The Bank of Industry (BOI) and the Plateau State Government have signed a Memorandum of Understanding to establish a N4 billion matching fund to support Micro, Small and Medium Enterprises in Plateau State.

The agreement was signed on Tuesday evening at the Government House in Jos. The fund will be co-financed equally by BOI and the Plateau State Government under the terms of the MoU.

The deal is part of efforts to strengthen local business activities and expand access to capital for small enterprises in the state.

The N4 billion fund is designed to provide financing for equipment and working capital to help boost business operations among small enterprises.

The funding is intended to support accelerated job creation and deepen inclusive economic growth in Plateau State.

Governor Caleb Mutfwang expressed satisfaction with the development and discussed how the partnership aligns with broader economic goals. He said the initiative will support women and youth as key beneficiaries of the intervention.

“I am quite happy with this development, I want to thank Mr Olasupo for coming all the way from Lagos for this ceremony, we truly appreciate,” Governor Mutfwang said.

He stated that the state aims to increase its contribution to national gross domestic product and that a significant part of that effort involves supporting informal businesses and small enterprises.

The governor also assured that the implementing agency will make sure the benefits cover the entire state and that no one will be excluded.

BOI Managing Director Mr. Olasupo Olusi said the bank was pleased to expand its presence through collaborations with state governments.

He noted that the fund will also back training and capacity building programmes for beneficiaries with accredited entrepreneurship development centres.