The Nigerian government has formally requested an extension from the World Bank for the closing date of a significant $500 million loan designated for COVID-19 response efforts.
This appeal, highlighting the country’s ongoing commitment to utilizing the funds for pandemic preparedness and response, aims to extend the deadline from the revised date of February 29, 2024, to June 30, 2024.
Citing substantial progress in Nigeria’s COVID-19 response, particularly in surpassing the ambitious target of achieving 70 per cent vaccination coverage among eligible individuals, a document from the World Bank outlines the rationale behind the request.
The extension is deemed necessary to ensure adequate time for wrapping up the implementation phase of the project and facilitating its orderly conclusion.
Formally detailed in a government letter referenced F11373/S.34/C/4028/VOL.1/126 dated October 27, 2023, and received on November 1, 2023, the request proposes a four-month prolongation to enable the comprehensive completion of project activities.
According to the World Bank document, the proposed extension from February 29, 2024, to June 30, 2024, is crucial “to allow sufficient time to round up implementation and properly close the project.”
The Nigeria COVID-19 Preparedness and Response Project, approved by the World Bank Board of Executive Directors on August 6, 2020, and effective from March 15, 2021, aimed to bolster the country’s capacity to prevent, detect, and respond to the COVID-19 threat at the state level. Initially 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 later received an additional $400 million to support the acquisition and deployment of COVID-19 vaccines, highlighting its dual focus on emergency response and sustained management of the evolving situation.
Evaluation of the project’s progress toward its development objectives has yielded a rating of Moderately Satisfactory, with significant achievements in key areas, including surpassing the target for COVID-19 vaccination coverage among adults aged 18 years and older, reaching 71.62 per cent as of December 31, 2023.
As of September 29, 2023, Nigeria recorded 267,146 confirmed cases of COVID-19 and 3,155 deaths across 36 states and the Federal Capital Territory (FCT). Overall implementation progress is rated as Moderately Satisfactory.
Despite challenges, the project has demonstrated notable successes, including effective management of confirmed COVID-19 cases and fatalities nationwide.
Both procurement and financial management aspects of the project have been functioning effectively, with moderate risk levels and satisfactory overall implementation progress.
