The World Bank has approved a $500 million grant to support Nigeria’s recovery efforts from the economic impact of the COVID-19 pandemic.
The World Bank Task Team Leader for NG-CARES, Dr. Lire Ersado, disclosed the development during a two-day Peer Learning and Experience Sharing meeting held in Port Harcourt.
The funding, according to report, will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) programme, which was launched in 2021 to assist vulnerable households and micro, and small enterprises (MSEs) affected by the crisis.
According to Dr. Ersado, who was represented by Prof. Foluso Okumadewa, “the World Bank remains committed to supporting NG-CARES over the next three years.”
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He highlighted that the grant would further support Nigeria’s broader economic recovery initiatives, with the potential for extended funding based on government backing.
“The NG-CARES programme aims to promote economic resilience and provide stimulus to communities impacted by the COVID-19 pandemic,” Dr. Ersado added.
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