On Tuesday, the Presidential Enabling Business Environment Council outlined its strategies for launching a $750 million World Bank program in January of the next year.
This came about as Vice President Yemi Osinbajo stated on Tuesday that hard effort at the sub-national level was the only way to create the type of business environment Nigeria needed for significant economic growth. Osinbajo made the claim at a PEBEC meeting where he was briefed on the State Action on Business Enabling Reforms Program run by the secretariat and the World Bank, according to a statement signed by his Senior Special Assistant on Media and Publicity, Laolu Akande.
Dr. Jumoke Oduwole, Special Adviser on Ease of Doing Business and Secretary of PEBEC, said they have been working together for more than two years to conceptualize the SABER Program, The World Bank is starting this program for the first time at this level of global scope.
The World Bank, the PEBEC Secretariat, the Federal Ministry of Finance, Budget and National Planning, and the Nigeria Governors’ Forum Secretariat collaborated to construct SABER, a performance-based intervention, which she described as a three-year program lasting from January 2023 to December 2025. The $750 million operation is divided into two primary parts: a $20 million technical support for investment project finance and a $730 million program-for-results funding component.