$500 Million COVID-19 Windfall: World Bank Powers Up Nigeria’s Fight

Launched in 2021, NG-CARES was designed to assist vulnerable households and small businesses affected by the pandemic. The World Bank Task Team Leader for NG-CARES, Dr. Lire Ersado, revealed the grant’s specifics after a two-day Peer Learning and Experience Sharing meeting in Port Harcourt, organized by the Federal Cares Support Unit under the Federal Ministry of Budget and Economic Planning.

Prof. Foluso Okumadewa, representing Ersado, emphasized that the financial boost will reinforce Nigeria’s broader recovery efforts. He also noted the World Bank’s commitment to supporting NG-CARES over the next three years, with possible extensions contingent on the Nigerian government’s support.

The World Bank aims to institutionalize NG-CARES to ensure its long-term sustainability. Dr. Abdulkareem Obaje, National Coordinator of NG-CARES, highlighted the program’s success in providing relief to Nigeria’s vulnerable populations. So far, $750 million has been spent, with $625 million already allocated to state projects, reflecting an 88% disbursement rate. An additional $50 million is expected to be disbursed by year-end, pushing the program closer to its $1 billion target.

Obaje added that the program has exceeded its initial targets by 30%, with $345 million reimbursed to states and $834 million in verified outcomes. NG-CARES aims to continue reaching more beneficiaries affected by economic shocks in the coming months.

Alhaji Abdulateef Shittu, Director-General of the Nigerian Governors Forum (NGF), praised the collaboration among state governments, acknowledging their role in overcoming shared challenges. He reaffirmed the NGF’s commitment to ensuring the success of initiatives like NG-CARES through active knowledge-sharing and best practices.