Join our 1,296,793 Subscribers

Get Hottest Naija News straight to your inbox!



Home loan Bank Of Agriculture Nigeria Loan

Bank Of Agriculture Nigeria Loan

- Advertisement -

Getting an agricultural loan in Nigeria can be quite difficult especially for new farmers. In this article, you’ll get a detailed guide about the Bank Of Agriculture Nigeria Loan.

The Bank of Agriculture is a financial institution set up by the Nigerian government to provide loan facilities for small and large-scale farmers in the country.

The Bank of Agriculture (BOA) was established in 2000, but its history can be traced to the Nigerian Agriculture Bank, which was created in 1972.

This project was made to provide support for the agricultural sector of the Nigerian economy. Other functions of the Bank of Agriculture (BOA) are listed as follows;

  • To provide loan for agriculture.
  • To create job opportunities for people through agriculture.
  • Providing banking and financial services to farmers in rural areas.
  • To contribute to the growth and development of agricultural information systems in the country.
  • Provision of non-agricultural microcredits to poor persons in villages and rural areas.
  • Provision of technical support services to farmers in rural areas.

Bank Of Agriculture Nigeria Loan


Before you can obtain the Bank of Agriculture loan, there is a need to check if you are eligible to receive the loan. The Bank of Agriculture loan provides a wide range of loans which are;

  • Agricultural micro loans.
  • Non-agricultural micro loans.
  • SME loans.
  • Loans for Cooperative & Farmers group.
  • On-lending loans.
  • Agri-business loans.
  • Funded & guaranteed collaborations.


  • The microloans scheme provides credit facilities for financing agricultural and Non-agricultural activities and initiatives such as Agro-Processing, Agric Produce Marketing, Fisheries, Horticulture, Traders, Artisans, Livestock, Tree Crop Production, Arable/field crops farmers, etc
  • Provision of 2 acceptable guarantors & 20% lien deposit.
  • It can be granted to individuals and also to members of co-operative societies/groups.
  • Loans must not exceed N250,000.00 for a period which must not be more than two (2) years.


This loan is targeted at women across Nigeria.

  • Applicants must open and maintain an account relationship with any BOA Office close to their project location in a minimum period of 12 weeks before the purchase and processing of loan application.
  • The maximum loan limit is N1 million per beneficiary at 14% per year subject to variation.
  • Loan and Grace periods depend on the project type.
  • Under this scheme, loans can be granted to individuals and members of groups.
  • It is a non-collateralized loan.
  • It requires two (2) acceptable guarantors.
  • A 10% lien deposit in the savings account.
  • It covers all activities in the Agriculture value chain.


  • It is only made for individuals.
  • Applicants can get loan credit facility of up to a maximum of N5,000,000.00 (five million) mainly for Agricultural Projects.
  • It requires collateral.


  • It engages in collaborative ventures with the Government, Non-Governmental Organizations, international agencies and local agencies.
  • The loan conditions are usually written in specified in a memorandum of understanding (MOU).


The following are the requirement for anyone who is considering opening an individual account with the Bank of Agriculture:

  • 3 recent passport photographs.
  • A recent photocopy of your utility bill (Water, PHCN, Waste,etc.).
  • Signed Letter to the Bank.
  • Signed Letter Of Set-Off.
  • Completed & signed account Opening Form.
  • Completed Mandate/Signed Card.
  • A photocopy of any means of identification (National I.D Card, International Passports or Driver License).
  • An initial deposit of a minimum of N3, 000.00.


These are the requirement for cooperative societies, groups, clubs and companies who are considering opening an account with the Bank of Agriculture:

  • 3 recent passport photographs each from the executives.
  • A recent photocopy of your utility bill (Water, PHCN, Waste,etc.)
  • Resolution to open an Account with the Bank.
  • An original copy of Rules or Constitution.
  • Completed & signed account Opening Form.
  • Completed Mandate/Signed Card.
  • Original copy of Memo and Articles of Association.
  • Certificate of Registration/Company Incorporation (Original copy to be sighted).
  • An initial deposit of a minimum of N10, 000.00.

How to apply

These are the steps to obtain the Bank of Agriculture loan.

  • Get your documents ready.
  • Visit any BOA branch near you.
  • Request for the loan application form.
  • Fill the form and submit it along with your documents.

Interest Rate

The BOA interest rate varies due to the market rate. At present, the interest rates are;

SME Agricultural production 14%
SME Agro-processing 14%
SME Agriculture Marketing 20%
Micro Credit Loans Agric 12%
Microcredit loan (Non-Agric) 20%
YARN & GEM products 14%

Other Popular Banks That Gives Loans In Nigeria:



The repayment period varies on the type of loan. Normally, each loan has a duration of two (2) years. Loanees can pay back the loan at any BOA office.

Pros & Cons

Pros Cons
  • It supports agriculture.
  • Flexible repayment conditions.
  • Low-interest rate.
  • Requires collateral.
  • For farmers only.

Mobile App

Currently, the Bank of Agriculture has no mobile app for users.

Customer Care

Anyone can reach the Bank of Agriculture customer support on their contact number and mail address.

  • Phone number – +234 7040202222.
  • Email address –
Official Website
Contact Number  +234 7040202222

Branches & Head Office

The Bank of Agriculture bank has six (6) Zonal Offices and 136 outlets scattered across the 36 States of Nigeria. Some of the offices and branches in the federation are;


13 NERDC Road, Agidingbi, Ikeja.


1, Joseph Dosu Way, Badagry


162 Independence Ave, Central Business Dis, Abuja.


No 1 Yakubu Gowon Way, Sabon Gari, Kaduna State.


Agodi, Ibadan, Oyo State.

Here are some other Banks that offer loans in Nigeria: Sterling Bank Loan,Bank Of Agriculture Nigeria Loan,Snapcredit Loan


BIAFRA: ‘Muhammadu Buhari Must Release Sowore’ – Nnamdi Kanu Urges UN

The leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has told the United Nations to mediate on President Muhammadu Buhari's refusal to...

Naira Marley’s Fraud Trial Set To Start Next Month

Controversial Nigerian music star, Azeez Fashola aka Naira Marley will be back in court on October 22nd for the commencement of his fraud trial. 36NAIJA...

Former Chelsea Player, Didier Drogba Named As Ballon D’or Ambassador

On Thursday, Didier Drogba was chosen as the France Football’s Ballon d’Or ambassador according to 36Naija Sports. The Cote D'Ivoire star will co-host the award...

Ycee Attacks Tinny Entertainment For Not Paying Him His Royalties

Nigerian rapper, Ycee has taken to his Instagram handle to slam his former record label, Tinny Entertainment for not paying him after the music...

Victor Lindelof Extends Manchester United Stay

Manchester United defender, Victor Lindelof has signed a new 5-year contract at the club. The 25-year-old Swedish international has committed his long-term future to Old...

Biafra: Nnamdi Kanu Speaks After Meeting With UN Officials (Photo)

The leader of the proscribed Indigenous People Of Biafra, IPOB, Mazi Nnamdi Kanu has finally reacted to the news of meeting with the United...

3 Islamic Clerics Dupe and Gang-Rape Female Victim In Ogun State

3 self-acclaimed Islamic clerics who specialize in scamming unsuspecting members of the public have been apprehended by the Ogun state police command. The suspects, who...

Kenyan Preacher Conducts Deliverance By Giving Members Hot Slaps (Video)

The video of a Kenyan pastor, James Ng’ang’a is trending on the internet as he conducts a deliverance service for his members by slapping...