A significant step has been taken to ensure Micro, Small and Medium Enterprises (MSMEs) in Plateau State have access to cheap loans.
The state government has partnered with the Bank of Industry (BoI) to create a N4 billion matching fund for small business operators across the state.
Each of the parties will provide N2 billion to provide affordable financing for equipment acquisition and working capital, enabling businesses to expand operations, create jobs, and strengthen local value chains.
Business Post gathered that the loans would be given at a single-digit interest rate to eligible businesses, with a maximum offer of N100 million per beneficiary over a tenor of up to five years, including a moratorium period of up to 12 months after disbursement.
The Director of Press and Public Affairs to Governor Caleb Mutfwang, Mr Gyang Bere, in a statement on Wednesday, said the state government collaborated with the lender to lift citizens out of poverty and stimulate economic growth across the 17 Local Government Areas of Plateau State.
“This is a significant milestone in our efforts to build a resilient and inclusive economy that aligns with the vision of Mr President (Bola Tinubu) to grow Nigeria into a one-trillion-dollar economy,” the governor was quoted to have said in the statement.
“Plateau State has significant potential and will continue to contribute meaningfully to the growth and development of the national economy,” Mr Mutfwang added.
He noted that the initiative would serve as seed capital capable of generating sustainable economic returns and driving entrepreneurship across the state.
“We want to increase Plateau State’s contribution to the national GDP, and the most effective way to achieve this is by stimulating business growth,” he stated.
“We will identify innovative and enterprising businesses across the state, with particular focus on women and young people, ensuring that no part of Plateau is left behind.”
On his part, the Managing Director of BoI, Mr Olasupo Olusi, commended the governor for what he described as a visionary initiative aimed at empowering entrepreneurs and fostering sustainable economic development.
Mr Olusi explained that the partnership would not only provide funding but also offer training and capacity-building programmes for beneficiaries through accredited Entrepreneurship Development Centres, ensuring that MSMEs are equipped with the necessary skills to grow and remain competitive.
According to him, the BOI–PLSG Matching Fund is designed to expand access to affordable, long-term financing for MSMEs operating across Plateau State.