BOI and Plateau State Sign N4bn Support Agreement

On Wednesday, the Bank of Industry (BOI) and the Plateau State Government signed a memorandum of understanding for a N4 billion industrial support deal. This agreement aims to provide affordable long-term financing to micro, small, and medium enterprises (MSMEs) across 17 local government areas in Plateau State.

The BOI and the Plateau State Government will each contribute N2 billion to create a capital pool with a single-digit interest rate. During the signing ceremony, Governor Caleb Manasseh Mutfwang emphasized that this financial transaction is part of a broader strategy to enhance the state's contribution to Nigeria's GDP, aligning with President Bola Tinubu's vision of building a $1 trillion economy.

The fund is specifically designed to stimulate the local economy, focusing on high-impact demographics, particularly women and youth. Dr. Olasupo Olusi, Managing Director and Chief Executive Officer of BOI, reiterated the bank's commitment to the region, noting that Plateau has become a hub for successful interventions over the past six years.