World Bank approves $500m COVID-19 grant for Nigeria

The World Bank has approved a $500-million grant to support Nigeria’s recovery efforts from the impacts of the COVID-19 pandemic.

The funds will be utilised through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme.

The programme was launched in 2021 to vulnerable households and micro-small enterprises affected by the pandemic.

The World Bank Task Team Leader for NG-CARES, Dr. Lire Ersado, disclosed this at the end of a two-day Peer Learning and Experience Sharing meeting in Port Harcourt, Rivers State, on Tuesday.

The meeting was organised by the Federal Cares Support Unit, under the Federal Ministry of Budget and Economic Planning.

READ ALSO: World Bank backs Nigeria’s $750M electrification plan for rural communities

Ersado, who was represented at the forum by an official with NG-CARES, Prof. Foluso Okumadewa, said the grant would also support Nigeria’s broader economic recovery initiatives.

He said: “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.”

“The NG-CARES programme aims to promote economic resilience and provide stimulus to communities impacted by the COVID-19 pandemic.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now