Bank of Industry (BoI) and the Plateau government have signed a N4 billion Memorandum of Understanding (MoU) to boost funding for Micro, Small, and Medium Enterprises (MSMEs) in the state.

Governor Caleb Mutfwang and BoI’s Managing Director and Chief Executive Officer, Dr Olasupo Olusi, signed the pact at Government House, Jos, yesterday.

Mutfwang explained that while BOI is bringing N2 billion, the state government is matching it with another N2 billion to make it N4 billion to promote small businesses in Plateau.

He said the agreement is a significant milestone in their effort to build the Plateau economy that would dovetail into President Bola Tinubu’s dream of building a N1 trillion economy.

“We believe Plateau State has a lot of significant contributions to the development of the national economy. We want to increase our share of contribution to the national GDP.

“And the only way we can do that is to stimulate business and everybody knows that the lifeline of every business is a distinct formal sector.”

We are trusting God that by the grace of God, we will identify enterprising businesses, particularly focusing on women and young people,” the governor stated.

The BoI boss, on his part, said: “The bank has maintained an active presence in Plateau State since 2020, disbursing N8.46 billion to 257 enterprises, supporting micro, small and medium enterprises as well as large enterprises across the state.

“The interventions span several programmes, including the Federal Government MSME and Manufacturing Intervention Funds, the Rural Area Programme on Investment for Development (RAPID), and BoI-funded projects.”

The new partnership leverages BoI’s expertise in providing financial and business support services to MSMEs to unlock sustainable growth opportunities for businesses in Plateau State.