COVID-19: World Bank Approves a $400m Loan to Nigeria for Vaccination Scale-Up

The World Bank’s Board of Directors has approved a $400 million credit to Nigeria, along with funding from the International Development Association, to boost COVID-19 vaccination.

Nigeria scales up its COVID-19 vaccination with new funding for vaccine purchase and deployment, according to a statement posted on the bank’s website.

“The government of Nigeria today received approval from the World Bank Board of Directors for a $400 million credit from the International Development Association to provide upfront financing for safe and effective COVID-19 vaccine acquisition and deployment within the country,” according to the statement. As part of the COVID-19 Preparedness and Response Project, this will be implemented.

“The additional funding will ensure that 40 million Nigerians are vaccinated against COVID-19, bringing the vaccination rate to up to 50%.

“Building on the government’s plan to break the chain of COVID-19 local transmission and limit the virus’s spread, the original COVID-19 response program will be expanded to provide equitable access to affordable COVID-19 vaccines for 18% (40 million) of Nigeria’s population and to support effective vaccine deployment to 50% (110 million) of the country’s citizens.”

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“As the Nigerian government continues to deal with the effects of a third wave of the pandemic, it is critical that it continues to vaccinate its citizens in addition to using non-pharmaceutical interventions to avoid the dreadful consequences of another lockdown that left an economic toll that the country is still grappling with,” said Shubham Chaudhuri, World Bank Country Director for Nigeria.

“This additional funding will ensure that the Nigerian government has the financial resources it needs to continue its vaccination campaign,” he added.

“This means that Nigerians will have more opportunities to get the COVID-19 vaccine.”

The additional funding would be used to purchase and deploy COVID-19 vaccines, strengthen relevant health systems, and prepare for future health emergencies, according to the statement.

“The additional funding will enable Nigeria to purchase and deploy COVID-19 vaccines, as well as strengthen relevant health systems required for a successful deployment and prepare for future health emergencies,” the statement said.

“Critically, it will allow the acquisition of vaccines to support Nigeria’s goal of having access to vaccines under the right conditions,” it continued (of value-for-money, regulatory approvals, and delivery time among other important features).

“The government will be able to reach its goal of vaccinating 51% of the population in two years as a result of this.”

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The World Bank Task Team Leader for the project, Ayodeji Ajiboye, was quoted in the statement as saying, “Recognizing that there is currently excess demand for vaccines from both high-income and low-income countries, the additional funds would allow Nigeria to acquire the vaccine as soon as possible, strengthen the capacity of all states and the Federal Capital Territory to deploy the vaccines, as well…”