local Government Areas with over 200 of the YEAP beneficiaries receiving 25 bundles of cassava, 2.5 bags of fertiliser, and one litre of herbicide each.

The SAfER agribusiness loan will create an opportunity for many of the YEAP beneficiaries to launch their agribusiness initiatives.

Greg Abolo

Blogger at The Oasis Reporters.

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