The Plateau State Government 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.
According to the agreement, signed at the Old Government House, Rayfield Jos, the fund was designed to provide affordable financing to small businesses and to stimulate economic activities across the state’s 17 Local Government Areas.
It is also aiimed at providing a joint contribution of ₦2 billion each by the Plateau State Government and Bank of Industry.
Governor Caleb Manasseh Mutfwang signed on behalf of the state government, while Managing Director of the Bank of Industry, Mr. Olasupo Olusi, signed for the bank.
Speaking after the singing the document, 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 President Tinubu to grow Nigeria into a one-trillion-dollar 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. the national economy.
“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.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,” he added.
On his part, the Managing Director of the Bank of Industry, Mr. Olasupo Olusi, described the MoU as a visionary initiative aimed at empowering entrepreneurs and fostering sustainable economic development.
“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,” he said.
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.
Veteran journalist and recipient of A.B.C Yola, Reporter of the Year Award (1997), Hassan Umar Shallpella, works with WAP as a Regional Correspondence. He was trained at Institute of Mass Communication and Technology Jos and Federal Radio Corporation of Nigeria, Training School Lagos.He was a News desk Editor and a Correspondent at the Punch newspaper and till 2019, was the Deputy Editor ofThe Scope newspaper.
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