The Bank of Industry and the Plateau State Government have entered into a partnership to establish a N4bn intervention fund aimed at boosting industrial activities and supporting small-scale enterprises in the state.
The collaboration was formalised through the signing of a Memorandum of Understanding on Wednesday, creating a joint funding arrangement designed to provide accessible financing to Micro, Small and Medium Enterprises operating across Plateau State’s 17 local government areas.
Under the initiative, both the state government and the development finance institution will contribute N2bn each to form the N4bn fund. The financing scheme is expected to provide loans to eligible businesses at single-digit interest rates, making it easier for entrepreneurs to expand their operations and contribute to economic growth within the state.
Speaking during the signing ceremony held in Jos, Governor Caleb Mutfwang described the partnership as a significant step towards strengthening the state’s economic base. He explained that the initiative was not merely a financial arrangement but part of a broader plan to stimulate economic development and create opportunities for residents.
According to the governor, the programme aligns with the Federal Government’s economic vision of expanding Nigeria’s economy and increasing its contribution to national productivity. He noted that the intervention would focus particularly on empowering women and young entrepreneurs, who play a crucial role in driving local economic activities.
Mutfwang explained that by supporting businesses at the grassroots level, the state government aims to encourage innovation, job creation and wealth generation across communities.
The Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, also reaffirmed the institution’s commitment to supporting economic development in Plateau State. He stated that the bank had maintained a strong operational presence in the state in recent years, financing several enterprises across different sectors.
Olusi revealed that since 2020, the bank had provided financial support amounting to more than N8bn to businesses in Plateau State, covering both small-scale enterprises and larger companies.
He also commended the state government for implementing reforms that have improved the business environment, noting that Plateau State has recorded progress in creating conditions that attract investors and encourage private sector participation.
According to him, improvements in the state’s performance on the Ease of Doing Business ranking reflect deliberate efforts by the government to make the state more conducive for commercial activities and institutional investments.
The newly created fund has been structured to ensure responsible lending and sustainability. Beneficiaries will be able to access loans with a repayment period of up to five years, while a moratorium period of up to 12 months will allow businesses time to stabilise before repayment begins. Individual beneficiaries will be able to access financing of up to N100m depending on the scale of their operations.
Beyond providing funding, the programme will also include training and capacity-building initiatives for entrepreneurs. These will be implemented in collaboration with accredited Entrepreneurship Development Centres to equip business owners with the skills required to manage and grow their enterprises.
The intervention will support value-chain development in key sectors including poultry farming, block production, rice and oil milling, agro-mechanisation, food processing, packaging, pharmaceuticals and bakery production.
Through the partnership, both the Bank of Industry and the Plateau State Government aim to strengthen the capacity of local businesses, enhance productivity and create sustainable economic opportunities across the state.
