How to Obtain Agric Loans from BOA in Nigeria

How to Obtain Agric Loans from BOA in Nigeria
Image Credit: NAIJ Nigeria
As the most authoritative banking system, the CBN (Central
Bank of Nigeria) has done its part in ensuring that funds are allocated for
agricultural purposes. However, many Nigerian farmers are yet to make the best
out of agriculture probably because they are not getting agricultural loans from
banking institutions.

With a view to promoting the agriculture sector, BOA (Bank
of Agriculture) has branches across Nigeria and grants micro loans needed
by farmers to keep their agribusinesses in good order. The purpose of this
article is to show you how to obtain agricultural loans from BOA but before that, you
need to have met some requirements as explained below.
Requirements for Obtaining Agric Loans from BOA

Like commercial and micro-finance banks, BOA takes a few
things into consideration before granting loans to farmers. So, we have decided
to list some of the loan requirements farmers must have met before heading
straight to any nearby branch of BOA (Bank of Agriculture) to obtain loans.
You must be a customer of the bank –in this
regard, you must have banked with BOA for nothing less than 6 months
Your savings at the bank [BOA] must not be less
than 20% of the total sum you wish to obtain as loan
For your micro-agricultural loan to be granted, you
must be ready to comply with the loan rate of 12%
How to Get an Agric Loan from BOA

So long as you are a bona fide customer of the bank and have
met the requirements for obtaining a micro-agricultural loan, it is always easy to get
your application approved by BOA (Bank of Agriculture). But before you reach
for the nearest BOA branch in order to obtain the loan, you must have
ascertained whether your agribusiness qualifies you for BOA loans or not. Agricultural loans may not be granted to run certain agribusinesses but on a factual note,
below are some of the agribusinesses that qualify farmers for the acquisition
of loans:
Pig farming
Cotton farming
Snail farming
Rice farming
Poultry farming
Oil palm farming
Fish farming
Cassava farming
Maize farming

As mentioned earlier, we have only listed some of the
requirements farmers must have met before they qualify for loan acquisition
from BOA. But to learn more about this and how to get started with the loan
application, farmers have to visit any nearby branch of BOA (Bank of
Agriculture). If you need more information, here are the BOA mobile numbers you
can call: 07040202222 OR 07042262222