The World Bank says it has approved a $500 million grant to support Nigeria’s recovery efforts from the impacts of the Covid-19 pandemic.
The funds, it was gathered, will be utilised through the Nigeria Community Action for Resilience and Economic Stimulus, (NG-CARES) programme.
According to reports, the programme was launched in 2021 to aid poor and vulnerable households and micro-small enterprises affected by the pandemic.
The World Bank Task Team Leader for NG-CARES, Dr Lire Ersado, revealed yesterday, these at the end of a two-day Peer Learning and Experience Sharing meeting in Port Harcourt, Rivers State. The meeting was organised by the Federal Cares Support Unit, under the Federal Ministry of Budget and Economic Planning.
Ersado, represented by an official with NG-CARES, Prof. Foluso Okumadewa, said that the grant would also assist Nigeria’s broader economic recovery initiatives. He added that “the World Bank will continue to support NG-CARES for the next three years, and this support may extend further with backing from the Government”.
Ersado reiterated the Bank’s commitment toward institutionalising the programme to ensure its sustainability beyond external funding. According to him, “The NG-CARES programme aims to promote economic resilience and provide stimulus to communities impacted by the Covid-19 pandemic”.
The NG-CARES National Coordinator, Dr. AbdulKareem Obaje, highlighted the programme’s successes in offering essential support to vulnerable populations. He said the programme spent about 750 million dollars to aid those affected by the pandemic. He explained that “the shock response mechanism of the programme has been highly effective, with 625 million dollars already disbursed to States, representing an impressive 88%.
The National Coordinator further stated that an additional 50 million US dollars was expected to be disbursed before Dec. 31, with the possibility of extending the programme.
Obaje pointed out that NG-CARES has overachieved its goals by 30%, with 345 million dollars reimbursed to states, resulting in 834 million dollars in verified outcomes.
