Nigeria Requests Extension for World Bank’s $500m COVID-19 Loan

Nigeria has formally approached the World Bank to extend the deadline of a substantial $500 million loan initially intended for COVID-19 response initiatives.

The request aims to prolong the deadline from February 29, 2024, to June 30, 2024, and is supported by significant progress in the country’s vaccination coverage and pandemic preparedness.

The Nigerian government is committed to fully utilizing the funds to improve the nation’s response to the COVID-19 pandemic.

The request for an extension was made in a government letter dated October 27, 2023, and received on November 1, 2023.

The World Bank document highlights the need for adequate time to wrap up the project’s implementation phase and ensure an orderly conclusion.

The Nigeria COVID-19 Preparedness and Response Project was initiated with the World Bank Board of Executive Directors’ approval on August 6, 2020, and became effective on March 15, 2021.

The project was designed to strengthen Nigeria’s capacity to prevent, detect, and respond to the COVID-19 threat at the state level.

The project was funded through an International Development Association (IDA) credit of $100 million and a Pandemic Emergency Financing (PEF) facility grant of $14.28 million.

An additional $400 million was later approved to support the acquisition and deployment of COVID-19 vaccines.

The project’s performance has been assessed as Moderately Satisfactory, with significant achievements in key areas, including surpassing the target for COVID-19 vaccination coverage among adults aged 18 years and older.

The project has also effectively managed confirmed COVID-19 cases and fatalities across the country.

Procurement and financial management aspects of the project have been operating effectively, with moderate risk levels and satisfactory overall implementation progress.

Nigeria’s request for an extension of the World Bank’s $500 million COVID-19 loan highlights the country’s commitment to fully utilize the funds and continue its efforts in pandemic preparedness and response.