NG-CARES stimulus programme Nigeria Bank of Industry
The Bank of Industry (BoI) has clarified its roles in the implementation and disbursements grants under the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme (NG-CARES).
In a statement, the bank explained that NG-CARES was an initiative of the World Bank and the Federal Government of Nigeria, to support the recovery of communities, households, and businesses affected by COVID-19.
The programme was, however, state-owned, as state governments were responsible for funding and selection of beneficiaries.
According to the bank, the funding arrangement allowed each state the autonomy to allocate their preferred grant sizes and number of grants across different programme components as approved by the World Bank.
“Based on the Bank of Industry’s (BoI) successful track record of building field networks and technology infrastructure for the transparent implementation of MSME intervention programmes, the World Bank nominated the bank to provide this infrastructure for the delivery of the MSME Component of NG-CARES (RA3) nationwide.
“Following this nomination, 28 out of 33 states chose BoI as their preferred execution partner to leverage the bank’s MSME infrastructure to deliver NG-CARES.
“Under this partnership, the states are responsible for nominating the beneficiaries and selecting those to be disbursed to, following successful verification. BoI’s role as execution partner is to manage the end-to-end application and verification processes, and present successful candidates to enable states’ decision making for disbursements. BoI disburses as instructed by the state.
“So far, BOI has received over one million applications for the NG-CARES MSME grants across states.”
While several beneficiaries may apply or be nominated, beneficiaries do not receive the grant if they do not meet the criteria to qualify, or if their state does not select them for disbursement as the state seeks to manage the funding available for the programme and ensure the equitable distribution of benefits across business categories, local government areas, gender or other demographics,” BOI stated.
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