The Oyo State government has announced plans to revamp the agricultural sector in the state through the Anchor Borrowers’ Programme with a proposed N2bn loan. The loan, which has been approved by the State House of Assembly, would be used to promote youth inclusion in agriculture, with about 6,000 youths expected to participate.
Governor of Oyo State, Seyi Makinde, stated that the loan would be used to fund cluster farming for maize, cassava, rice, and tomatoes, as a means of reducing high unemployment levels in the state. According to Speaker of the Oyo State House of Assembly, Adebo Ogundoyin, the programme comes at the right time, as there are many interested youths but no wherewithal to go into full practice.
Interested participants in this initiative will be categorized under micro businesses with the expectation that they will grow into small and medium enterprises in synergy with the Oyo State Agricultural Development Agency (OYSADA). Meanwhile, this credit will be accessed from the Central Bank of Nigeria, through Fidelity Bank.