The World Bank has approved a $500 million grant to assist Nigeria in recovering from the economic and social impacts of the COVID-19 pandemic. The funding will be allocated to the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) initiative.
Launched in 2021, the NG-CARES program aims to support vulnerable households and small businesses affected by the pandemic. Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, announced the grant details during a two-day Peer Learning and Experience Sharing meeting in Port Harcourt. The meeting was coordinated by the Federal Cares Support Unit, under the Federal Ministry of Budget and Economic Planning.
Prof. Foluso Okumadewa, representing Ersado, noted that this financial boost would enhance Nigeria’s broader economic recovery efforts. He confirmed the World Bank’s ongoing support for NG-CARES over the next three years, with potential extensions contingent on backing from the Nigerian government. The World Bank is dedicated to institutionalizing the NG-CARES program to ensure its impact continues beyond external financing.
Dr. Abdulkareem Obaje, the National Coordinator of NG-CARES, highlighted the program’s successes in providing relief to vulnerable populations in Nigeria. To date, the initiative has spent $750 million, with $625 million already allocated to state projects, achieving an impressive 88% disbursement rate. Another $50 million is expected to be disbursed by the end of the year, bringing the total closer to the program’s goal of $1 billion.
Obaje reported that NG-CARES has surpassed initial targets by 30%, with $345 million reimbursed to states and $834 million in verified outcomes. The program aims to continue supporting communities affected by economic shocks and reach even more beneficiaries in the coming months.
During the meeting, Alhaji Abdulateef Shittu, Director-General of the Nigerian Governors Forum (NGF), expressed gratitude for the active involvement of state governments. He emphasized the NGF’s role in promoting knowledge-sharing and best practices among states to ensure the program’s nationwide success. Shittu concluded by commending state efforts in addressing shared challenges and reaffirming the NGF’s commitment to developmental initiatives like NG-CARES.
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