The World Bank has approved a $500 million grant to bolster Nigeria’s recovery from the economic impacts of the COVID-19 pandemic. This funding will support the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme, launched in 2021 to assist vulnerable households and micro and small enterprises (MSEs) affected by the crisis.
Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, announced the grant during a two-day Peer Learning and Experience Sharing meeting in Port Harcourt, organized by the Federal Cares Support Unit under the Ministry of Budget and Economic Planning. The meeting aimed to enhance the programme’s reach and impact.
“The World Bank remains committed to supporting NG-CARES over the next three years,” said Dr. Ersado, represented by Prof. Foluso Okumadewa. He added that this grant would further Nigeria’s broader economic recovery initiatives, with possibilities for extended funding based on government support.
Dr. Abdulkareem Obaje, the National Coordinator of NG-CARES, highlighted the programme’s success in aiding vulnerable populations across Nigeria. “To date, NG-CARES has spent approximately $750 million in direct aid, with $625 million already disbursed to states, representing an impressive 88% of total allocations. This reimbursement model, based on completed projects, has been praised for its efficiency, delivering essential support in a timely manner.”
Obaje noted that the shock response mechanism of NG-CARES has exceeded initial targets by over 30%. So far, $345 million has been reimbursed to states, resulting in $834 million in verified outcomes. He also confirmed that an additional $50 million would be disbursed before the end of the year, bringing the total potential impact of the programme to nearly $1 billion, pending results from the fourth Independent Verification Agent assessments.
Alhaji Abdulateef Shittu, Director-General of the Nigerian Governors Forum (NGF), emphasized the importance of peer learning and knowledge-sharing in ensuring the programme’s success. He commended the states for their active participation and collaboration, enabling them to overcome challenges and adopt best practices for effective implementation. “The NGF is committed to supporting all states in benefiting from NG-CARES, ensuring that the programme’s impact is felt across Nigeria,” Shittu stated.
