The Nigerian government has formally approached the World Bank for a deadline extension of a substantial $500 million loan initially earmarked for COVID-19 response efforts.
This request underscores the country’s ongoing commitment to fully utilize the funds towards pandemic preparedness and response, aiming for an extension from a revised deadline of February 29, 2024, to June 30, 2024.
A document from the World Bank elucidates the rationale behind this move, highlighting the significant progress Nigeria has made in its COVID-19 response, particularly in surpassing the ambitious target of 70% vaccination coverage among the eligible population.
Central to this extension appeal is the need for adequate time to wrap up the project’s implementation phase and ensure its orderly conclusion.
The formal request for this extension, detailed in a government letter referenced F11373/S.34/C/4028/VOL.1/126 dated October 27, 2023, and received on November 1, 2023, proposes a four-month prolongation to accommodate the comprehensive wrap-up of project activities.
The World Bank document noted:
- “A four-month extension of the project closing date and associated credits from February 29, 2024, to June 30, 2024, is proposed to allow sufficient time to roundup implementation and properly close the project.”
About the Project Loans
Initiated with the World Bank Board of Executive Directors’ approval on August 6, 2020, and becoming effective on March 15, 2021, the Nigeria COVID-19 Preparedness and Response Project was designed to bolster the country’s capacity to prevent, detect, and respond to the COVID-19 threat at the state level.
Funded through an International Development Association (IDA) credit of approximately $100 million and a Pandemic Emergency Financing (PEF) facility grant of $14.28 million, the project aimed to enhance Nigeria’s strategic and operational readiness against the pandemic.
