FG to generate 21 million jobs by 2025 through $750 million World Bank-SABER programme.

The Federal Government has stated that its $750 million World Bank-backed State Action on Business Enabling Reforms (SABER) programme is aimed at generating 21 million full-time jobs and lifting 35 million people out of poverty by 2025.

This was disclosed by the Presidential Enabling Business Environment Council (PEBEC), through Dr Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business, and the Secretary PEBEC, in Abuja on Sunday, according to NAN.

PEBEC lauded the National Economic Council (NEC) for endorsing the World Bank-backed scheme.

What they are saying

Dr Jumoke Oduwole stated that the $750 million financing amounts to 36% of the two billion dollar Government SABER programme (2022 – 2025), which represents the aggregate recurrent expenditure of key ministries, departments and agencies (MDAs) at federal and state level across the country.

  • The SABER programme is a three-year performance-based intervention jointly designed by the World Bank Technical team and the PEBEC Secretariat with support from the Federal Ministry of Finance, Budget and National Planning (FMFBNP) and the Home Finance Department and the Nigeria Governors’ Forum (NGF) Secretariat. It further gives expression to the Ease of Doing Business (EoDB) mandate articulated in the Economic Recovery and Growth Plan (ERGP).
  • The programme was subsequently retained in the National Development Plan (NDP), aimed at generating 21 million full-time jobs and lifting 35 million people out of poverty by 2025”, Oduwole said.

She added that the programme was designed to deliver concrete results across 4 reform areas with 8 disbursement link indicators, including land administration and land investment process, improving business enabling infrastructure, increasing sustainable large-scale investments, and enabling firm operations.

  • All participating states and the FCT could potentially receive a maximum of 52.5 million dollars during the three-year period.
  • In addition to the already-existing PEBEC-NEC subnational intervention, the SABER programme seeks to provide additional incentives, such as using results-based financing targeted at improving the business environment and facilitating crowding in of private sector investments at scale.
  • The eligibility criteria for the programme include developing an annual action plan with private sector collaborators to be approved by the State Executive Council (SEC) and published online.
  • “Recommendations from the 2nd Subnational Ease of Doing Business (EoDB) report, due to be released in October 2022, are also expected to be considered.

PEBEC said it had earlier presented the SABER programme at an expanded PEBEC meeting held on August 16, 2022, chaired by the Vice President with the chairpersons of the EoDB Councils from various states across the country in attendance.

Oduwole added that the council had been collaborating with the World Bank since November 2019 to develop the SABER programme, which she said consists of two main areas: $730 million Programme-for-Results (PforR) and $20 million for Technical Assistance.

In case you missed it

  • Recall Nairametrics reported that the World Bank stated that the Central Bank of Nigeria’s multiple exchange rates, trade restrictions, and the financing of the public deficit continues to damage the business environment.
  • This was disclosed by the World bank in a document titled ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual‘.
  • The Bank said “Multiple exchange rates, trade restrictions, and financing of the public deficit by the Central Bank of Nigeria (CBN) continue to undermine the business environment. These policies augment long-standing weaknesses in revenue mobilization, foreign investment, human capital development, infrastructure investment, and governance.”