The Governor of Plateau State, Caleb Mutfwang, has signed a Memorandum of Understanding (MoU) with the Bank of Industry (BOI) to establish a ₦4 billion matching fund, aimed at strengthening Micro, Small and Medium Enterprises (MSMEs) across the state.
The agreement, signed on Wednesday provides for a joint contribution of ₦2 billion each by the Plateau State Government and BOI.
The fund is designed to provide affordable financing to small businesses and stimulate economic activities across the 17 Local Government Areas of the state.
Signing on behalf of the state government, Governor Mutfwang described the initiative as a targeted intervention to expand livelihood opportunities, promote enterprise development, and reduce poverty, particularly among women and youths.
“This is a significant milestone in our efforts to build a resilient and inclusive economy that aligns with the vision of Mr. President to grow Nigeria into a one-trillion-dollar economy,” the governor said, referencing the economic agenda of Bola Ahmed Tinubu.
“Plateau State has significant potential and will continue to contribute meaningfully to the growth and development of the national economy.”
Governor Mutfwang explained that the fund would provide affordable financing for equipment acquisition and working capital, enabling businesses to expand operations, create jobs, and strengthen local value chains.
He added that the initiative would serve as seed capital capable of generating sustainable economic returns and driving entrepreneurship across the state.
“We want to increase Plateau State’s contribution to the national GDP, and the most effective way to achieve this is by stimulating business growth,” he stated.
“We will identify innovative and enterprising businesses across the state, with particular focus on women and young people, ensuring that no part of Plateau is left behind.”
Speaking during the signing ceremony, the Managing Director of the Bank of Industry, Olasupo Olusi, commended the governor for what he described as a visionary initiative aimed at empowering entrepreneurs and fostering sustainable economic development.
Olusi explained that the partnership would not only provide funding but also offer training and capacity-building programmes for beneficiaries through accredited Entrepreneurship Development Centres, ensuring that MSMEs are equipped with the necessary skills to grow and remain competitive.
According to him, the BOI–PLSG Matching Fund is designed to expand access to affordable, long-term financing for MSMEs operating across Plateau State.
He further highlighted key features of the fund, noting that it will:
-Provide single-digit interest rate financing to eligible businesses
-Support both equipment acquisition and working capital needs
-Offer a maximum loan of ₦100 million per beneficiary; Provide a loan tenor of up to five years, include a moratorium period of up to 12 months after disbursement.
Mr. Olusi added that the collaboration between BOI and the Plateau State Government will strengthen the state’s business environment, stimulate job creation, deepen local value chains, and unlock sustainable growth opportunities for MSMEs across the state.
