A $750 million assistance facility has been approved by the World Bank for the Nigeria State Action on Business Enabling Reforms (SABER) Programme-for-Results.
NewsReport that this information was provided on Friday in a statement by the Washington-based organization headlined, “Improving the Business Enabling Environment in Nigeria to Create Jobs and Boost Inclusive Growth.”
The funding for SABER came in the form of an International Development Association (IDA) credit.
The program is in line with Nigeria’s National Development Plan (NDP), which lays out an ambitious plan for sustained private-sector-led economic growth with the goal of lifting 35 million people out of poverty by 2025 and creating 21 million employment.
The World Bank’s approval of the credit facility came on the same day the Federal Government declared that it was considering further fiscal policy actions in support of Micro, Small, and Medium Scale Enterprises (MSMEs) in the country.
The statement read: “The World Bank today approved the Nigeria State Action on Business Enabling Reforms (SABER) Program-for-Results. The $750 million International Development Association (IDA) credit will help Nigeria accelerate the implementation of critical actions that will improve the business enabling environment in states.”
According to the bank, Nigeria has made headway in pushing changes to remove barriers in the business climate, particularly through efforts spearheaded by the Presidential Enabling Business Environment Council (PEBEC).
However, the bank warned that, in comparison to its peers, Nigeria’s ability to attract local and foreign investment remains limited.
It added: “Nigeria’s 36 states and the Federal Capital Territory (FCT) are capable of catalyzing private investment, although their efforts and capacity to do so differ greatly.
“Given the importance of state-level reforms, the government developed a new program—SABER—to accelerate the implementation of critical actions that improve the business-enabling environment in Nigeria’s states.
“The government’s SABER program builds on the successes of PEBEC. It aims to strengthen the existing PEBEC-National Economic Council subnational interventions by adding incentives, namely results-based financing to the states, and the delivery of wholesale technical assistance–available to all states–to support gaps in reform implementation.”
C0P28: Nigeria is Poised to Benefit most from $3 Billion in US Climate Funds.
Kano State sets aside N69m for HIV/AIDS testing tools.
Wema Bank’s Impact Investing: Green and Gender Financing Focus
Walmart halts advertising on Elon Musk’s X.
Abbey Mortgage Bank Hosts Sustainability Workshop with Non-Profit Stakeholders in Abuja
Singapore needs 260K professionals in Tech, Banking, and Engineering.
FACTS ABOUT NNAMDI KANU REARREST THAT SHOULD BE KNOWN
United States President Joe Biden takes Jill Biden for a Bike Ride to Celebrate her 70th Birthday.
Biafra Campaigners: Akufo-Addo asked Tinubu to back Obi and leave to attend to his health-Bayo Onanuga
A man who dumps his wife and children to marry actress Liz Anjorin continues to harass her.
Gloria Mba Survives a Car Accident in the United States
How FirstBank is assisting salary account holders in realizing their dreams
MotoGP makes tyre strategies easier to follow for 2017
President Obama Holds his Final Press Conference
The heart of Nintendo’s new console isn’t the Switch
Dota Pit Season 5 finals preview: Secret, VP have something to prove
Suzuki Unveils Its Entry-Level 2017 GSX-R125 Sportbike
Game of Thrones spending just as long making fewer episodes
- Sponsored2 weeks ago
Alh. Akeem Adebayo was sworn in as a member of the Iree Governing Council of Osun State Polytechnic.
- Politics3 weeks ago
Peter Obi Criticizes Tinubu for the N2.17Bn budget, Claiming he is Unaware of Nigeria’s Crisis.
- Business4 weeks ago
Cardoso hosts Khalifa Sanusi, Impact Investing Community.