Vice President Kashim Shettima has asked state governments to unlock the potential of the $750 million World Bank-assisted State Action on Business Enabling Reforms (SABER) programme.
Speaking during a stakeholder’s meeting on optimising the implementation of the SABER programme on Tuesday in Abuja, Mr Shettima tasked the states to accelerate business-enabling reforms to unlock the fund.
He said that implementing the SABER programme would help create a more predictable and transparent business environment.
The vice president said the implementation has become necessary to attract domestic and global capital, enhance local infrastructure, and drive sub-national economic growth.
Mr Shettima listed other benefits of the programme to include: attracting domestic and foreign investment, strengthening private-sector confidence and reducing the cost of doing business.
He added that the programme would expand digital and physical infrastructure, improve access to land and enhance the competitiveness of the states.
“These outcomes will translate into increased economic activity, higher productivity, job creation, improved internally generated revenue, and better living standards for our citizens,” he stated.
He directed the director-general of the Presidential Enabling Business Environment Council (PEBEC) to initiate steps to extend the programme’s lifespan by one year, so that states can fully utilise the opportunities at their doorstep.
Mr Shettima noted that Nigeria would stand a better chance of realising its $1 trillion economy drive by fully optimising the implementation of SABER.
“I, therefore, encourage us to engage constructively and contribute meaningfully to our deliberations. Let us seize this opportunity to unlock the full potential of the SABER Programme and position our states as engines of economic growth, investment, and sustainable development,” he stated.
Mr Shettima attributed the success of the ongoing reforms in the administration of President Bola Tinubu to a conducive, enabling environment for businesses to thrive.
“As a nation, we have embarked on a bold economic reform agenda under the leadership of President Bola Tinubu.
“The success of this agenda depends significantly on our ability to create an enabling environment for businesses to invest, expand, and create jobs.
“While the Federal Government continues to implement reforms at the national level, the reality remains that many of the conditions that define the experience of investors and businesses are determined at the subnational level. This is why the role of state governments in the implementation of SABER is critical,” he said.
The Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, encouraged stakeholders to address identified implementation bottlenecks.
She expressed optimism that the $750 million performance-based intervention, designed by the World Bank technical team and the PEBEC secretariat, would be accessed by the states.
The Director-General of PEBEC, Zarah Mustapha-Audu, said the council remained committed to removing bureaucratic bottlenecks by working with all stakeholders.
She explained that while the funds were tied to deliverables, participating states were making progress toward meeting all disbursement-linked indicators as stipulated by the programme.
(NAN)
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