The World Bank has approved a $500 million grant to bolster Nigeria’s recovery from the economic and social impacts of the COVID-19 pandemic.
According to the News Agency of Nigeria (NAN), the funding will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme, which was established in 2021 to support vulnerable households and small businesses.
Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, disclosed the details at a Peer Learning and Experience Sharing event held in Port Harcourt on Tuesday.
The session was organized by the Federal Cares Support Unit under the Ministry of Budget and Economic Planning.
Ersado, represented by Prof. Foluso Okumadewa, stated that the grant would contribute to Nigeria’s ongoing economic recovery strategies.
He emphasized the World Bank’s commitment to supporting NG-CARES for the next three years and expressed hopes for continued collaboration with the Nigerian government to sustain the programme.
“The NG-CARES initiative is designed to strengthen economic resilience and offer financial support to communities impacted by the COVID-19 pandemic,” Ersado said.
National Coordinator of NG-CARES, Dr. Abdulkareem Obaje, highlighted the programme’s accomplishments, noting that it has invested around $750 million to assist those affected by the pandemic, with $625 million already distributed to states, representing an 88% reimbursement rate for completed projects.
Obaje mentioned that an additional $50 million is expected to be disbursed by the end of the year, with potential for extending the programme further.
He also shared that NG-CARES had exceeded its initial targets by 30%, with $345 million reimbursed, resulting in verified outcomes valued at $834 million.
He projected that by the fourth independent verification, the programme could achieve $1 billion in verified support.
Alhaji Abdulateef Shittu, Director-General of the Nigerian Governors Forum (NGF), underscored the forum’s role in guiding states on best practices for developmental initiatives like NG-CARES. He applauded the collaborative efforts of the states in maximizing the programme’s success.
“The forum commends the states for their active participation and collaboration in overcoming common challenges to achieve success,” Shittu affirmed.
