The World Bank has approved a $500 million grant to assist Nigeria in recovering from the economic and social effects of the COVID-19 pandemic.
Naija News understands that the funding will be directed to the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) initiative.
Recall the NG-CARES programme, launched in 2021, aims to support vulnerable households and small businesses impacted by the pandemic.
The World Bank Task Team Leader for NG-CARES, Dr. Lire Ersado, disclosed the grant details following a two-day Peer Learning and Experience Sharing meeting held in Port Harcourt.
The event was coordinated by the Federal Cares Support Unit, under the Federal Ministry of Budget and Economic Planning.
Representing Ersado, Prof. Foluso Okumadewa noted that this financial boost would help bolster Nigeria’s broader economic recovery initiatives.
He confirmed the World Bank’s continued support for NG-CARES over the next three years, with potential extensions if supported by the Nigerian government.
The World Bank is committed to institutionalizing the NG-CARES programme to sustain its impact beyond external financing.
The National Coordinator of NG-CARES, Dr. Abdulkareem Obaje, highlighted the programme’s achievements in providing relief to Nigeria’s vulnerable populations.
The initiative has reportedly spent $750 million so far, with $625 million already allocated to state projects, representing an 88% disbursement rate.
Another $50 million is expected to be disbursed by the end of the year, bringing the programme closer to its goal of reaching $1 billion.
Obaje reported that the programme has exceeded initial targets by 30%, with $345 million reimbursed to states and $834 million in verified outcomes.
He added that NG-CARES aims to continue supporting communities impacted by economic shocks, reaching even more beneficiaries in the coming months.
The Director-General of the Nigerian Governors Forum (NGF), Alhaji Abdulateef Shittu, also spoke at the meeting, expressing appreciation for the active participation of state governments.
He highlighted the NGF’s role in promoting knowledge-sharing and best practices among states, ensuring the programme’s success nationwide.
Shittu concluded by commending state efforts in overcoming shared challenges, underlining the NGF’s commitment to the success of developmental initiatives like NG-CARES.
The post World Bank Approves $500 Million COVID-19 Grant For Nigeria appeared first on Naija News.