Bank of Agriculture – online loan Nigeria

Bank of Agriculture – Agricultural and Rural Loans Nigeria

The Bank of Agriculture Limited (BOA) is a development finance institution fully owned by the Federal Government of Nigeria through the Federal Ministry of Agriculture and Rural Development. Established in 2000 through a merger of the Nigerian Agricultural and Cooperative Bank and the Nigerian Agricultural and Rural Development Bank, BOA is mandated to provide affordable financing to Nigerian farmers, cooperatives, agribusinesses, and rural entrepreneurs. With branches across all 36 states, BOA is a key vehicle for promoting agricultural development and food security in Nigeria.

BOA offers a wide range of loan products for crop farming, livestock, fisheries, agro-processing, and rural enterprise. Loan amounts range from ₦50,000 for smallholder farmers to hundreds of millions of naira for large-scale agribusinesses. Interest rates start from 14% per annum, which is subsidised compared to commercial bank rates. Repayment periods are aligned with the agricultural production cycle and can range from 6 months to 10 years depending on the type of project. Applications are processed through BOA branches and applicants typically need a farm plan, collateral or a group guarantee, and proof of farming activity.

BOA is a Federal Government institution supervised by the Central Bank of Nigeria (CBN) and the Federal Ministry of Agriculture. Loans are often disbursed in kind (inputs, equipment) or cash depending on the programme. BOA also collaborates with state governments and the CBN on various intervention funds such as the Anchor Borrowers Programme. If you are a Nigerian farmer or agripreneur, BOA remains the most accessible government-backed source of agricultural credit in the country.