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How to get a $750 million World Bank loan by states – FG

The World Bank has granted $750 million to help states improve their business-enabling environments, and the Presidential Enabling Business Environment Council, or PEBEC, has detailed how state governments can get access to this funding.

The State Action for Business Enabling Reforms, or SABER, program can help state governments strengthen four reform areas in order to qualify for the loan, according to the federal government.

Dr. Jumoke Oduwole, the Special Advisor to the President on Ease of Doing Business, listed the reform areas as including enhancing land administration and the land investment process, enhancing business-enabling infrastructure, boosting sustainable large-scale investments, and facilitating firm operations.

This was said by Oduwole over the weekend in Abuja during a speech at the showing of a stage play that educated Nigerians and showed the successes of the “ease of doing business” project.

The play, which was partially written to commemorate Nigeria’s independence, was also based on reforms like multiple taxation, an automated tax system, quick business registration through automation of registration processes, and a small claims court established to hear small business cases, among others.

The play’s insights demonstrated that business owners would clearly comprehend the proper routes for paying taxes if improvements were made to make doing business easier.

Nigeria has slashed the time required for import and export approval by 50% and established a minor claims court to expeditiously resolve small claims.

According to Oduwole, the plays were developed with the intention of entertaining Nigerians and highlighting the accomplishments of PEBEC.

The IDA credit is anticipated to assist Nigeria in advancing the implementation of crucial measures that will improve the business enabling environment in states. This is being facilitated by the PEBEC secretariat and the World Bank Technical team, with support from the Federal Ministry of Finance, Budget and National Planning, FMFBNP, Home Finance Department and the Nigeria Governors’ Forum, NGF, secretariat.

“The SABER is a three-year performance-based intervention, designed jointly by the PEBEC secretariat and the World Bank Technical team with support from the Federal Ministry of Finance, Budget and National Planning, Home Finance Department, and the Nigeria Governors’ Forum, NGF, Secretariat,” the spokesperson stated.

The program, which is available to all states and the FCT, focuses on four reform areas, with Disbursement Linked Indicators encompassing bettering land administration and Process for investing in land; development of the business-enabling infrastructure; expansion of sustainable large-scale investments; and facilitation of firm operations.

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