World Bank approves $500m Grant to Aid Nigeria’s COVID – 19 Recovery Efforts

As part of its efforts to ensure Nigeria effectively moves on from the COVID-19 pandemic which disrupted activities worldwide, the World Bank had approved a grant of $500m to aid recovery efforts in the country.

COVID 19: The world at standstill

The first case of corona virus was identified in December 2019 in Wuhan china, with the disease subsequently spreading worldwide  leading to a disruption in activities; this widespread nature led to the WHO declaring the disease a global pandemic with a lockdown protocol immediately activated nationwide.

COVID-19 and Nigeria

The first case of COVID-19 was reported in Nigeria on February 27, 2020 when an Italian national who arrived in the country on February 24 was confirmed as the index case of the disease in Nigeria. Over the next few years, multiple cases would be reported across the country with about 3,115 total deaths recorded from the disease in Nigeria.

In a bid to prevent the impact of the disease from getting out of hand the federal government, state government and well meaning individuals committed N500billion to fight COVID – 19. This spending on the disease played a major role in limiting the effect of the disease in the country but also meant other sectors in the country suffered for it.

World Bank to the rescue

As part of its efforts to help countries move beyond the effects of COVID – 19, the world bank recently announced a grant of $500million to help Nigeria move beyond the effects of COVID-19.

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

The program was launched in 2021 to aid poor and vulnerable households as well as micro-small enterprises affected by the pandemic

Dr. Lire Ersado, the world bank task team leader for NG-CARES while announcing the grant revealed that the grant would also support Nigeria’s broader economic initiatives.

He promised that “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.”

On his part Dr Abdulkareem Obaje, the National Coordinator of NG-CARES, revealed that disbursement of the funds to state government had already begun with 625 million dollars already disbursed to states, representing  88 per cent of the total disbursement with an additional 50 million dollars expected  to be disbursed before Dec. 31, with the possibility of extending the programme.

Subscribe to Notifications