How to Apply for the Bank of Agriculture (BOA) Loans: A Definitive Guide

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Unveiling Opportunities in Agriculture Financing with Bank of Agriculture (BOA): A Definitive Guide

Agriculture stands as the backbone of Nigeria’s economy, pulsating with promise and potential. Amidst this vibrant landscape, the Bank of Agriculture (BOA) emerges as a beacon, offering financial sustenance to fuel agricultural ventures. This comprehensive guide unravels the corridors of opportunities within the BOA, elucidating pathways for farmers and agro-allied businesses to thrive.

Harnessing BOA’s Financial Arsenal

The BOA, a governmental bastion, extends a multifaceted suite of loan facilities catering to diverse agricultural echelons. This financial titan, with over 201 retail outlets sprawled across Nigeria, functions as the vanguard of agricultural finance. In collaboration with esteemed development finance institutions like the Bank of Industry (BOI) and the Central Bank of Nigeria (CBN), BOA fortifies its mission to nurture agricultural prosperity.

A Tapestry of Funding and Loan Facets

Diving into the intricacies of BOA’s financial landscape reveals a tapestry of funding avenues tailored to myriad agricultural endeavours:

Agro-Processing Facility: Empowering Agro-Industrial Pioneers

The Agro-Processing Facility, a cornerstone of BOA’s initiatives, empowers budding entrepreneurs to establish cottage or urban agro-processing businesses. This strategic impetus not only bolsters national food security but also curtails post-harvest losses, fortifying the agricultural value chain.

Direct Credit Product: Empowering Growth, Empowering Dreams

With the Direct Credit Product, BOA renders financial succour to both individuals and corporate entities engaged in agricultural pursuits. Individuals can access up to N5 million, while corporations may obtain up to N50 million, fostering fertile ground for agricultural innovation.

Equipment Leasing Product (ELP): Catalysing Mechanisation for Progress

ELP emerges as a harbinger of the agricultural revolution by facilitating mechanisation for agribusinesses. A concerted drive towards mechanised processes not only augments productivity but also positions Nigerian produce favourably in global markets.

Export Finance Facility: Paving Pathways to Global Markets

The Export Finance Facility stands as a conduit for amplifying Nigeria’s agricultural exports. By providing pre and post-shipment credit, BOA unfetters the potential of Nigerian exporters, beckoning forth foreign exchange and economic prosperity.

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GEM: Empowering Nigerian Women in Agribusiness

GEM, an emblem of inclusivity, beckons Nigerian women into the fold of agribusiness. With a maximum borrowing limit of N1 million and an alluring interest rate of 12%, GEM emerges as a vehicle for socio-economic empowerment.

Haulage Credit, Hides and Skin Revival, and More: A Diverse Palette of Opportunities

BOA’s array of credit facilities spans across haulage, hides and skin revival, input procurement, inventory credit, ranching development, sugar revival, and the Youth Agricultural Revolution in Nigeria (YARN). Each facility resonates with a unique purpose, pulsating with the promise of fostering agricultural excellence.

Paving the Pathway to BOA’s Financial Oasis

Embarking on a journey towards BOA’s financial oasis requires traversing a structured path:

Qualifying for a BOA Loan

Businesses engaged in productive agro-allied activities find themselves eligible for BOA’s financial embrace. Registering with the Corporate Affairs Commission (CAC) is a preliminary requirement for prospective loan seekers.

Initiating the Loan Application

Prospective applicants can approach the nearest BOA branch, expressing their intent to secure a loan. Expert guidance from BOA personnel aids in aligning the loan facility with specific business needs. or; You can visit their official website and follow the process

Account opening requirements:


  • Completed account opening package, i.e. comprising of mandate and KYC
  • Two completed signature cards
  • Three recent passport photographs, each duly endorsed at the back by the account holder
  • In the case of joint accounts, signature cards are to be completed by signatories with signing instructions, e.g., “Both to sign,” “Either to sign,” or “Any two or three to sign,” clearly given.
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  • Completed account opening package, i.e. comprising of mandate and KYC
  • Two signature cards (To be completed by authorized signatories)
  • A copy of the registered and executed partnership agreement is to be submitted.
  • Copy of Business Name Registration Certificate (if partnership operates under a business name)
  • Three (3) recent passport photographs, each of authorized signatories.
  • Registered address of the business to be given.
  • A copy of the resolution appointing the bank as bankers to the partnership

Clubs, Societies and Voluntary Organizations

  • Completed account opening package, i.e. comprising of mandate and KYC
  • Two signature cards (to be completed by authorized signatories)
  • Certificate of Registration obtained from the Ministry responsible for cooperative societies: (for sighting and photocopying records)
  • Three (3) recent passport photographs of each authorized signatory
  • Resolution from clubs, society’s, or organization’s executive committee requesting to open an account with the bank and specifying signatories.


  • Completed account opening package, i.e., mandate card and KYC (corporate groups).
  • Completed signature cards.
  • Board resolution to open an account with BOA specifying signatories
  • Copy of memorandum and articles of association (In case of limited liability companies) and
  • Copy of the certificate of incorporation

Navigating the Approval Maze

Navigating the approval labyrinth involves stringent assessments and documentation. A compelling business plan, financial accounts, and compliance with BOA’s stipulations pave the way to pre-approval.

Unveiling the Treasury: Receiving BOA Funds

BOA’s disbursement timelines vary based on the applied credit facility and loan quantum. Generally, larger sums entail a more intricate process.

Unfolding the Future: A Conclusion

The Bank of Agriculture emerges as a catalyst, propelling Nigeria’s agricultural landscape towards innovation and prosperity. Amidst its myriad offerings, BOA stands as a stalwart partner, empowering dreams and nurturing the agricultural renaissance.

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In essence, BOA embodies not just a financial institution but a harbinger of agricultural transformation, poised to script a narrative of growth and sustenance for Nigeria’s agrarian soul.



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