The Bank of Industry (BOI) and Plateau State Government have signed a Memorandum of Understanding (MoU) to establish a N4 billion matching fund aimed at supporting Micro, Small, and Medium Enterprises (MSMEs) across the state.
The agreement was signed on Tuesday evening at the Government House in Jos. The fund, co-financed equally by both parties, will provide financing for equipment and working capital to accelerate job creation, strengthen local value chains, and promote inclusive economic growth in Plateau State.
Governor Caleb Mutfwang expressed enthusiasm about the partnership, highlighting its potential to boost the state’s economy while contributing to Nigeria’s national GDP and aligning with President Bola Tinubu’s one trillion-dollar economic vision.
“I am delighted with this development. This is a major milestone in building sectors of our economy that align with the President’s vision of a one trillion-dollar economy. Plateau State has a lot to contribute to national growth, and stimulating MSMEs, particularly those led by women and youths, is key to achieving this,” Mutfwang said.
He assured that the initiative would cover the entire state and that the funds would be used judiciously, emphasizing that it would serve as seed capital with the potential to generate multiple returns in the near future.
BOI Managing Director Mr. Olasupo Olusi commended Plateau State’s improved performance on the Ease of Doing Business index and expressed the bank’s commitment to expanding its presence through the collaboration.
“This partnership will not only provide financial support to MSMEs but also include training and capacity-building programmes in collaboration with accredited Entrepreneurship Development Centres (EDCs). It is designed to unlock sustainable growth opportunities for businesses in Plateau State,” Olusi said.
He added that the capacity-building initiatives would focus on value addition in areas such as poultry, block making, oil and rice milling, agro-mechanisation, packaging, pharmaceuticals, bakery, confectioneries, and other viable businesses.
The initiative underscores a targeted effort to empower women and youths, strengthen local industries, and drive economic growth across Plateau State while supporting Nigeria’s broader economic ambitions.Tools