The Bank of Industry and the Plateau State Government have signed a Memorandum of Understanding establishing a N4 billion matching fund to boost Micro Small and Medium Enterprises in the state.
The MoU was signed on Tuesday evening at the Government House, Jos.
The News Agency of Nigeria reports that the money, to be co-funded equally by both parties, is designed to finance equipment and working capital to accelerate job creation, strengthen the local value chain, and deepen inclusive economic growth in the state.
Governor Caleb Mutfwang, who expressed joy over the development, noted that beyond boosting the state’s economy, the partnership would help Plateau contribute its quota to the national GDP and also align with President Bola Tinubu’s one trillion dollars economic vision for Nigeria.
Mutfwang, who also assured the BOI team that the project would be executed judiciously, disclosed that the beneficiaries would be largely women and youth.
“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.
“This, for us, is a significant milestone in our efforts to build a part of the economy that will dovetail into the dream of Mr. President, of building a one trillion dollar economy.
“We believe that Plateau State has a lot of significant contributions to make 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 businesses.
“Everybody knows that the lifeblood of every business is in the informal sector. We are trusting God that we will identify very enterprising businesses, particularly focusing on women and young people.
“I want to assure you that the agency in charge will ensure that this covers the entire state and nobody is excluded. This is going to be a seed capital that will give back to multiples of billions of Naira in the near future,” the governor said.
In his response, the Managing Director of BOI, Mr. Olasupo Olusi, who commended Plateau’s ratings for the Ease of Doing Business index, said the bank was pleased to continue to grow its presence through such collaborations with the state.
Olusi said the fund would support training and capacity-building programmes for beneficiaries in collaboration with accredited Entrepreneurship Development Centres.
“We are encouraged by the State’s continued efforts to improve the business environment.
“Plateau’s improved ranking on the Ease of Doing Business index, according to the Presidential Enabling Business Environment Council’s subnational report, reflects deliberate reforms aimed at creating a conducive environment for investment and private sector participation.
”This partnership, aimed at stimulating MSMEs in the state with a focus on women and youths, will improve the state’s contribution to the country’s GDP in alignment with the vision of President Bola Tinubu to build a One Trillion Dollars economy.
“This partnership leverages BOI’s expertise in providing financial and business support services to MSMEs to unlock sustainable growth opportunities for businesses in Plateau State,” he said.
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NAN also reports that some of the capacity trainings for beneficiaries will focus on value addition in poultry, block making, oil and rice milling, agro mechanisation, packaging, pharmaceuticals, bakery and confectionery, including other viable businesses.