The World Bank has announced a $500 million grant to bolster Nigeria’s ongoing recovery efforts from the impacts of the COVID-19 pandemic. The funds will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme, which was launched in 2021 to provide relief to poor households and micro, small, and medium enterprises affected by the pandemic.
Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, disclosed this during a two-day Peer Learning and Experience Sharing meeting held in Port Harcourt. The event was organised by the Federal Cares Support Unit under the Federal Ministry of Budget and Economic Planning.
Speaking through Prof. Foluso Okumadewa, an official with NG-CARES, Ersado affirmed the World Bank’s commitment to supporting Nigeria’s broader economic recovery initiatives over the next three years, with the potential for extended support depending on government backing.
“The World Bank remains dedicated to institutionalising the NG-CARES programme to ensure its sustainability beyond external funding,” Ersado said, adding that the programme aims to enhance economic resilience and provide stimulus to communities impacted by the pandemic.
Dr. Abdulkareem Obaje, National Coordinator of NG-CARES, outlined the programme’s successes, noting that $750 million has already been used to support vulnerable populations and micro-enterprises across the country. Of this amount, $625 million has been disbursed to states, representing 88% of the programme’s funding.
Obaje also revealed that an additional $50 million is expected to be disbursed by the end of the year, with the programme on track to surpass its goals. He highlighted that NG-CARES has already overachieved by 30%, with $345 million reimbursed to states, resulting in $834 million in verified outcomes.
“The programme could potentially reach $1 billion by the conclusion of the fourth Independent Verification Agent assessments,” Obaje said, adding that it has been restructured to support victims of economic shocks in various states.
Alhaji Abdulateef Shittu, Director-General of the Nigerian Governors Forum (NGF), underscored the NGF’s role in assisting states in adopting best practices for developmental initiatives like NG-CARES. He praised the states for their collaboration and participation in the programme, which has helped overcome common challenges and achieve significant success.
Shittu reaffirmed the NGF’s commitment to managing peer learning and ensuring that all states benefit from the programme’s achievements.
