Nigeria obtains $750m loan from World Bank to support SABER programs

By: Damian Okonkwo

In the bid to boost the Nigerian economy and foster more business growth and development - Nigeria has obtained a loan of $750 million from the World Bank as an International Development Association (IDA) loan. The said loan is intended to support the growth of the Nigerian State Action on Business Enabling Reforms (SABER) program - for result which is in agreement with Nigeria's National Development Plan (NDP).

This request has been granted by World Bank to Nigeria to support economic growth within the country. The details of this transaction are seen in the report titled “Improving the Business Enabling Environment in Nigeria to create Jobs and Boost Inclusive growth”.

Driven by the need to foster development across the states, the Nigerian government developed a new program—SABER— aimed at ensuring the implementation of critical actions that will enhance a business supportive environment across the Nigerian states. The government program (SABER) was therefore designed to build on the successes of PEBEC.

The main goal of SABER is to strengthen the existing PEBEC-National Economic Council (NEC) through subnational interventions and by adding incentives, such as results-based financing to the states, as well as ensuring the delivery of wholesale technical assistance to all states.

Thus, it is expected that all the states in Nigeria including the Federal Capital Territory (FCT) will be listed to partake in the SABER program and to bring reforms in all the business sectors of the state.

The SABER program is expected to assist various states in Nigeria in promoting both private sectors and other businesses within the state and create a conducive atmosphere for carrying out these businesses.