World Bank Donates $82m to Nigeria

Coronavirus
  • World Bank Donates $82m to Nigeria

The World Bank Group through the World Bank’s Regional Disease Surveillance Systems Enhancement Project has made available $82 million to strengthen Nigeria’s public health sector against the COVID-19 pandemic.

In a statement titled ‘World Bank Support to Nigeria on COVID -19’, the bank said the nation was exempted from the first set of beneficiaries of the World Bank’s COVID-19 Emergency Health Support programme last week following approval by the executive directors of the bank.

However, in a statement released on Tuesday, the bank said it was supporting Nigeria and other African nations.

“The World Bank Group is moving quickly to provide fast and flexible support to Nigeria and other African countries in mitigating the impact of the COVID-19 pandemic by providing direct and long-term financial support over the next 15 months.

“In Nigeria, the World Bank has already made $82m available for immediate support in strengthening the public health response through the Regional Disease Surveillance Systems Enhancement Project,” the statement said.

It added that it was providing the Federal Government with budget support for a pro-poor stimulus package and the long-term recovery.

The World Bank noted that efforts to protect livelihoods and support local economic activity over the next 18-24 months would be critical in mitigating the economic and human impact of the COVID-19 pandemic.

The Minister of Finance Mrs. Zainab Ahmed had said the economy would contract by as much as 3.4 percent if the nation failed to put in place a solid stimulus package to mitigate the impact of COVID-19 pandemic.

President Muhammadu Buhari also suspended the interest payment on debts owed by state governments due to the projected drop in FAAC amid fall in the nation’s foreign revenue.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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