The Bank of Industry (BOI) has signed a Memorandum of Understanding with the Plateau State Government for a Four Billion Naira (BOI-PLSG) Matching Fund to expand affordable, long-term financing to Micro, Small and Medium Enterprises domiciled across the 17 Local Government Areas in Plateau State. The fund is designed to finance both equipment and working capital at a single digit interest rate to accelerate job creation, strengthen local value chain and deepen inclusive economic growth in the state.
The single obligor limit of the fund shall not exceed One Hundred Million Naira Only, (N100,000,000), maximum tenor of 5 years and moratorium period not exceeding 12 months from disbursement.
In recognition of the importance of Capacity for potential beneficiaries, the fund will undertake training and capacity building programmes in collaboration with accredited Entrepreneurship Development Centers (EDCs). This capacity building programmes will focus on value addition in poultry, block making, oil and rice milling, agro mechanization, packaging, pharmaceuticals, bakery and confectionaries alongside other viable business. Establishment of product cluster will be encouraged to boost the development of MSMEs and nurturing of specialized entrepreneurs especially women and youths.
In his remarks, the MD/CEO of BOI, Dr. Olasupo Olusi said “the Bank has maintained an active presence in Plateau state since 2020 disbursing ₦8.46 billion to 257 enterprises, supporting Micro, Small and Medium Enterprises as well as Large Enterprises across the State. These interventions span several programs including the Federal Government MSME and Manufacturing Intervention Funds, the Rural Area Program on Investment for Development (RAPID), and BOI funded projects”
“We are also encouraged by the State’s continued efforts to improve the business environment. Plateau State’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.” he said.
Speaking at the MOU Signing Ceremony which held at the government house Jos, Plateau State, the Executive Governor, Barr. Caleb Manasseh Mutfwang noted that ”the Plateau state government and the Bank of Industry is contributing ₦2 billion each to facilitate this partnership aimed at stimulating MSMEs in the state with focus on women and youths. This partnership will improve the state’s contribution to the country’s GDP in alignment with the vision of President Bola Ahmed Tinubu to build a $1 Trillion economy”.
This partnership leverages BOI’s expertise in providing financial and business support services to MSMEs to unlock sustainable growth opportunities for business in Plateau state.
Bank of Industry (BOI) is Nigeria’s foremost Development Finance Institution, committed to driving industrial growth and inclusive economic development. Established in 1959 as the Investment Company of Nigeria (ICON) and reconstituted as Nigerian Industrial Development Bank (NIDB) under World Bank guidance in 1964. The Bank assumed its current form in 2001 following the merger with Nigerian Bank for Commerce and Industry (NBCI), and the National Economic Reconstruction Fund (NERFUND). The Bank’s primary mandate is to provide financial assistance for the establishment and expansion of large, medium, small-scale, and micro projects.
Theodora Amechi
Divisional Head, Public Relations
BOI
