The Bank of Industry (BOI) and the Plateau State Government have signed an agreement to establish a ₦4 billion matching fund aimed at supporting Micro, Small and Medium Enterprises (MSMEs) across the state and boosting job creation.
The agreement was formalised through the signing of a Memorandum of Understanding at the Government House in Jos on Tuesday evening, with both parties committing to contribute equally to the fund.
The initiative is designed to provide financing for equipment acquisition and working capital for small businesses, while also strengthening local value chains and expanding economic opportunities for entrepreneurs across Plateau State.
Governor Caleb Mutfwang described the agreement as an important step toward stimulating enterprise and improving the state’s contribution to the national economy.
“This, for us, is a significant milestone in our efforts to build a part of the economy that will dovetail into the dream of Mr. President, of building a one trillion dollar economy,” the governor said during the signing ceremony.
Mutfwang explained that encouraging the growth of small businesses remains one of the most effective ways to drive employment and economic expansion in the state.
“We want to increase our share of contribution to the national GDP, and the only way we can do that is to stimulate businesses,” he said.
According to the governor, the fund will primarily target women and young entrepreneurs who are building businesses and creating economic activity within their communities.
“Everybody knows that the lifeblood of every business is in the informal sector. We are trusting God that we will identify very enterprising businesses, particularly focusing on women and young people,” he stated.
He also assured that the programme would be implemented transparently and reach entrepreneurs across the state.
“I want to assure you that the agency in charge will ensure that this covers the entire state and nobody is excluded. This is going to be a seed capital that will give back to multiples of billions of Naira in the near future,” Mutfwang added.
Managing Director of the Bank of Industry, Olasupo Olusi, said the partnership reflects BOI’s commitment to expanding access to finance and business support for MSMEs in Nigeria.
He noted that Plateau State has taken deliberate steps to improve its business environment, making the state a suitable partner for such a programme.
“We are encouraged by the State’s continued efforts to improve the business environment,” Olusi said.
“Plateau’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.”
Olusi added that the matching fund will not only provide financing but will also include capacity-building programmes to help entrepreneurs strengthen their businesses.
“The partnership will support training and capacity-building programmes for beneficiaries in collaboration with accredited Entrepreneurship Development Centres,” he said.
According to him, the initiative will focus on unlocking sustainable growth opportunities for businesses while also supporting national economic priorities.
“This partnership, aimed at stimulating MSMEs in the state with a focus on women and youths, will improve the state’s contribution to the country’s GDP in alignment with the vision of President Bola Tinubu to build a one trillion dollars economy.”
The training component of the programme will focus on practical business areas including value addition in poultry production, block making, oil and rice milling, agro-mechanisation, packaging, pharmaceuticals, bakery and confectionery, as well as other viable small-scale enterprises capable of creating jobs and strengthening local production.
