World Bank approves $400 million credit for Nigeria to aid COVID-19 vaccine acquisition

The Board of Directors of the World Bank have approved a $400 million credit for Nigeria as additional financing from the International Development Association (IDA) to provide upfront financing for safe and effective COVID-19 vaccine acquisition and deployment in the country.

This was disclosed by the World Bank via a statement issued and signed by its Senior External Affairs Officer, Mansir Nasir on Friday.

The statement, which was seen by Nairametrics, stated that the development will be implemented as part of the COVID-19 Preparedness and Response Project.

What the World Bank is saying

It stated, “Government of Nigeria today received approval from The World Bank Board of Directors for a $400 million credit in additional financing from the International Development Association (IDA)* to provide upfront financing for safe and effective COVID-19 vaccine acquisition and deployment within the country. This will be implemented as part of the COVID-19 Preparedness and Response Project.

“Building on the Government’s plan to break the chain of local transmission of COVID-19 and limit the spread of the virus, the original COVID-19 Response program will be expanded to enable equitable access to purchase affordable COVID-19 vaccines for 18 percent (40 million) of Nigeria’s population and support effective vaccine deployment to 50 percent (110 million) of its citizens.”

Shubham Chaudhuri, World Bank Country Director for Nigeria, said, “As the Nigerian Government continues to tackle the effect of a third wave of the global pandemic, it is crucial it continues to vaccinate its citizens in addition to the use of non-pharmaceutical interventions to avoid the dreadful consequences of another lockdown that left in its wake an economic toll the country is still grappling with.

“This additional funding would ensure that the Nigerian Government has the necessary financial resources to keep its vaccination drive going. This would mean that Nigerians will have increased access to the COVID-19 vaccination.”

Credit: Nairametrics