PLASMIDA at the centre of MSME growth as Plateau State and the Bank of Industry seal ₦4 Billion matching fund agreement
The Plateau State Government has taken another bold step toward strengthening economic growth and empowering entrepreneurs with the signing of a ₦4 billion Memorandum of Understanding (MoU) matching fund for Micro, Small and Medium Enterprises (MSMEs) in partnership with the Bank of Industry. The agreement, which was formalized in Plateau State, underscores the commitment of the state administration to stimulate enterprise development, expand access to finance, and create sustainable opportunities for businesses to thrive. The initiative is expected to unlock critical funding for small businesses, stimulate innovation, and support economic diversification across the state.
Speaking during the signing ceremony, the Executive Governor of Plateau State, Caleb Manasseh Mutfwang, expressed delight while welcoming the Managing Director of the Bank of Industry, Olasupo Olusi, to the Home of Peace and Tourism. The Governor described the partnership as a major milestone in the state’s drive toward economic transformation. According to him, the MoU establishes a ₦4 billion matching fund arrangement, with the Bank of Industry contributing ₦2 billion while the Plateau State Government provides an equal amount of ₦2 billion. He emphasized that the collaboration will significantly boost the growth of MSMEs and position Plateau State on the path toward building a trillion-naira economy. Governor Mutfwang further noted that MSMEs remain the backbone of economic development, job creation, and poverty reduction. Therefore, improving their access to financing will not only empower entrepreneurs but also stimulate industrial growth, encourage innovation, and expand the productive capacity of businesses across the state.
In his remarks, the Managing Director of the Bank of Industry, Olasupo Olusi, commended the Plateau State Government for its commitment to supporting enterprise development. He described Plateau State as a unique destination known for its rich tourism potential and strong agricultural base. Dr. Olusi expressed confidence that the MoU will help unlock new opportunities for entrepreneurs while strengthening existing businesses. According to him, sustainable investment in MSMEs remains a critical driver of economic development, and the partnership with the Plateau State Government will ensure that more small businesses gain access to the financing they need to grow, expand, and contribute meaningfully to the state’s economic prosperity.
The Plateau State Microfinance Development Agency under the leadership of Hon. Bomkam Ali Wuyep will play a critical role in the implementation and management of the matching fund. As the state agency responsible for the development and coordination of micro, small, and medium enterprises, PLASMIDA will serve as a key facilitator in ensuring that the funds reach qualified beneficiaries across Plateau State. The agency will work closely with the Bank of Industry to identify credible MSMEs, provide business support services, and monitor the effective utilization of the funds. Through proper screening, monitoring, and capacity-building initiatives, PLASMIDA will ensure transparency, accountability, and sustainability in the deployment of the resources, thereby maximizing the impact of the intervention on entrepreneurs and the broader economy.
The signing of the MoU therefore marks a significant milestone in Plateau State’s economic development agenda. By strengthening partnerships with reputable financial institutions and prioritizing support for small businesses, the Plateau State Government continues to demonstrate its commitment to creating a thriving business environment. With effective implementation and collaboration among stakeholders, the ₦4 billion matching fund is expected to empower entrepreneurs, stimulate investment, generate employment opportunities, and further position Plateau State as a hub of enterprise, agriculture, and tourism in Nigeria.
