The United Nations refugee agency, UNHCR, says more than 3.7 million people are internally displaced in Nigeria, while over 140,000 refugees and asylum seekers are also in the country.

The UNHCR Representative in Nigeria, Arjun Jain, disclosed this during a meeting with the Minister of Budget, Atiku Bagudu, in Abuja.

Jain said the agency is working to move beyond traditional humanitarian assistance by promoting sustainable livelihoods and private-sector investment in communities affected by displacement.

He said UNHCR is proposing a five-year initiative known as LEAP, which aims to attract 10 billion dollars in investment across 10 states affected by displacement and fragility.

The agency is also exploring financing options with banks and development institutions to provide affordable funding for farmers, displaced people and other vulnerable communities.

UNHCR says the initiative will bring together government, private investors and development partners to create jobs, strengthen local economies and support displaced and host communities.

The agency also highlighted its partnership with Tropical General Investments, which aims to support more than 5,000 farmers and create over 10,000 jobs in Benue and Cross River states.