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BOI clarifies misconception about NG-CARES | The Guardian Nigeria News - Nigeria and World News

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The Bank of Industry (BOI) has said, the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme is an initiative of the World Bank and the Federal Government of Nigeria, disclosing that the scheme is not an initiative of the bank as claimed.

According to the bank, the programme, which was designed to support the recovery of communities, households, and businesses affected by COVID-19, is state-owned, as state governments are fully responsible for funding and the selection of beneficiaries.

The BOI stated that the funding system gives each state the freedom to distribute their chosen grant amounts and numbers among the various programme components as determined by the World Bank. This nomination was followed by 28 out of 33 States, selecting BOI as their preferred execution partner to utilize the MSME infrastructure of the bank to deliver NG-CARES.

 

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