Are you a farmer, operating in Nigeria? Do you need funds or loans to establish your Agri-business? If yes, then this is a fantastic opportunity for you to see and learn all the procedures, guidelines and requirements needed for applying for loans through the Bank of Agriculture (BOA) in Nigeria.Thank you for reading this post, don't forget to subscribe!
In this article, I will list out the 3 Types of Bank of Agricultural (BOA) Loans in Nigeria, all the requirements, guidelines and procedures on how to get it, to improve your farming businesses.
The Bank of Agriculture (BOA) loan scheme is an initiative through which the federal government of Nigeria reaches out to farmers with funds to augment their farming businesses in Nigeria.
Agricultural businesses such as Poultry, Fishery, Piggery and other types of farming are eligible to apply for this loan.
The operations of the Bank of Agriculture are handled solely by the federal government, whereas the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance are registered as assisting shareholders of the institution
Types of Bank of Agricultural (BOA) Loans in Nigeria
Listed below are the types of Bank of Agriculture Loans in Nigeria, in which farmers can apply to get fund s for their farming business, see below:
Micro credit loans
This loan scheme is designed for farmers who are into fishery, horticulture, Agro-processing, livestock, etc. This loan can be accessed by individuals and cooperative society members.
- 2 guarantors
- 20% partial payment upfront
- Loan amount requested must not be above N250,000
- Loan tenure must not exceed 2years
- Annual interest rate is 12%
Grow and Earn More (GEM)
Grow and Earn More loan scheme is designed to help women who are farmers and are interested in increasing the scale of their farming business. This is in order to help the deal with the challenge of financing that most farmers have
- You must hold an account with the Bank of Agriculture office close to your project for at least 3 months
- Loan amount must not exceed N1 million
- Loan is based on project type
- 2 guarantors
- 10% partial payment upfront
- Annual interest rate is 14%
Small and Medium Enterprises (SMEs) Loan
This loan is available to persons whose projects are agricultural based. Up to 5,000,000 naira loan is up for grab in this scheme.
How to get BOA Loans in Nigeria
You can either open a corporate account or an individual account with BOA.
To open an account, visit https://www.boanig.com/account-opening-package/ to select your preferred account type and fill the form.
Bank of Agriculture offers both Agricultural and Non Agricultural loan services. Visit to BOA loan portal on www.boanig.com/loan-service to apply for a loan.
Procedures and Requirements to open an account with Bank of Agriculture in Nigeria
- Filled and duly signed form
- A signed letter of intent, addressed to the Bank of Agriculture
- Updated mandate
- Photocopy of valid means of identification
- Copy of the most recent utility bill
- 3 passport photos
- N3,000 part payment
- Signed letter of set-off
To contact BOA, visit:
No, 1 Yakubu Gowon Way,
P.M.B 2155, Kaduna,
Phone: +234 7040202222;
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