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Nigeria Benefits From World Bank $12 Billion Food Relief Fund

By Dare Akogun

The World Bank has donated an estimated $12bn, almost half of which was disbursed to Africa, to help the recipient countries deal with food shortages.

In a recent study titled “Food Security Update | World Bank Response to Increasing Food Insecurity,” the bank noted that domestic food costs remained high across the world, particularly in low and medium-income nations.

The global food crisis has reportedly been made worse in part by the rise in trade-related measures implemented by nations in response to Russia’s invasion of Ukraine, the bank claims. These policies have been implemented in an effort to boost local supply and lower prices.

The bank also announced a $30 billion relief program that would be implemented over a 15-month period and include $12 billion in new projects to help counties deal with food insecurity.

The research estimates that in 45 countries, up to 205 million people might experience severe food insecurity and require immediate help.

“The most recent Food Price Monitoring and Analysis Bulletin released by the Food and Agriculture Organisation revealed mixed trends for international cereal prices in January 2023,” the report reads in part.

“World wheat prices fell in January for a third consecutive month; international coarse grain prices remained mostly unchanged; and international rice prices rose at an accelerated pace in January 2023.

Overall, FAO’s analysis indicates that high prices have persisted for the past three months despite some evidence of easing from 2022 peaks in certain countries, with rice price hikes mostly responsible for sustained high cereal prices.” as seen in the report.

In addition to the economic stimulus, the World Bank Group announced that it had collaborated with the G7 President and co-convened the Global Alliance for Food Security in an effort to spark a prompt and coordinated response to the growing global hunger issue.

According to the study, the alliance had created the openly available Global Food and Nutrition Security Dashboard, which gave local and international decision-makers immediate information to aid with better coordination of the financial and policy response to the food crisis.

Dare Akogun

Dare Akogun is a dynamic media innovator, strategic communication professional, and seasoned climate and environmental sustainability journalist with over 10 years of influential contributions to the media industry.

He Currently serving as the Head of Digital Media, Senior News Editor, and a presenter at Sobi FM 101.9, a leading radio station in Ilorin, Nigeria.

Dare is on a mission to leverage his media innovation expertise and project management skills to produce high-quality, accurate, and engaging content, while advocating for reduced fossil fuel consumption, especially coal, to combat effect of global warming.

He has covered comprehensively environmental issues and COP conferences, including COP28 in Dubai last year , COP 27 in Egypt, and the United Nations Least Developed Countries conference in Doha, in 2023.

He is a recipient of fellowship to be part of a 15 team of journalists selected worldwide to cover the Berlin Energy Transition Dialogue 2024.

He has a Master's Degree in Mass Communication, from the University of Lagos, a Bachelor's Degree in Journalism from the Lagos State University and also a
Certification in Business Administration and Management, from the Babson College, Massachusetts, United States of America.

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