The Oyo State Government, through the State Agribusiness Development Agency (OYSADA), is preparing to launch a loan disbursement initiative specifically for young farmers across the state. This program is slated to begin next week.

Debo Akande, the Director-General of OYSADA, announced the plan during a press conference in Ibadan. He stated that the initiative is designed to empower the youth population to actively participate in agricultural activities, thereby strengthening the agricultural sector and contributing to overall economic growth.

Akande emphasized that the agency views agriculture as a critical sector for economic development and job creation. The program aims to introduce more young people to practical opportunities within agribusiness ventures.

This new loan scheme builds upon existing government efforts. The Agricultural Credit Corporation of Oyo State, in collaboration with OYSADA, has been disbursing loans to farmers as part of its food security initiatives.

In 2023, the state government provided N1 billion in agricultural support loans to farmers across all seven geopolitical zones under the Sustainable Action for Economic Recovery programme.

The current initiative, themed 'Youth Entrepreneurship in Agriculture Programme,' specifically targets young participants. Akande highlighted that empowering young individuals is central to the state's agenda for transforming its agribusiness sector.

Training for beneficiaries has already commenced at the Centre for Skills and Services in Nasarawa State. Participants are being exposed to modern agribusiness practices through this training.

More than 60 youths have so far engaged with the program, receiving support from advisory staff affiliated with partner organizations. OYSADA has a track record of empowering youths through similar initiatives, providing materials, training, and loans to help them establish agribusinesses in rural, suburban, and urban areas.

In related efforts, the Oyo State Government has partnered with financial institutions to support youth agropreneur financing. This includes backing for thousands of youths trained in agribusiness and a dedicated fund for youth-led enterprises in the sector.

Akande noted that beneficiaries for the Youth Empowerment Agribusiness Programme are carefully selected based on their commitment and desire to expand their agribusiness ventures.

He commended Governor Seyi Makinde and the state government for their ongoing support and investment in agribusiness. Akande stressed the importance of sustainable youth engagement in agriculture for enhancing food security, generating employment, and fostering economic development.

The press briefing was attended by various agricultural stakeholders and partners, including Friday Nwokolo from First City Monument Bank, Kola Badmus (OYSADA's Permanent Secretary), and other key figures in the agriculture sector.