The World Bank has approved a $500 million grant to support Nigeria’s recovery efforts from the devastating effects of the COVID-19 pandemic. The funds will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) program, which was launched in 2021 to provide relief to poor and vulnerable households, as well as micro and small enterprises affected by the pandemic.
Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, announced the grant during an event in Port Harcourt, Rivers State. He emphasized that the funds will also assist in Nigeria’s broader economic recovery initiatives as the country continues to grapple with the pandemic’s lingering effects.
“The World Bank will continue to support NG-CARES for the next three years, and this support may extend further with backing from the Nigerian government,” Dr. Ersado explained. He highlighted the key objective of NG-CARES, which is to foster economic resilience and stimulate recovery within communities hardest hit by the pandemic.
The program has been instrumental in aiding households and businesses, providing critical support as Nigeria navigates the challenges of post-pandemic recovery. The newly approved grant from the World Bank will further bolster these efforts, ensuring that communities and enterprises continue to receive the necessary resources to rebuild and thrive in the wake of the pandemic’s economic fallout.
This financial backing signals the ongoing commitment of the World Bank to Nigeria’s economic recovery, offering long-term assistance to stabilize and rejuvenate vulnerable sectors of the economy.
