by Demi

This post will help you better understand the application requirement and loan procedure for bank of agriculture, Nigeria and how to get a business plan too. Bank of Agriculture gives loan facilities to small and large scale farmers.  BOA is a government-sponsored organization focused largely on Agriculture.

Executive Summary
Established in 2002, the Bank of Agriculture has its long roots in Nigerian Agricultural Bank that was founded in 1972. The bank’s goal was to provide support to the agricultural aspect of the economy. In recent, the bank still holds its place in lending to small and large scale farmers. It is now called Government Agricultural and Rural Development Financial Institution. It has a trustworthy and secure financial structure.


Some responsibilities of the Bank of Agriculture include:

 Provision of loans – To support all aspect of Agriculture
 Provision of micro-credits – To help poor villages and village farmers
 Development of Agricultural Information System
 Provision of technical support and services for rural areas
 Creation of job opportunities – This would reduce the rate of migration to cities
 Provision of bank services to rural areas



Bank of Agriculture stands out because:
 6 zonal offices and 136 outlets spread across the 36 states of Nigeria
 Partnerships with international organizations such as ADB, World Bank etc
 It’s on the list of leading Agricultural Finance Institution in Africa
 It provides its employees with its operational knowledge of agricultural and finance


Loan and Service Requirement for BOA Nigeria:

Bank of Agriculture has various loan facilities. Some of them include:
A. Agricultural microloans
B. Non-Agricultural microloans
C. SME loans
D. Loans for cooperative and farmers group
E. On-lending loans
F. Agra-business loans


A. Agricultural Micro Loan

This loan can be given for Agricultural and non-Agricultural purposes. Artisans, farmers, butchers
etc can access this loan.

 The maximum amount that can be gotten is N250, 000 for 2 years. This is dependent on the
project type
 Individual and members of a cooperative group or society can access this loan type
 It requires two guarantors and a 20% deposit of the loan to be collected

B. Grow and Earn More (GEM) Loan

Women are the target market for this loan. It was set up to provide Nigerian women with financial
 Women can access up to N1,000,000 from this loan type with a 14% interest rate per
 Applicants are expected to have at least a 12 weeks active account in the nearby BOA office
 The repayment period is determined by project type
 Individuals or group of people are qualified for this loan
 The loan requires no collateral, only two guarantors
 Applicants are required to have 10% of the loan in a savings account
 The loan is focused on Agriculture and its byproducts


C. SME Loans


 Individuals can access up to N5, 000, 000 solely for Agricultural projects
 Collateral is needed to access this loan


D. Collaboration and Special Credit Loan

Bank of Agriculture works with different organizations – NGOs, Agencies etc to amass resources.
This loan is a partnership between Government Agencies, Individual and Bank of Agriculture to
provide funds to individuals or group of individuals

Loan Requirement and Interest Rate
 Filled and signed account opening form
 Signed card and completed mandate
 Three passport photographs
 A signed letter of offset/deposit
 Utility Bill (PHCN, Land Use etc) – A copy
 Signed letter to the bank
 Identification (National ID card, Voters’ card etc)
 An initial deposit of a minimum of N3, 000
The rate is greatly dependent on the market rate. Hence, it varies:
 SME Agriculture Production – 14%/year
 SME Agro-processing – 14%/year
 SME Agriculture Marketing – 20%/year
 Micro Credit Loans Agriculture – 12%/year
 Micro Credit Loans Non- Agriculture – 20%/year

 YARN and GEM – 14%/year


Loan Application Process for Bank of Agriculture

The process is seamless. The following steps are all you need to do to access a loan facility:
 Visit the nearest Bank of Agriculture to you
 Ask to see the manager
 Request for a loan form
 Discuss the requirements of the kind of loan you want to get with the manager
 Correctly fill the form
 Commence processing



Agriculture is the central aspect of any economy. This is why providing funds for it is essential and
the government is making this available to farmers.


How To Download A Complete Agriculture Business Plan In Nigeria with Financial analysis

Above is a part of the business plan outline for agriculture businesses in Nigerian. If you want the complete business plan, follow the procedures to download the complete plan.

Pay the sum of N5000 (Five thousand naira only) to the account detail below:
Bank: GTBank
Name: Oyewole Abidemi (I am putting my name and not our company account so you know we are real people and you can trust us)
Ac/No: 0238933625
Type: Saving

Thereafter, send us your email address through text message to +234 701 754 2853The text must contain the title of the business plan you want and also your email address. Immediately after the confirmation of your payment, we will send the business plan in Nigeria to your email address where you can easily download

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