The loan could impact the lives of millions in Africa's most populous country, the bank said in an announcement today.

The loan will co-finance Phase 1 of the Nigeria Special Agro-Industrial Processing Zone Program, a program that could help unlock Nigeria's agricultural potential.

“We have several million hectares of available arable land and have embarked on the creation of Special Agriculture Processing Zones across the country,” Nigeria’s President Muhammadu Buhari told world leaders at the recent Future Investment Initiative Summit in Riyadh, ahead of Monday’s Bank Board meeting.

“These initiatives, we believe, will make it easier for investors in agriculture,” he added.

The Special Agro-Industrial Processing Zones Program is expected to bring economic infrastructure to rural areas of high agricultural potential. The project area accounts for 19% of the country's total land mass and will impact 50.4 million people.

Nigeria Phase 1 Zone construction is expected to assist crop and livestock producers across the country, including beef and dairy livestock production in Federal Capital Territory, Imo State and Kwara State.