World Bank Supports Nigeria’s COVID-19 Recovery with $500 Million Grant

The World Bank has announced a $500 million grant to support Nigeria’s recovery efforts from the COVID-19 pandemic.

The funds will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) program.

Launched in 2021, NG-CARES aims to aid poor and vulnerable households and micro-small enterprises affected by the pandemic.

The program has already achieved significant success, spending $750 million to support those in need.

The World Bank Task Team Leader, Dr. Lire Ersado, emphasized the bank’s commitment to supporting NG-CARES for the next three years, with possible extension. The program promotes economic resilience and provides stimulus to communities impacted by the pandemic.

NG-CARES has spent $750 million to aid affected individuals and businesses, disbursing $625 million to states (88% of total funds). Additionally, $345 million has been reimbursed to states, resulting in $834 million in verified outcomes. The program is expected to reach $1 billion by the end of the fourth Independent Verification Agent assessments.

The Nigerian Governors Forum has commended states for their collaboration and participation in overcoming challenges. Director-General Abdulateef Shittu stressed the importance of adopting best practices for developmental programs like NG-CARES.

This grant will support Nigeria’s broader economic recovery initiatives, ensuring a more resilient and sustainable future for vulnerable populations.