World Bank pledges $750m as FG launches framework to attract investment

As part of efforts to attract foreign direct investment (FDI), the Federal Government on Wednesday said it has introduced the Regulatory Impact Analysis (RIA) Framework to create a more favourable and business-friendly environment.

With $750 million in World Bank support, the State Action Plans for Enabling Business Reforms Programme will improve state-level business environments for the initiative, unveiled at the State House Conference Centre, Abuja, during the Second Existing Foreign Direct Investors Roundtable and Regulators’ Forum and the launch of Nigeria’s regulatory impact analysis framework.

Director-General of the Presidential Enabling Business Environment Council (PEBEC), Zahrah Audu, stressed the significance of a Nigeria that is both competitive and investment-friendly.

She also assured that the government was striving to finance incentives that will carry out reforms that helps SMEs to generate employment as well as draw in investments.

Audu noted that PEBEC was founded to remove long-standing barriers to doing business in Nigeria, and added that the Council has carried out more than 200 daring changes in a variety of industries over the years, concentrating on six strategic work streams to maintain progress.

She added that “this framework ensures that all new regulations undergo thorough assessments to evaluate their economic, social, and environmental impact, reducing unnecessary business hurdles while safeguarding public interests.”

Audu underscored that FDI is crucial for Nigeria’s economic diversification, job creation, and technological advancement.

“To attract and retain FDI, we must streamline our regulatory processes.”

She said “the RIA Framework will foster a predictable, transparent, and business-friendly regulatory environment. By collaborating with local and international institutions, we can bridge infrastructure gaps, boost productivity, and lower the cost of doing business.”

The PEBEC DG reaffirmed President Bola Tinubu administration’s commitment to supporting both new and existing investors, ensuring that policies align with investor expectations.

Audu concluded by reiterating the need for continued public-private dialogue aimed at ensuring effective implementation of reforms.

“We are committed to making Nigeria the preferred investment destination in Africa. Together, let’s create an environment where businesses thrive, investments flourish, and millions of Nigerians benefit from economic growth,” she said.

“With the RIA Framework in place, Nigeria moves closer to its goal of attracting sustainable foreign investment and fostering long-term economic development.”

Also speaking, Governor Hyacinth Alia of Benue State, identified the state as a premier destination for investment. He underscored the state’s strategic location, abundant natural resources, and commitment to fostering a business-friendly environment.

“Benue is strategically located in the heart of Nigeria, making it an ideal hub for businesses looking to expand their reach across the nation,” Alia stated.

The Governor also highlighted the state’s rich agricultural potential, noting its fertile soil and favourable climate as key assets for investors in the agricultural sector.

“We are particularly focused on crops such as soybeans, grains, and livestock farming,” he added, inviting partnerships that could leverage these advantages.”