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WORLD BANK APPROVES $750 MILLION LOAN TO NIGERIA

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The World Bank has approved a sum of $750 million loan to support the Nigeria State Action on Business Enabling Reforms (SABER) Program-for-Results.

This was contained in a statement obtained from the World Bank website, titled “Improving the Business Enabling Environment in Nigeria to Create Jobs and Boost Inclusive Growth”.

According to the Bank, 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.

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“Nigeria has made progress in advancing reforms to eliminate constraints in the business environment, especially through actions driven by the Presidential Enabling Business Environment Council (PEBEC).

“However, Nigeria’s ability to attract domestic and foreign investment remains low compared to its peers.

“Nigeria’s 36 states and the Federal Capital Territory (FCT) are capable to catalyse private investment but vary significantly in their efforts and ability to do so”, the statement read.

“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”, the Bank added

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The programme is open to all states in Nigeria and FCT, given their ability to take concrete steps towards addressing major business-enabling environment challenges around land administration.

The statement further read that the programme was in line with Nigeria’s National Development Plan (NDP) which sets an ambitious strategy to pursue sustained private sector-led economic growth.

The NDP is aimed at generating 21 million full-time jobs and lifting 35 million people out of poverty by 2025.

Additionally, World Bank Country Director for Nigeria, Shubham Chaudhuri, said “private sector investments remain the major vehicle to create more jobs, increase revenues to the states and improve social and economic outcomes for citizens.”

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