…Vice President Gill Urges Government to Sustain Reforms Despite Hardships
The World Bank has announced a $500 million grant to support Nigeria’s recovery from the economic impacts of the COVID-19 pandemic through the Nigeria Community Action for Resilience and Economic Stimulus, NG-CARES, programme.
Launched in 2021, NG-CARES was designed to assist vulnerable households and micro-small enterprises affected by the pandemic.
Dr Lire Ersado, the World Bank Task Team Leader for NG-CARES, disclosed the new funding during a two-day Peer Learning and Experience Sharing meeting held in Port Harcourt on Tuesday.
Represented by Prof. Foluso Okumadewa, Ersado reaffirmed the bank’s commitment to Nigeria’s economic recovery.
“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,” Ersado said. He emphasised the importance of institutionalising the programme to ensure its sustainability beyond external aid.
Dr Abdulkareem Obaje, the National Coordinator of NG-CARES, noted that the programme had already spent $750 million, with $625 million disbursed to states—88 per cent of the allocated funds.
“The shock response mechanism of the programme has been highly effective,” Obaje remarked. He added that an additional $50 million would be disbursed before 31 December, with a possibility of further extension.
Obaje revealed that NG-CARES had exceeded its initial targets by 30 per cent, resulting in $834 million in verified outcomes.
“The programme could reach one billion dollars by the end of the fourth Independent Verification Agent assessments, restructured to support victims of shocks in several states across the country,” he stated.
Alhaji Abdulateef Shittu, Director-General of the Nigerian Governors Forum praised the states for their collaboration and participation.
“The forum commends the states for their active participation and collaboration in overcoming common challenges to achieve success,” Shittu said, stressing the NGF’s commitment to ensuring that states adopt best practices.
Meanwhile, World Bank Vice President and Chief Economist, Mr Indermit Gill, urged the Nigerian government to sustain ongoing reforms, despite the hardships they have caused.
Speaking at the Nigerian Economic Summit (#NES30) in Abuja, Gill admitted that while the reforms have created difficulties for Nigerians, particularly the poor, they remain essential for long-term economic recovery.
“The government must do everything in its power to protect the most vulnerable citizens against hardships because their lives and the lives of 110 million children depend on it,” Gill emphasised.
He also praised the Central Bank of Nigeria’s efforts in unifying exchange rates, describing the current exchange rate as “the most effective in 20 years.”
He advised the government to focus on non-oil exports, build foreign reserves, and create safety nets to shield the vulnerable from the effects of ongoing reforms.
“Nigerians’ need for jobs is immense. In the next ten years, more than 12 million Nigerians will enter the workforce. You need to generate jobs for them and attract investments, especially in the non-oil sector,” Gill warned.
He further stressed that the sustainability of reforms is vital, not just for Nigeria’s future but also for the economic transformation of Sub-Saharan Africa.
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