World Bank Borrows Nigeria $400 Million to Battle COVID 19

• The World Bank has set to provide Nigeria with a $400 million credit to aid the country’s COVID-19 efforts

• The fund will be used to acquire and distribute vaccines about citizens of the country

• The approval of the vaccine which was announced on Thursday means that Nigeria can now purchase vaccines for up to 18 percent of its population

Nigeria is set to receive a credit of $400 million from the World Bank which will be put into the acquisition and distribution of the COVID-19 vaccine.

The World Bank announced this on Thursday, following the approval of the credit by its board of directors.

It claims that the money will allow Nigeria to purchase COVID 19 vaccine for 18 percent of its population and aid the distribution of vaccine to at least 50 percent.

It was also disclosed that the credit which will be provided through the International Development Association will allow Nigeria to strengthen its health system and prepare for health emergencies.

The financing will also be enough to help Nigeria vaccinate up to 51 percent of its population in the next two years.

As per the BBC, less than 3 percent of the country’s total population has received the vaccine so far.

The announcement comes amid claims from African leaders that Africa was struggling to meet its vaccination target due to “vaccine apartheid”.

Read also: 20% of Nigerians Lose Job to COVID-19 Pandemic

The World Health Organization (WHO) set a target to have at least 10 percent of citizens from each country fully vaccinated by Sept 4.

The landmark proved to be unreachable for 39 out of 54 African countries, with also small countries and islands reaching the target.

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