Nigeria Seeks Extension Of Closing Date For World Bank’s $500m ‘COVID-19’ Loan

Nigeria Seeks Extension Of Closing Date For World Bank’s $500m ‘COVID-19’ Loan

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.