The Vice President, Senator Kashim Shettima, has implored state governments to accelerate business-enabling reforms to unlock the full potential of the $750 million World Bank-assisted State Action on Business Enabling Reforms (SABER) programme.
This, he said, has become necessary to attract domestic and global capital, enhance local infrastructure, and drive subnational economic growth.
Senator Shettima, who spoke on Tuesday during a stakeholder meeting on optimising the implementation of the SABER programme at the Presidential Villa, Abuja, in a statement by his spokesman, Stanley Nkwocha noted that a fully implemented SABER programme would help create a more predictable and transparent business environment.
He also listed other benefits of the programme to include attracting domestic and foreign investment, strengthening private-sector confidence, reducing the cost of doing business, expanding digital and physical infrastructure, improving access to land and commercial justice systems, and enhancing 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.
Accordingly, the Vice President directed the Director General of the Presidential Enabling Business Environment Council (PEBEC), Zarah Mustapha-Audu, to initiate moves towards extending the lifespan of the programme by an additional year “so that our states can fully utilize the opportunities at our doorsteps.”
VP Shettima noted that Nigeria stands a better chance of facilitating the actualisation of its one trillion-dollar economy drive by fully optimising SABER implementation.
“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.
Senator Shettima tied the success of the ongoing reforms of the administration of President Bola Ahmed Tinubu to a conducive and enabling environment for businesses to thrive, maintaining that this can be determined at the subnational level.
His words: “As a nation, we have embarked on a bold economic reform agenda under the leadership of His Excellency, President Bola Ahmed Tinubu, GCFR. 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.”
Earlier, the Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, encouraged stakeholders to address identified implementation bottlenecks as the SABER programme delivers its intended outcomes for Nigeria in line with the Renewed Hope Agenda.
She expressed optimism that the $750 million performance-based intervention designed by the World Bank technical team and the PEBEC Secretariat will be fully accessed by the states.
Giving an overview of the SABER Programme and implementation matters, the Director-General of PEBEC, Zarah Mustapha-Audu, assured that the council remains committed to removing bureaucratic bottlenecks by working with all arms of government, civil society organisations (CSOs), the private sector, and other stakeholders towards achieving the programme’s objectives.
She explained that while the funds are tied to deliverables, progress is being made by participating states to meet all disbursement-linked indicators as stipulated by the programme.
