World Bank approves $500 million COVID-19 grant for Nigeria

The World Bank has announced a $500 million grant to support Nigeria’s 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 News Agency of Nigeria reports. 

The programme was launched in 2021 to aid poor and vulnerable households and micro-small enterprises affected by the pandemic.

Speaking at an event in Port Harcourt, Rivers State on Tuesday, the World Bank Task Team Leader for NG-CARES, Dr Lire Ersado, said that the grant would also assist Nigeria’s broader economic recovery initiatives.

“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.

The NG-CARES programme aims to promote economic resilience and provide stimulus to communities impacted by the COVID-19 pandemic,” he added.