The World Bank has announced a $500 million grant aimed at supporting Nigeria’s recovery from the impacts of the COVID-19 pandemic. This funding will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme.
Launched in 2021, NG-CARES is designed to assist poor and vulnerable households as well as micro and small enterprises that were adversely affected by the pandemic. Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, made the announcement at the conclusion of a two-day Peer Learning and Experience Sharing meeting held in Port Harcourt on Tuesday. The event was organized by the Federal Cares Support Unit under the Federal Ministry of Budget and Economic Planning.
Ersado, who was represented by Prof. Foluso Okumadewa, an official with NG-CARES, emphasized that the grant would also contribute to Nigeria’s broader economic recovery initiatives. He stated, “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 also reiterated the bank’s commitment to institutionalizing the programme to ensure its sustainability beyond external funding.
The NG-CARES programme aims to enhance economic resilience and stimulate communities that have been impacted by the pandemic. Dr. Abdulkareem Obaje, the National Coordinator of NG-CARES, highlighted the programme’s achievements in providing crucial support to vulnerable populations. He noted that approximately $750 million had already been disbursed to assist those affected by the pandemic.
Obaje detailed that the shock response mechanism of the programme has been notably effective, with $625 million already disbursed to states, representing an impressive 88% of the funds allocated. He further indicated that an additional $50 million is expected to be disbursed before December 31, with the potential for the programme’s extension.
He concluded by stating that NG-CARES has exceeded its goals by 30%, with $345 million reimbursed to states, resulting in verified outcomes totaling $834 million.