W’Bank Grants One-year Extension Support to Nigeria MSMEs

Adibe Emenyonu in Benin City

The World Bank has granted a one-year extension for Nigeria Cares (NG-CARE), a programme meant to support Micro and Small Medium Enterprises to cushion the effects of the dreaded COVID-19 pandemic which the World Health Organisation recently declared as over.

The Minister of State for Budget and National Planning, Prince Clem Agba disclosed this at the ministerial townhall meeting for beneficiaries of NG-CARE from Edo, Delta, Bayelsa and Rivers States, held in Benin City.

He said there was also an approval to give cash advancement to 36 states of the federation since many of them would be getting new governors and cash crunch occasioned by COVID-19 would affect many of them.

He said: “The effects of COVID-19 still live with us. That is where the NG-CARES programme is still very apt. So we all recall that COVID-19, which ravaged many economies in the world, had devastating consequences on the livelihoods of the poor and vulnerable individuals, formal and informal businesses especially the Micro, Small Enterprises. 

“So it was very very important that this livelihood should be kept alive; that people are able to keep their jobs at least if not creating new ones

“We gave NI billion to each state during the pandemic with the exception of Lagos that got N10 billion. Kano State got a little more. We still have to get the $750 million World Bank loan to support the states in three basic areas.’

He further said: “We had a flooding problem last year and it did affect our food security and the supply chains for food so we have to approach the World Bank and say let’s extend this project for another year to June 2024. 

“I am glad the task team leaders communicated back to me that we now have approval for that and the official letter will come to me next week from the World Bank. I have also sought another approval and that has been approved because I realised that the transition is so near. 

“I have also gotten the approval from the bank to do another set of advanced disbursement to the 36 states so the federal government wishes once again to restate its commitment to restoring the livelihoods of poor and vulnerable Nigerians and maintain food security and facilitate the recovery of MSMEs,” Agba explained.

The high point of the event was the testimony of some beneficiaries who expressed how the project helped them to recover and build their businesses post covid.

W’Bank Grants One-year Extension Support to Nigeria MSMEs

Adibe Emenyonu in Benin City

The World Bank has granted a one-year extension for Nigeria Cares (NG-CARE), a programme meant to support Micro and Small Medium Enterprises to cushion the effects of the dreaded COVID-19 pandemic which the World Health Organisation recently declared as over.

The Minister of State for Budget and National Planning, Prince Clem Agba disclosed this at the ministerial townhall meeting for beneficiaries of NG-CARE from Edo, Delta, Bayelsa and Rivers States, held in Benin City.

He said there was also an approval to give cash advancement to 36 states of the federation since many of them would be getting new governors and cash crunch occasioned by COVID-19 would affect many of them.

He said: “The effects of COVID-19 still live with us. That is where the NG-CARES programme is still very apt. So we all recall that COVID-19, which ravaged many economies in the world, had devastating consequences on the livelihoods of the poor and vulnerable individuals, formal and informal businesses especially the Micro, Small Enterprises. 

“So it was very very important that this livelihood should be kept alive; that people are able to keep their jobs at least if not creating new ones

“We gave NI billion to each state during the pandemic with the exception of Lagos that got N10 billion. Kano State got a little more. We still have to get the $750 million World Bank loan to support the states in three basic areas.’

He further said: “We had a flooding problem last year and it did affect our food security and the supply chains for food so we have to approach the World Bank and say let’s extend this project for another year to June 2024. 

“I am glad the task team leaders communicated back to me that we now have approval for that and the official letter will come to me next week from the World Bank. I have also sought another approval and that has been approved because I realised that the transition is so near. 

“I have also gotten the approval from the bank to do another set of advanced disbursement to the 36 states so the federal government wishes once again to restate its commitment to restoring the livelihoods of poor and vulnerable Nigerians and maintain food security and facilitate the recovery of MSMEs,” Agba explained.

The high point of the event was the testimony of some beneficiaries who expressed how the project helped them to recover and build their businesses post covid.