Bank of Agriculture Loan

Bank of Agriculture Loan Application Requirements & Processes

Agriculture is a very important aspect of every economy. In a bid to agriculture more appealing to Nigerians, the Nigerian government opened the Bank of Agriculture to help farmers and businesses who want to go into agriculture. The Bank of agriculture loan is open to farmers who wish to obtain loan facilities for their endeavours.

The Bank of Agriculture has been in existence since 1972. However, it was reformed in the year 2000.  It is popularly referred to as the “Farmers Bank”. The bank provide loans, guidance and banking for farmers across Nigeria. This will be a guide that will tell you everything you will need to know about the Bank of Agriculture loan. All the requirements and processes will be made plain here.

How To Obtain Bank of Agriculture Loan

First, we need to know that the Bank of Agriculture has different loan facilities. They include the following:

  1. Agricultural micro loans
  2. Non-agricultural micro loans
  3. SME loans
  4. Cooperative & farmers group loans
  5. On- lending loans
  6. Agri- business loans
  7. Collaboration –funded & guaranteed collaborations.

Also See: 5 Practical Ways To Obtain Business Loans In Nigeria

Bank Of Agriculture Loan Terms & Conditions

Below are the full terms and conditions of the bank of agriculture loan.


  1. The micro loans scheme is a service that avails credit facilities for financing both Agriculture and Non-Agricultural initiatives and activities including traders, artisans, arable/field crops farmers, Fisheries, Horticulture, Agro-Processing, Livestock, Agric Produce Marketing, Tree Crop Production, etc
  2. Micro credits are loans not exceeding N 250,000.00 for a period not exceeding two (2) years depending on the project type.
  3. Under this scheme, loans can be granted to individuals and members of co-operative societies/groups.
  4. Provision of two (2) acceptable guarantors & 20% lien deposit.

Also See: How To Obtain SMEDAN Loan In Nigeria


This loan is target at women across Nigeria.

  1. Maximum loan limit of  N1 million per beneficiary @14% per year subject to variation.
  2. All applicants must open and maintain account relationship with BOA  Office nearest to their project location for a minimum period of 12 weeks before purchase and processing of loan application
  3. Loan and Grace periods on the products  depend on the project type.
  4. Under this scheme, loans can be granted to individuals and members of groups.
  5. It is non-collateralized loan but two (2) acceptable guarantors
  6. There must be 10% lien deposit in the savings account.
  7. This is an opportunity for increasing woman access to finance to enhance the growth of Woman- Owned Business in Nigeria.
  8. All Activities along the Agriculture value chain are covered.

Also See: How To Obtain Development Bank Of Nigeria Loan – Step by Step Guide


  1. Individuals can access credit facility  up to maximum of a N 5,000,000.00 mainly for Agricultural Projects.
  2. It is a collateralized loan


  1. Bank of Agriculture collaboration scheme is a partnership program that enables us to pool the resources of other agencies to grow the operations of our customers and our collaborative partners’ groups of interest.
  2. We engage in collaborative ventures with international agencies, local agencies, Governments and NGOs.
  3. Collaboration Loan/Special Credit Scheme to farmers involve an arrangement between BOA and Agencies of government/Groups/Individuals for disbursement of fund to identified groups or individuals at a determined interest rate which can be varied according to the market rate.
  4. The condition for this type of collaboration is usually specified in a memorandum of understanding (MOU) in addition to the subject of the targeted group and in line with BOA lending conditions.

Also See: Top Best Mobile Loan Apps In Nigeria

Bank Of Agriculture Loan Requirements

There are different requirements to open an account with the Bank of Agriculture and have access to loans.

For Individuals

  1. Completed and signed Account Opening  Form
  2. Completed Mandate / Signed Card
  3. 3 (Three) recent passport photographs
  4. A recent copy of Utility bill ( PHCN, Water ,etc.), photocopy only required
  5. Signed Letter to the Bank
  6. Signed Letter Of Set-Off
  7. A photocopy of means of identification (National I.D Card, International Passports or Driver License)
  8. At least, a minimum of N3, 000.00 as Initial Deposit.

For Companies, Cooperate Societies, Clubs, Groups & Like

  1. Completed and Signed Account Opening Form
  2. Completed Mandate / Signed Card
  3. Three (3) recent passport photographs each from the Executives
  4. A recent copy of Utility bill ( PHCN, Water etc), photocopy only required, to be submitted by the each of the Executive
  5. Resolution to open Account with the Bank
  6. Copy of Rules or Constitution ( Original copy to be sighted)
  7. Memo and Articles of Association( Original copy to be sighted)
  8. Certificate of Registration / Incorporation( Original copy to be sighted)
  9. At least, a minimum of N10, 000.00 as Initial Deposit.

Also See: Trader Moni Loan Scheme Application Guidelines And Requirements

Bank of Agriculture Interest Rate

The interest rates varies on different metrics. Here is a picture of the rates:

  1. 14% per annum for SME Agricultural production
  2. 14% per annum for SME Agro-processing
  3. 20% per annum for SME Agriculture Marketing
  4. 12% per annum for Micro Credit Loans agric
  5. 20% per annum for Micro credit loan (Non Agric)
  6. 14% per annum for YARN & GEM products

How To Apply BoA Loan

Follow these steps to get a loan from the Bank of Agriculture (BOA):

  1. The first step towards getting a loan from BOA is to ensure that you have all requirement ready. If you check above, we have listed the requirements.
  2. You can then take your documents to the nearest BOA branch or approved bank near you. Unfortunately, their website have been down, so it is not possible to apply via the Bank of industry website at the moment.
  3. Once there. Let them know why you are there. Follow instructions, submit your documents.

Go ahead and obtain your loan today.


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