Imo State has been awarded a $4 million (approximately N6.8 billion) grant by the World Bank in recognition of its commitment to good governance and improvements in the ease of doing business.
The award comes as part of the World Bank’s State Action on Business Enabling Reforms (SABER) programme, which assesses states based on key indicators of business-friendliness. Imo State is one of only four states in Nigeria to receive this significant reward.
The SABER programme evaluates states across four critical areas: efficiency of land administration; regulatory frameworks for private investment, including in sectors like fiber optic infrastructure; the effectiveness of investment promotion agencies; and the transparency and efficiency of government-to-business services. Imo State excelled in all four categories, demonstrating substantial progress in streamlining land registration processes, creating a supportive environment for private investment, and enhancing the transparency and efficiency of its interactions with businesses.
This achievement highlights Imo State’s dedication to progressive governance, economic empowerment, and sustainable development. The $4 million grant will be reinvested to further advance key reforms, support infrastructure development, and bolster Micro, Small, and Medium-sized Enterprises (MSMEs).
The SABER programme, a successor to the States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results (PforR), is a collaborative effort between the Federal Government, the Nigerian Governors’ Forum (NGF), and the World Bank. The programme aims to improve efficiency and transparency in state-level governance, with millions of dollars in awards given to states successfully implementing specific reforms. Disbursements are contingent on annual verification by an independent verification agent (IVA) confirming successful reform implementation.
The NGF Director General, Mr. Asishana Bayo Okauru Esq., emphasized the collaborative nature of the SABER programme, highlighting the NGF’s work with the Federal Ministry of Finance and the World Bank to provide advisory and capacity-building support to participating states. The programme is designed to foster fiscal discipline, transparency, and accountability at the sub-national level, ultimately contributing to a more favourable business environment across Nigeria.