The World Bank has approved 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) program.
According to the News Agency of Nigeria (NAN) this programme was launched in 2021 to assist poor and vulnerable households and micro-small enterprises affected by the pandemic. Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, announced the funding during a two-day Peer Learning and Experience Sharing meeting held in Port Harcourt on Tuesday 15 of October.
The meeting was organised 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, emphasised that the grant would also assist Nigeria’s broader economic recovery, with the ongoing support anticipated for the next three years, potentially extending with government backing. This program aims to build economic resilience and stimulate communities affected by the pandemic.
Dr. Abdulkareem Obaje, the National Coordinator of NG-CARES, highlighted the program’s achievements, noting that approximately $750 million has already been used to support those who were affected by the pandemic. He reported that $625 million, or 88% of the allocated funds, has been disbursed to various states as reimbursements for completed work. An additional $50 million is expected to be disbursed by the end of the year, with the possibility of extending the program.
Obaje also pointed out that NG-CARES has overachieved its goals by 30 per cent, with 345 million dollars reimbursed to states, resulting in 834 million dollars in verified outcomes. The program could potentially reach $1 billion by the end of the fourth Independent Verification Agent assessments, which are designed to support states in addressing pandemic-related challenges.
The Director-General of the Nigerian Governors Forum, Alhaji Abdulateef Shittu, emphasised the forum’s commitment to helping states adopt best practices in developmental programs like NG-CARES, while commending states for their collaborative efforts to tackle shared challenges.
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.
