By Peter Title
The Governor of Plateau State, Barrister 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.
Signed recently at the Old Government House in Rayfield, Jos, the agreement provides for a joint contribution of ₦2 billion each from the Plateau State Government and BOI.
The fund is designed to offer affordable financing to small businesses and stimulate economic activity in all 17 local government areas.
Signing on behalf of the state, Governor Mutfwang described the initiative as a targeted intervention to expand livelihood opportunities, promote enterprise development, and reduce poverty, especially among women and youths.
“This is a significant milestone in our efforts to build a resilient and inclusive economy that aligns with President Tinubu’s vision of growing Nigeria into a one-trillion-dollar economy. Plateau State has immense potential and will continue to contribute meaningfully to national growth,” he said.
Mutfwang explained that the fund will finance equipment purchases and working capital, helping businesses expand, create jobs, and strengthen local value chains.
He called it seed capital that can generate sustainable returns and drive entrepreneurship statewide.
“We want to increase Plateau’s contribution to GDP, and the most effective way is by stimulating business growth. We will identify innovative, enterprising businesses especially those led by women and young people and ensure no part of Plateau is left behind.”
BOI Managing Director Mr. Olasupo Olusi commended the governor’s vision, noting the partnership will also deliver training and capacity-building through accredited Entrepreneurship Development Centres.
The fund will provide single-digit interest-rate loans of up to ₦100 million per beneficiary, with tenors of up to five years and a moratorium of up to 12 months.
Olusi said the collaboration will strengthen the business environment, stimulate jobs, deepen value chains, and unlock sustainable growth for MSMEs in Plateau.
Bank of Industry Nigeria, Caleb Mutfwang, MSME funding Plateau, Olasupo Olusi, Plateau business development, entrepreneurship Plateau, small business finance Nigeria