The World Bank has approved a $500 million grant to bolster Nigeria’s recovery from the economic impacts of the COVID-19 pandemic. These funds will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme, which was launched in 2021 to support vulnerable households and micro-small enterprises affected by the pandemic.
Dr. Lire Ersado, the World Bank Task Team Leader for NG-CARES, announced this at the conclusion of a two-day Peer Learning and Experience Sharing meeting in Port Harcourt, Rivers State, on Tuesday. The event was organized by the Federal Cares Support Unit under the Federal Ministry of Budget and Economic Planning.
Represented by Prof. Foluso Okumadewa, an official with NG-CARES, Dr. Ersado noted that the grant would also aid broader economic recovery efforts across Nigeria. He emphasized, “The World Bank will continue its support for NG-CARES over the next three years, and potentially beyond, with government backing.”
The NG-CARES programme is designed to enhance economic resilience and provide stimulus to communities most affected by the pandemic.
