Reviews
Government & Development Loans Updated: 14. 04. 2026

Bank of Agriculture Loan – review 2026

3,9 / 5

The Bank of Agriculture (BOA) is a development finance institution owned by the Federal Government of Nigeria with a mandate to provide agricultural credit to smallholder and commercial farmers. BOA offers some of the lowest interest rates available for agricultural lending in Nigeria.

Pros

  • Among the lowest interest rates for agricultural loans in Nigeria at 6 to 10% per annum
  • Products designed for both smallholder farmers and commercial agricultural enterprises
  • Available for crop production, livestock, fisheries and agro-processing
  • Federal Government mandate ensures continued availability of agricultural credit
  • Loan tenor aligned with agricultural production cycles

Cons

  • Application process lengthy: can take 4 to 8 weeks or longer
  • Branch network limited primarily to state capitals and major agricultural hubs
  • Collateral or group guarantee generally required
  • Documentation requirements can be extensive for smaller farmers
  • Funding availability may be subject to government allocation and budgetary constraints

Requirements

  • Evidence of farming activity (land title, tenancy agreement or state government letter)
  • Valid ID and NIN
  • BVN
  • Two guarantors or collateral documentation
  • Completed BOA loan application form

Provider contacts

Regulator
Central Bank of Nigeria (CBN)

Information in this review is based on publicly available sources and is for informational purposes only. Finatino.com is not a financial product broker. Before signing any contract, we recommend reading the provider's terms and conditions.