Covid-19: World Bank Offers Nigeria $400m Loan For Vaccine

It has been reported that the Board of Directors of World Bank has approved a $400m credit alongside financing from the International Development Association to Nigeria to boost COVID-19 vaccination in Nigeria.

According to reports, a statement titled ‘Nigeria scales up its COVID-19 vaccination with new funding for vaccine purchase and deployment’ and published on the bank’s website on Friday disclosed this.

The statement read that, “The government of Nigeria today received approval from the World Bank Board of Directors for a $400m credit in additional financing from the International Development Association 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.”

It disclosed that, “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 programme will be expanded to enable equitable access to purchase affordable COVID-19 vaccines for 18 per cent (40 million) of Nigeria’s population and support effective vaccine deployment to 50 per cent (110 million) of its citizens.”

Meanwhile, the World Bank Country Director for Nigeria, Shubham Chaudhuri, reportedly stated that, “As the Nigerian government continues to tackle the effect of a third wave of the  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.”

He made it known that, “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.”