World Bank Releases Over Seven Hundred Million Dollars To Boost Nigerian Businesses

Written by on September 30, 2022

The World Bank has approved millions of dollars for the Nigeria State
Action on Business Enabling Reforms (SABER) Programme-for-Results.

The rising crude oil theft overwhelming Nigeria’s energy business is
biting deeper as the volume of gas the Nigeria LNG Limited (NLNG) can
supply to the international markets has declined by 38 percent.

While Liquefied Natural Gas (LNG) spot prices reached an oil
equivalent of over $500 dollars per million British thermal unit
(mmBtu) last month, LNG exports from Nigeria plunged by 38 percent
year-on-year, according to LNG data from Refinitiv Eikon, one of the
world’s largest providers of financial markets data.

Still on Business news;

The World Bank has approved millions of dollars for the Nigeria State
Action on Business Enabling Reforms (SABER) Programme-for-Results.

The $750 million International Development Association (IDA) credit,
will help Nigeria accelerate the implementation of critical actions
that will improve the business-enabling environment in states.
According to the statement obtained from the World Bank website today in Abuja.

“Nigeria has made progress in advancing reforms to eliminate
constraints in the business environment, especially through actions
driven by the Presidential Enabling Business Environment Council
(PEBEC).

“However, Nigeria’s ability to attract domestic and foreign investment
remains low compared to its peers, which made the government developed
a new programme called SABER, to accelerate the implementation of
critical actions that improve the business-enabling environment in
Nigeria’s states.

Uploaded By: COMFORT SOLOMON


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