The World Bank has approved a $500 million grant to support Nigeria's recovery from the economic and social impacts of the COVID-19 pandemic.
The funds will be channeled through the Nigeria Community Action for Resilience and Economic Stimulus (NG-CARES) program, which was established in 2021.
The initiative aims to assist poor and vulnerable households as well as micro and small enterprises affected by the pandemic, promoting resilience and economic recovery across the country.
The World Bank Task Team Leader for NG-CARES, Dr Lire Ersado, spoke at the end of a two-day Peer Learning and Experience Sharing meeting in Port Harcourt, Rivers State on Tuesday.
The meeting was organised by the Federal Cares Support Unit, under the Federal Ministry of Budget and Economic Planning.
Mr Ersado, represented by an official with NG-CARES, Prof. Foluso Okumadewa, said that the grant would also assist Nigeria’s broader economic recovery initiatives.
He added, “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.”