The World Bank has approved $1.08 billion in concessional financing for Nigeria, targeting small businesses, education, and nutrition to strengthen economic resilience and improve opportunities for vulnerable groups.
The funding includes $500 million for the Community Action for Resilience and Economic Stimulus (NG-CARES) Program, which will provide financial support for micro and small enterprises, expand food security services, and offer livelihood grants to struggling households.
Originally launched as a COVID-19 recovery initiative, NG-CARES has evolved into a nationwide economic support program.
Another $80 million is allocated for Accelerating Nutrition Results in Nigeria (ANRIN 2.0) to improve maternal and child nutrition, focusing on access to cost-effective nutritional services, dietary diversity, and food security. The first phase of ANRIN benefited over 13 million children under five years old.
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Additionally, $500 million has been earmarked for Hope for Quality Basic Education for All (HOPE-EDU), aimed at improving foundational learning, increasing school access, and decentralizing education fund management.
The program is expected to directly benefit 29 million children in public primary schools, alongside 500,000 teachers and 65,000 schools.
According to the World Bank Country Director for Nigeria, Dr. Ndiamé Diop, these programs are designed to accelerate economic development by supporting small businesses, investing in human capital, and enhancing social welfare services.
He emphasized that the funding will help Nigeria transition from post-pandemic recovery to long-term resilience, ensuring sustainable growth for communities across the country.
