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Home loan Federal Government Agricultural Loan

Federal Government Agricultural Loan

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The Federal Government Agricultural Loan is a loan programme launched by the Federal Government of Nigeria for farmers.

Agriculture is a sector of the Nigerian economy that provides food and jobs for the growing Nigerian population.

If you’re intending to start a farming business in Nigeria, you need to know that such business venture requires massive investment at the starting point.

Getting a good loan at affordable interest rates is not easy to find. The Bank of Agriculture was specially designed for farmers who are searching for agricultural loans.

Federal Government Agricultural Loan


Before you can obtain the federal government agriculture loan, there is a need to check if you are eligible to receive the loan. The loan requirements are;


These are the requirement for any individual who is considering opening an account with BOA:

  • Completed & signed account Opening Form.
  • Completed Mandate/Signed Card.
  • 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.
  • 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, Companies, clubs and groups who wants to open an account with BOA:

  • Completed & signed account Opening Form.
  • Completed Mandate/Signed Card.
  • 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.
  • 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

Loan Conditions

The Federal Government provides seven (7) types of loan for farmers. The application process of each loan differs from the other. The seven types of loans are:

  • Non-agricultural microloans.
  • SME loans.
  • Cooperative & farmers group loans.
  • On- lending loans.
  • Agribusiness loans.
  • Collaboration –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).

How to apply

These are the steps to get the Federal Government Agriculture loan.

  • Ensure that you have all the required documents needed to obtain the loan.
  • Go to any BOA branch near you.
  • Submit your documents.

Interest Rate

The interest rate varies according to the market rate. Currently, these are the BOA interest rates;

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 duration varies on the structure of the loan. On normal circumstances, each loan has a duration of two (2) years. Loanees are to repay 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, they do not have a mobile app for users.

Customer Care

You can always reach the customer team of BoaNigeria through their number (+234 7040202222) or their email address at

Official Website
Contact Number +234 7040202222

Branches & Head Office

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

Here are some other Banks that offer loans in Nigeria: Payconnect Loan,Federal Government Agricultural Loan,Ab Microfinance Bank Loan


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