Plateau State and Bank of Industry Ink N4 Billion Deal to Catalyze MSME Growth and Employment

Governor Caleb Mutfwang signs a N4 billion MOU with the Bank of Industry to finance MSMEs in Plateau State, focusing on women, youth, and agro-processing.

By: AXL Media

Published: Mar 11, 2026, 5:39 AM EDT

Source: The information in this article was sourced from Newsdiaryonline

A Strategic Venture into Subnational Economic Expansion

The Plateau State Government has entered into a significant financial partnership with the Bank of Industry (BOI) to stimulate the local economy through a N4 billion matching fund. The Memorandum of Understanding, signed at the Government House in Jos, establishes a co-funded pool where both the state and the bank contribute equal shares. According to Governor Caleb Mutfwang, this capital injection is specifically designed to provide the necessary liquidity for Micro, Small, and Medium Enterprises (MSMEs) to expand their operations and enhance the state's industrial footprint.

Targeting the Informal Sector and Youth Demographics

A primary objective of the fund is the empowerment of the informal sector, which the Governor described as the lifeblood of the regional economy. The administration plans to prioritize women and young entrepreneurs as the primary beneficiaries, ensuring that the financial support reaches those with the highest potential for innovation. Mutfwang noted that by identifying and supporting enterprising businesses, the state can foster a more inclusive economic environment that provides sustainable livelihoods for its growing youth population.

Alignment with National Economic Objectives

The partnership is positioned as a local contribution toward the broader federal vision of achieving a one trillion dollar national economy. Governor Mutfwang emphasized that stimulating Plateau’s internal businesses is the only viable path to increasing its share of the national GDP. By aligning state policy with President Bola Tinubu’s macroeconomic goals, the Plateau government intends to transform seed capital into billions of Naira in future economic value, effectively integrating the state into the national growth trajectory.