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Boosting business enabling reforms in Nigeria
Nigeria is set to launch a $750 million World Bank-backed initiative termed the SABER Programme. According to Jumoke Oduwole, the Special Adviser to the Nigerian President on Ease of Doing Business, the programme will deepen ease of doing business interventions at the subnational level.
Fri, 19 Aug 2022 12:19:17 GMT
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AI Generated Summary
- Introduction of a $750 million World Bank-backed Sabre Program focused on enhancing ease of doing business interventions at the subnational level
- Results-based approach with four key focus areas including land administration, business enabling infrastructure, skilled investments attraction, and firm operations
- Emphasis on public-private partnerships to drive investments, ensure investor protection, and stimulate economic growth
Nigeria is gearing up to launch a groundbreaking $750 million World Bank-backed initiative called the Sabre Program, aimed at enhancing ease of doing business interventions at the subnational level. Jumoke Oduwole, the Special Adviser to the Nigerian President on Ease of Doing Business, revealed that the program is a first of its kind globally, with a focus on incentivizing states to implement reforms through a results-based approach. The Sabre Program, which accounts for approximately 36% of the government's Sabre intervention budget under the national development plan, has four primary focus areas: improving land administration, enhancing business enabling infrastructure, attracting skilled investments, and enabling firm operations. Each area includes specific disbursement-linked indicators, offering states the potential to receive reimbursement up to $52.5 million annually if they successfully meet the reform criteria. The program is committed to providing technical assistance to support states in executing the reforms effectively. With a rigorous process involving state action plans, verification, and execution, the Sabre Program aims to drive substantial improvements in the ease of doing business landscape at subnational levels. The initiative has garnered significant support and endorsement, with key stakeholders such as the National Economic Council, the Nigerian Governor's Forum, and the Private Sector Advisory Group backing the program's implementation. Notably, the Sabre Program emphasizes public-private partnerships to attract investments, stimulate economic growth, and create a conducive business environment. By fostering legislative frameworks, ensuring investor protection, community engagement, and streamlined operations, the program seeks to instill confidence in investors, facilitate capital inflow, and propel the growth of micro, small, and medium-sized enterprises. The upcoming launch of the Sabre Program signifies a major milestone in Nigeria's journey towards enhancing its business climate, encouraging entrepreneurship, and fostering sustainable economic development at the state level.
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