|By Adejumo Adekunle-
-State attracts ₦46.6bn in agribusiness investment
-Fasola, Ijaiye hubs set to drive year-round food production
The Oyo State Government has unveiled a ₦1.5 billion funding initiative for 1,000 young agropreneurs as part of an aggressive push to scale up agribusiness and youth participation in agriculture.
Speaking during the Omituntun 2.0 Inter-Ministerial Briefing on Monday at the Governor’s Office, Ibadan, the Director-General of the Oyo State Agribusiness Development Agency (OYSADA), Dr Debo Akande, said the financing programme is in collaboration with First City Monument Bank (FCMB) and targets youth-led agribusinesses across the state.
Akande, who also serves as Executive Adviser to Governor Seyi Makinde on Agribusiness and International Cooperation, disclosed that 5,020 youths have already received training in various aspects of agribusiness, with the top 1,000 active enterprises set to benefit directly from the fund.
According to him, the Makinde administration has attracted over ₦46.6 billion in agribusiness investment and secured nearly $170 million from international development partners, a move that has led to the establishment of 14 major processing companies and large-scale agricultural transformation.
He pointed to the Fasola Agribusiness Hub as a flagship example of the state’s evolving agro-industrial model. “The Fasola hub alone has drawn ₦17 billion from 14 agribusiness companies. Over 950 hectares are being cultivated for crops like cashew, cassava, and tomato, alongside dairy operations involving nearly 1,000 lactating cows,” Akande said.
He described Fasola as Nigeria’s first officially designated Agricultural Transformation Centre, highlighting its integration of over 8,200 smallholder farmers into a modern supply chain system. “These agribusinesses are operating independently, with no government input or subsidy on cultivation or labour. This is the essence of true agribusiness,” he noted.
One standout success, he explained, is the commercial greenhouse tomato farming project at Fasola, which supplies produce year-round, regardless of seasonal rainfall. “This model, if replicated across 1,000 greenhouses, would massively scale up tomato production and processing,” Akande added.
Looking ahead, he announced that the state has awarded contracts for the Ijaiye Agribusiness Industrial Hub, with support from the African Development Bank (AfDB). Unlike Fasola, Ijaiye will accommodate over 40 medium to large-scale agribusiness firms. Construction will begin immediately after the finalisation of contracts.
He also revealed that similar agribusiness developments are planned for Eruwa, Oke-Ogun 1, Oke-Ogun 2, and Ogbomoso, with each hub tailored to the comparative agricultural strengths of its region. “Seven companies have already signed up for Ijaiye, and investor interest in Eruwa has exceeded available space,” he stated.
Beyond agro-industrial hubs, the state is providing structured support to over 46,000 smallholder farmers through OYSADA, the Ministry of Agriculture and Rural Development, and the Agric-Credit Corporation of Oyo State. He credited improved road infrastructure and logistics for accelerating agribusiness activities.
Akande also announced a strategic partnership with France-based international food wholesaler Rungis-Semmaris to construct a wholesale produce market in Ijaiye. The market, he said, will serve as a central aggregation and distribution point for farm produce across the state.
“This development will minimise capital flight, stabilise food prices, and keep agricultural value within Oyo. Our focus is on a dual approach: boosting both local consumption and export,” he stated.
He 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).
