The World Bank has announced a $500 million grant to support Nigeria’s recovery from the impacts of the COVID-19 pandemic.
The funds will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme, which was launched in 2021 to help poor households and small businesses affected by the pandemic.
According to the News Agency of Nigeria (NAN), Dr. Lire Ersado, the World Bank’s Task Team Leader for NG-CARES, made the announcement at the end of a two-day Peer Learning and Experience Sharing meeting held in Port Harcourt.
The meeting, organised by the Federal Cares Support Unit under the Federal Ministry of Budget and Economic Planning, highlighted that the grant would also bolster Nigeria’s broader economic recovery efforts. Prof. Foluso Okumadewa, representing Dr. Ersado, shared these insights during the event.
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.”
He reiterated the bank’s commitment toward institutionalising the programme to ensure its sustainability beyond external funding.
He said “the NG-CARES programme aims to promote economic resilience and provide stimulus to communities impacted by the COVID-19 pandemic.”
Dr. Abdulkareem Obaje, the National Coordinator of NG-CARES, emphasized the programme’s achievements in providing crucial support to vulnerable groups. He noted that around $750 million had been spent to assist those impacted 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 per cent.
“These reimbursements for work completed by various states is a remarkable achievement, considering the programme’s scope and timeline.”
The National Coordinator added that an additional $50 million is expected to be disbursed by December 31, with a potential extension of the programme.
Obaje highlighted that NG-CARES has exceeded its targets by 30 percent, with $345 million reimbursed to states, leading to verified outcomes totaling $834 million.
“The programme could reach one billion dollars by the end of the fourth Independent Verification Agent assessments, restructured to support victims of shocks in several states across the country.”
Alhaji Abdulateef Shittu, the Director-General of the Nigerian Governors Forum (NGF), emphasised the NGF’s mandate to assist states in adopting best practices for developmental programmes like NG-CARES.
He highlighted the forum’s role in managing peer learning and experience-sharing, ensuring that all states benefit from the programme.
“The forum commends the states for their active participation and collaboration in overcoming common challenges to achieve success,” Shittu concluded.
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