Nigeria gets World Bank’s $750m to improve business environment
Nigeria’s 36 states may attract investments and boost industrial activities as the World Bank Board approved the sum of $750m to strengthen the Business Enabling Environment across the country.
Coming under the State Action for Business Enabling Reforms (SABER) programme, the development according to the Special Adviser to the President on Ease of Doing Business/PEBEC Secretary, Dr. Jumoke Oduwole, in a statement, cuts across four reform areas with Disbursement Linked Indicators covering improving land administration and land investment process; improving the business enabling infrastructure; increasing sustainable large-scale investments; and enabling firm operations.
SABER is a three-year performance-based intervention jointly designed by the PEBEC Secretariat and the World Bank Technical team with support from the Federal Ministry of Finance, Budget and National Planning (FMFBNP) Home Finance Department, and the Nigeria Governors’ Forum (NGF) Secretariat.
“All participating states and the FCT could potentially receive a maximum of $52.5m during the 3 years.
“There have been extensive engagements with the States by the PEBEC Secretariat and other programme partners to strengthen the programme design and the State’s capacity to deliver on the expected results” the statement added.