The World Bank has announced a 500-million-dollar grant to support Nigerias recovery efforts from the impacts of the COVID-19 pandemic.
The fund will be utilised through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme.
The reports indicated that the programme was launched in 2021 to aid poor and vulnerable households and micro-small enterprises affected by the pandemic.
Dr Lire Ersado, the World Bank Task Team Leader for NG-CARES, revealed these at the end of a two-day Peer Learning and Experience Sharing meeting in Port Harcourt yesterday.
The meeting was organised by the Federal Cares Support Unit, under the Federal Ministry of Budget and Economic Planning.
Ersado, represented by Prof. Foluso Okumadewa, an official with NG-CARES, said that the grant would also assist Nigerias broader economic recovery initiatives.
He added 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.
He reiterated the banks commitment toward institutionalising the programme to ensure its sustainability beyond external funding.
He said the NG-CARES programme aims to promote economic resilience and provide stimulus to communities impacted by the COVID-19 pandemic.
Dr Abdulkareem Obaje, the National Coordinator of NG-CARES, highlighted the programmes successes in offering essential support to vulnerable populations.
He said the programme spent about 750 million dollars to aid those affected by the pandemic.
He explained that the shock response mechanism of the programme has been highly effective, with 625 million dollars already disbursed to states, representing an impressive 88 per cent.
These reimbursements for work completed by various states is a remarkable achievement, considering the programmes scope and timeline.
The national coordinator further stated that an additional 50 million dollars was expected to be disbursed before Dec. 31, with the possibility of extending the programme.
Obaje pointed out that NG-CARES has overachieved its goals by 30 per cent, with 345 million dollars reimbursed to states, resulting in 834 million dollars in verified outcomes.
The programme could reach one billion dollars by the end of the fourth Independent Verification Agent assessments, restructured to support victims of shocks in several states across the country.
Alhaji Abdulateef Shittu, the Director-General of the Nigerian Governors Forum (NGF), emphasised the NGFs mandate to assist states in adopting best practices for developmental programmes like NG-CARES.
He highlighted the forums role in managing peer learning and experience-sharing, ensuring that all states benefit from the programme.
The forum commends the states for their active participation and collaboration in overcoming common challenges to achieve success, Shittu concluded.
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