Plateau, BOI Sign N4bn Deal to Boost MSMEs, Drive Economic Growth

Yemi Kosoko in Jos

In a major push to expand economic opportunities and reduce poverty, Plateau State Governor, Caleb Manasseh Mutfwang, has signed a Memorandum of Understanding (MoU) with Bank of Industry (BOI) to establish a N4 billion matching fund dedicated to strengthening Micro, Small and Medium Enterprises (MSMEs) across the state.

The agreement, sealed on Tuesday at Old Government House, Rayfield, Jos, commits both Plateau State Government and BOI to contribute N2 billion each.

The fund is expected to provide affordable financing to small businesses and stimulate economic activities across all 17 local government areas of the state.

Mutfwang, who signed on behalf of the state government, described the initiative as a deliberate intervention to expand livelihood opportunities, promote enterprise development, and tackle poverty particularly among women and young people.

He stated, “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,” referencing President Bola Tinubu’s economic agenda.

The governor stated that Plateau State held “significant potential” and will continue to contribute meaningfully to national development. He explained that the fund would support equipment acquisition and working capital needs, enabling businesses to scale operations, create jobs, and strengthen local value chains.

He said, “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.”

The governor added, “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.”

Managing Director of BOI, Olasupo Olusi, who signed on behalf of the bank, commended Mutfwang for what he described as a visionary step towards empowering entrepreneurs and fostering sustainable economic development.

Olusi said the partnership went beyond financing, as beneficiaries will also receive training and capacity building support through accredited Entrepreneurship Development Centres to ensure MSMEs were equipped with the skills needed to thrive.

He outlined key features of the BOI-PLSG Matching Fund, including single digit interest rate financing, support for equipment acquisition and working capital, maximum loan amount of N100 million per beneficiary, loan tenor of up to five years, and moratorium period of up to 12 months.

According to him, the collaboration will strengthen the state’s business environment, stimulate job creation, deepen local value chains, and unlock sustainable growth opportunities for MSMEs across Plateau.

The initiative is expected to serve as seed capital capable of generating long term economic returns, while positioning Plateau State as a rising hub for enterprise and innovation.