The Bank of Industry and the Plateau State Government have officially signed a Memorandum of Understanding for a N4bn matching fund in a strategic move to catalyse industrial growth and provide a lifeline to small businesses.
The agreement, according to a statement, was signed on Wednesday and aims to provide affordable, long-term financing to Micro, Small, and Medium Enterprises across all 17 local government areas of the state.
Under the “BOI-PLSG” initiative, both parties are contributing N2bn each to create a pool of capital accessible at single-digit interest rates.
Speaking at the signing ceremony in Jos, the Executive Governor, Caleb Manasseh Mutfwang, emphasised that this is more than just a financial transaction; it is a blueprint for state-wide prosperity.
“This partnership will improve the state’s contribution to the country’s GDP in alignment with the vision of President Bola Tinubu to build a $1 Trillion economy,” Mutfwang stated.
He highlighted that the fund is specifically designed to stimulate the local economy by prioritising high-impact demographics, adding that “the Plateau State Government and the Bank of Industry are contributing N2bn each to facilitate this partnership aimed at stimulating MSMEs in the state with a focus on women and youths.”
The Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, reiterated the bank’s long-standing commitment to the region, noting that Plateau has become a hub for successful interventions over the last six years.
“The Bank has maintained an active presence in Plateau State since 2020, disbursing N8.46 bn to 257 enterprises, supporting Micro, Small and Medium Enterprises as well as Large Enterprises across the state,” Olusi remarked.
He further commended the state’s administrative reforms, which have made Plateau an increasingly attractive destination for institutional investment, noting that “Plateau State’s improved ranking on the Ease of Doing Business index, according to the Presidential Enabling Business Environment Council’s subnational report, reflects deliberate reforms aimed at creating a conducive environment for investment and private sector participation.”
The N4bn fund is structured to ensure sustainability and manageable repayment for beneficiaries, with a single obligor limit not exceeding N100m, a maximum tenor of five years, and a moratorium period of up to 12 months from disbursement. Beyond the cash injection, the MoU includes a robust capacity-building component in collaboration with accredited Entrepreneurship Development Centres.
This programme will focus on value addition in sectors such as poultry, block making, oil and rice milling, agro-mechanisation, packaging, pharmaceuticals, and bakery services. The partnership leverages the BOI’s 65-year history of development finance to ensure that MSMEs in Plateau State do not just receive capital but also the technical expertise required to scale sustainably through the establishment of specialised product clusters.
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