BoI, Plateau partner on N4b fund for MSMEs
The Bank of Industry (BoI) has signed a Memorandum of Understanding (MoU) with the Plateau State Government to establish a N4 billion matching fund. The pact is aimed at expanding
The Bank of Industry (BoI) has signed a Memorandum of Understanding (MoU) with the Plateau State Government to establish a N4 billion matching fund.
The pact is aimed at expanding affordable financing for Micro, Small, and Medium Enterprises (MSMEs) across the state’s 17 local government areas.
Under the BoI-PLSG Matching Fund, both parties will contribute N2 billion each to provide long-term financing at a single-digit interest rate to support equipment acquisition and working capital for businesses, particularly those run by women and youths.
The fund has a maximum loan limit of N100 million per obligor, a repayment tenor of up to five years and a moratorium of up to 12 months from disbursement.
Speaking at the signing ceremony at the Government House in Jos, Plateau State Governor Caleb Mutfwang said the partnership would stimulate the growth of MSMEs and strengthen the state’s contribution to the national economy.
“The Plateau State government and the Bank of Industry are contributing N2 billion each to facilitate this partnership aimed at stimulating MSMEs in the state, with focus on women and youths,” Mutfwang said.
The governor said the initiative aligned with the vision of President Bola Ahmed Tinubu to build a $1 trillion economy.
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BoI’s Managing Director and Chief Executive Officer Olasupo Olusi said the bank has maintained an active presence in Plateau since 2020, disbursing N8.46 billion to 257 enterprises across various sectors.
“These interventions span several programmes, including the Federal Government’s MSME and Manufacturing Intervention Funds, the Rural Area Programme on Investment for Development (RAPID), and BOI-funded projects,” he said.
Olusi lauded the state’s reforms to improve the business environment, noting that Plateau’s improved ranking in the Ease of Doing Business index reflected deliberate efforts to attract investment and private sector participation.
As part of the initiative, the BoI chief executive said the bank would organise training and capacity-building programmes for the beneficiaries through accredited Entrepreneurship Development Centres.
The programmes will focus on value addition in sectors, such as poultry, block making, oil and rice milling, agro-mechanisation, packaging, pharmaceuticals, bakery and confectionery.
The bank boss said the partnership would also encourage the development of product clusters to support specialised entrepreneurs and promote sustainable business growth in the state.
