Nigeria gets World Bank approval on $400m loan

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The World Bank has approved a $400million credit to Nigeria, a statement on Friday announced.

The additional financing from the International Development Association (IDA) will cover COVID-19 vaccine acquisition and deployment across the country.

As Nigeria plans to break the chain of local transmission and limit the pandemic spread, the original COVID-19 response program would be expanded to enable equitable access.

The credit would fund the purchase of vaccines for 18 percent of the population (40 million people) and support effective deployment to 50 percent, about 110 million.

It would also help Nigeria to strengthen its health systems and prepare for future health emergencies.

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Nigeria will be having access to vaccines under the right conditions of value-for-money, regulatory approvals, and delivery time, among other features.

“This will ensure that the government meets its plans to vaccinate 51 percent of its population in two years”, the statement read.

Shubham Chaudhuri, World Bank Country Director said as Nigeria tackles the effect of a third wave, continued vaccination of citizens is important.

Chaudhuri advised citizens to always observe safety measures in order to avoid the type of lockdown affected in 2020.

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