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

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.