Allocated Naira 14 billion (USD 84 million) to fund the continuation of input subsidies for the 2013/14 dry season rice crop. The program targets to support 800 000 farmers, including wheat, maize and groundnut producers for the first time, with seeds and fertilizers at discounted prices. The funds come in addition to the Naira 3.6 billion (USD 22 million) earmarked to boost mechanization through the National Agricultural Mechanization Transformation Agenda and the launch of the first Staple Crop Processing Zone in Kogi State. The latter initiative aims to reduce processing costs and post-harvest losses of staples such as rice, sorghum and cassava, by establishing fourteen processing clusters across the country through public and private investment.
Exchange rate as of 15 March 2014.