Oct 2, 2021 - World

World Bank to give $400 million to Nigeria for COVID vaccine funding

A medic prepares a dose of the Moderna Covid-19 corononavirus at the Oregun Primary Health Care Center in Ikeja capital of Lagos on August 25, 2021.

Photo: Olukayode Jaiyeola/NurPhoto via Getty Images

The World Bank announced plans Thursday to give Nigeria $400 million to help fund COVID-19 vaccines for its citizens.

Why it matters: The World Bank stated that the additional funding, provided through the International Development Association, would help Nigeria vaccinate 51% of its citizens in two years.

  • The World Health Organization said on Thursday that only 15 out of 54 African countries had fully vaccinated 10% of their populations against COVID-19.

The big picture: The $400 million credit, approved by World Bank directors, will allow the country to acquire enough vaccines for 18% of its population and distribute vaccines to nearly 51% of its citizens.

  • The World Bank said that Nigeria will be able to "strengthen relevant health systems that are necessary for a successful deployment and to prepare for future health emergencies."
  • "This additional funding would ensure that the Nigerian government has the necessary financial resources to keep its vaccination drive going," said Shubham Chaudhuri, World Bank country director for Nigeria. "This would mean that Nigerians will have increased access to the COVID-19 vaccination.”
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