The World Bank says it will disburse a total of $30bn to fund existing and new projects in Nigeria and other countries.
This is part of a global response to combat the ongoing food security crisis.
According to the apex bank, it is working with countries on a $12bn new projects fund for the next 15 months.
The projects are expected to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects.
It also added that most of the funds would go to Africa, the Middle East, Eastern Europe, Central Asia, and South Asia.
The global bank disclosed this on Wednesday when it announced how it plans to be part of a comprehensive, global response to the ongoing food security crisis.
It said, “This financing will include efforts to encourage food and fertilizer production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.
“To inform and stabilize markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine. Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage.”
