The World Bank has announced a $500 million grant to support Nigeria’s recovery efforts from the COVID-19 pandemic. The funds will be allocated through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) program, which was launched in 2021 to assist vulnerable households and businesses affected by the pandemic.
Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, stated that the grant would help Nigeria’s broader economic recovery initiatives and that the World Bank would continue to support the program for the next three years. “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 said.
Dr. Abdulkareem Obaje, National Coordinator of NG-CARES, noted that $625 million had already been disbursed to states, representing 88 percent of the allocated budget. “The shock response mechanism of the program has been highly effective,” he remarked, adding that an additional $50 million is expected to be disbursed by year’s end.
Meanwhile, Indermit Gill, World Bank Vice President and Chief Economist, urged Nigeria’s government to maintain fiscal and monetary reforms, despite current hardships. “You must stay the course of the reforms because Nigeria’s future and the future of 110 million children depend on it,” Gill stressed at a forum in Abuja.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
