The World Bank has announced a $500 million grant to support Nigeria’s recovery from the COVID-19 pandemic through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) program.
This initiative, launched in 2021, aims to assist vulnerable households and micro-small enterprises severely impacted by the pandemic.
Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, made the announcement on Tuesday during a two-day meeting in Port Harcourt. “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 stated, highlighting the program’s long-term viability.
National Coordinator of NG-CARES, Dr. Abdulkareem Obaje, noted that the program has successfully allocated approximately $750 million to aid those affected by the pandemic. “The shock response mechanism has been highly effective, with $625 million already disbursed to states,”he reported, marking an impressive 88 per cent reimbursement rate.
Obaje also mentioned the potential for the program to reach a total of $1 billion in outcomes by the end of the fourth Independent Verification Agent assessments, underscoring its success in supporting communities.
Director-General of the Nigerian Governors Forum, Alhaji Abdulateef Shittu, stressed the importance of collaboration among states in implementing best practices through NG-CARES. “The forum commends the states for their active participation in overcoming common challenges,” he added.
