The Bank of Industry and the Plateau State Government have signed a Memorandum of Understanding to establish a N4 billion matching fund aimed at supporting Micro, Small and Medium Enterprises in the state. The agreement was signed on Tuesday at the Government House in Jos, with both parties committing N2 billion each to the fund.
The initiative is expected to provide financing for equipment and working capital, while also driving job creation, strengthening local value chains, and promoting inclusive economic growth across Plateau. Governor Caleb Mutfwang described the partnership as a major step in the state’s plan to stimulate enterprise and expand its contribution to the national economy. He said the fund would particularly target women and young entrepreneurs, with implementation across the state to ensure broad access.
“I am quite happy with this development,” the governor said, describing the agreement as “a significant milestone” in Plateau’s economic development efforts. Mutfwang said the initiative aligns with President Bola Tinubu’s ambition of building a one trillion-dollar economy, arguing that supporting small businesses remains one of the most effective ways to grow the state’s share of national GDP.
Bank of Industry Managing Director Olasupo Olusi said the partnership reflects the bank’s commitment to expanding support for enterprise growth through collaboration with state governments. He commended Plateau State for its progress in improving the ease of doing business, noting that the state’s performance in the Presidential Enabling Business Environment Council’s subnational ranking showed deliberate reforms to attract investment.
According to Olusi, the fund will go beyond financing by also supporting training and capacity-building for beneficiaries through accredited Entrepreneurship Development Centres. The programme will include capacity training in areas such as poultry value addition, block making, oil and rice milling, agro-mechanisation, packaging, pharmaceuticals, bakery and confectionery, as well as other viable enterprises.
The initiative underscores renewed efforts by both the state government and the Bank of Industry to position MSMEs as a key driver of jobs, productivity and long-term economic development in Plateau.
