The Oyo State Government has unveiled a ₦1.5 billion empowerment initiative targeting 1,000 young agropreneurs, as part of its broader efforts to strengthen the agribusiness sector.
The initiative, launched in partnership with First City Monument Bank (FCMB), was announced by the Director-General of the Oyo State Agribusiness Development Agency (OYSADA), Dr. Debo Akande, during the Omituntun 2.0 Inter-Ministerial Briefing held at the Governor’s Office in Ibadan on Monday.
Dr. Akande, who also serves as the Executive Adviser to Governor Seyi Makinde on Agribusiness and International Cooperation, disclosed that the state has trained over 5,000 youths in agribusiness. Of these, 1,000 with active enterprises will receive financial support through the new initiative.
He revealed that the Makinde-led administration has attracted over ₦46.6 billion in agribusiness investments and accessed nearly $170 million in international funding for development and agriculture. These investments, he said, have led to the establishment of 14 major processing companies across the state and catalyzed large-scale agricultural transformation.
One notable success is the Fasola Agribusiness Industrial Hub, which has drawn ₦17 billion in private investment, covering 950 hectares with crops such as cassava, cashew, tomato, and dairy farming from nearly 1,000 lactating cows. Fasola is also Nigeria’s first designated Agricultural Transformation Centre, connecting over 8,200 smallholder farmers to commercial supply chains.
Dr. Akande praised Fasola’s commercial greenhouse tomato farming model, which ensures year-round production unaffected by seasonal changes. He emphasized the potential for exponential growth if the model is scaled up across the state.
Looking forward, he announced that the African Development Bank (AfDB) is supporting the construction of the Ijaiye Agribusiness Industrial Hub, which will host over 40 medium- to large-scale agribusinesses. Similar hubs are planned for Eruwa, Oke-Ogun 1 and 2, and Ogbomoso, each tailored to regional agricultural strengths.
Ijaiye is also set to host a wholesale produce market through a new partnership between the state government and French international wholesaler Rungis-Semmaris. The facility will serve as a central aggregation point, reduce capital flight, and help stabilize food prices.
Additionally, the state is currently 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 rural feeder routes, has also been instrumental in boosting agribusiness logistics and market access across the state.
Dr. Akande was joined at the briefing by OYSADA Permanent Secretary, Mr. Badmus Kolawole, and Mr. Kola Kazeem, State Coordinator of the Livestock Productivity and Resilience Support Project (L-PRES).
