Agriculture was before the discovery of oil the mainstay of the people of Nigeria. It was mainly a small scale one that its product hardly go out from the home. That was the story of yesterday as today's agriculture however partly being practised family-scale to some extent is practised in large scale.


The economy is gradually sliding back to an agricultural powered economy because of the widespread lack of opportunities for youths. The reality has also shone on the government on the importance of agriculture to the Nigerian country.


The government has intuitively made it a national objective of ensuring food security for the population and increasing the contribution of the agricultural sector to the gross domestic product (GDP). For their objective to see the light of the day, the deem it fit to inject funds to the sector to attract population participation.



This funds are not just spread anyhow, but are monitored to make sure it gains the required result. The government makes sure that the funds are only injected into the agricultural sector. This brought about the idea of creating a bank of industry loan platform. The bank was created in1974 and has its head office in kaduna state with currently over 200 branches nationwide. The bank has 6 Zonal Offices and 136 outlets, spread across the 36 States of the country. It was formerly known as the Nigerian Agricultural cooperative and rural development bank (NACRDB) but has changed name to bank of agriculture (BOA) although its objectives remain the same.



The bank provides loans to poor people from villages and as well helps in providing rural areas with technical support and similar services. It aims not only  to develop rural areas but to slow down the migration of people from rural areas to cities. The bank contributes to the inculcation of banking services to rural areas of the society as well. The workers of the bank are provided with institutional knowledge and great experience of agricultural financing strategies and services.


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The Nigerian Bank of Agriculture is a known banking institution as it is among Africa’s leading agricultural finance institution.It has strong partnership with international institutions like IFAD, USAID, African Development Bank, World Bank, and others.






Bank of Agriculture Products and services


→    Micro loans scheme

The Bank provides credit to finance both micro agriculture and micro non-agricultural activities. This loan can be accessed by traders, artisans, arable/field crops farmers, fish farmers, agro-processors, livestock farmers, agricultural produce marketers, tree crop farmers as well as individuals, Cooperative groups, Self-help groups etc.

→        SME/Agribusiness loans scheme

This Loan Scheme is for financing small, medium and large scale agribusinesses projects.

→   On-lending loan scheme

Here, the Bank partners with States, Local Governments, Agricultural Financing Agencies, Non-Governmental Organizations (NGO), Community Based Organization (CBO), Self Help Groups (SHGs) etc. to reach to larger segment of Nigerians especially the underprivileged and rural poor with micro credit for enterprise development.

→ Grow and earn more (GEM) loan program

This is a loan platform targeted at women.The initiative has a maximum loan limit of N1 million and an interest rate of 14% per year.The applicant is required to open an active account in nearest BOA Office. The account should be active for at least 12 weeks before a loan application. This loan type isn't collateralised but requires two acceptable guarantors and the applicant should have at least 10% deposit in the savings account.

→     Bank of agriculture rural business initiative (BOARBI)

The Bank of Agriculture with over 136 operational outlets reaches to more than 350,000 microfinance clients by targeting households whose entry level loan requirements range from N 20,000-N30,000. The BoARBI model aims at reaching around 1 million households throughout Nigeria over a 10 year period.

       Mobile banking services

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The BOA Greencash is a mobile payment service of the Bank and possesses certain features which include:
→ Can be accessed via dial-up, SMS, Web and USSD.
→ A standalone wallet linked to a mobile phone.
→ A channel for the Bank customers to access bank services on the go.
→ Can be used to make withdrawals, buy airtime, balances inquiries, send money, apply for loan, obtain mini bank statements and pay bills such as electricity, DSTV, water rates etc.
→ Can be acquired by existing and new BOA customers as well as non-BOA customers.



BOA interest rates

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




Types of account to open with BOA

→ Individual account: This is a personal bank account with BOA. A farmer or any individual just have to walk into any branch and asks to register under the individual account.
The individual registers with the sum of N2000. You will only be able to access funds or get agricultural loans after 3 months of registration. The highest sum disbursable under this account is N250,000.
Personal guarantee by 2 people is also required as opposed to collateral or some other form of security.

→ The corporate account: Here, a registered company registers with the bank. Registration is with the sum of N5000 and pictures as well as identity cards of the directors of the company. With this account, you can get any amount you require.






Bank of Agriculture loan requirements


→ An Account Opening Form (Completed and signed)
→ Signed Card
→Three passport-type photos
→ Signed Letter Of Set-Off
→ A copy of Utility bill (PHCN, Water, etc.)
→ Signed Letter to the Bank.


To get an account with BOA, you just need to go to one of the branches of the bank. Ask a manager to give you a loan application form. After filling it submit the form. Be sure to discuss all the loan requirements issues with the manager.