Following the inflation rate in Nigeria, the World Bank has donated at least $12bn, almost half to Africa, to help beneficiary countries cope with food shortage and hunger rate.
According to the new report titled “Food Security Update/ World Bank Response to Rising Food Insecurity” the bank noted that domestic food prices remained high all over the world, especially in low and middle income countries.
Following the Russia’s invasion of Ukraine, the bank noted that, the trade-related policies imposed by countries have surged, and the global food crisis has been partially become worse by the growing number of food trade restrictions put in place by countries with a goal of increasing domestic supply and reducing prices.
The bank also said a $30bn relief package will be spread over a period of 15 months, while $12bn in new projects, also be rolled out to help countries to cope with the current food insecurity in the world especially Africa.
The recent report also revealed that up to 205 million people are expected to face acute food insecurity and will be in need of urgent assistance in 45 countries.
The report said, “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.
“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.”