How To Access And Get Agric Loans In Nigeria

How To Access And Get Agric Loans In Nigeria
Gain agric loans in nigeria and plant your seeds of success

The daily decline in the Nigerian economy has driven the country to take agriculture more seriously than ever before. Irrespective of this public clamour for farming, a lot of farmers in Nigeria still have a large problem getting access to agric loans, despite the fact that the Central Bank of Nigeria (CBN) has allocated about 200 billion Naira to fund the agricultural sector. While this may be a major mishap, it also means that funding is now available for every farmer or investor looking to expand or get into the sector.

The first problem farmers experience is not getting the loan, but being informed on how to properly gain access to the agricultural loan. This has led to growing concerns in the country, with many farmers stipulating that they have no access to the agricultural loan facilities being disbursed.

The purpose of this article is to show you exactly what it takes, what to do, and how to approach the proper financial and government institutions to secure a loan for your agricultural business.

See Also: 5 Profitable Agricultural Businesses You Can Start In Nigeria Today

The first thing you need to know is the type of agricultural businesses that have access to the agric loans. While some do, others don’t. Some of the agricultural products that can give you access to agric loans in Nigeria are: cassava farming, fish farming, poultry farming, cotton farming, oil palm farming, pig farming, maize farming, rice farming, snail farming, and a lot more.

The next step is you need to visit your state’s Bank of Agriculture (BOA) to know the full agric loan requirements, and how you can proceed with your application for a loan.

Some things you need to know about the loan is; before you can gain access to the agricultural loan from your state’s Bank of Agriculture (BOA), you need to have banked with them for at least 6 months. You must also have saved at least 20% of the amount you intend to loan from the bank. Also, the loan rate for the micro credit agricultural loan is usually 12%. When you visit your state’s Bank of Agriculture (BOA), you can get more detailed information on how to apply for the loan. If you don’t have time to visit your local Bank Of Agriculture (BOA) branch, you can call the BOA on 07042262222 or 07040202222.

See Also: 10 Things To Do If Your Startup Capital Is Not Enough

It’s important to know that it’s not only the Bank Of Industry that is giving agric loans. Some commercial banks too do, but through the federal government and other bodies. Some banks that are offering agricultural micro-loans for farmers in Nigeria are Union bank, United Bank For Africa (UBA), Stanbic IBTC, First Bank, some other banks, and several micro-finance banks. These loan institutions will require that existing farmers present a financial statement showing their income statements so far. New farmers would need to present a viable business plan for the bodies to review. Being a part of FADAMA, and/or applying for Youth Based Initiatives loans are also a great way to get agricultural loans in Nigeria.

See Also: Our Professional 25 Page Business Plans Are Bank And Investor Ready!

These methods to access and get agric loans in Nigeria is perfect for anyone looking to either expand his farm, or start up an agribusiness.

I hope this article answers all your questions.

See Also: How To Sell Your Farm Products In Nigeria


Please share with your friends so that everyone searching for agric loan funding answers can be updated on the agricultural loan schemes available in Nigeria. Thank you and wish you success with your application.


If you have any questions or an opinion to give, please leave a comment below.


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Stan Edom
Stan Edom
I'm an entrepreneur with expertise in supply chain management, international trade, small business development, e-commerce, internet startups, renewable energy, and agriculture. I'm also a network engineer, I.T security expert, and computer programmer. In my spare time when I'm not working out at the gym, I try to solve problems people face in their everyday lives with whatever means necessary.

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  1. Great article. I intend to visit my state branch of BOA ASAP. However is it possible that rather than banking with them for 6 months as stated above i open an account an deposit the 20% in one shot.

    • I’d advise you call their phone number Bishop, as their terms change periodically.

      You’d get full information after you do.

      Thank you for asking.

  2. It Is A Welcome Development But Iam Advocating That Federal Govt Inconjunction With CBN Should Not Allow Both State And Federal Politicains To High Jack The Funds Mapped For The Farmers,rather they (CBN) Should Pay Straight To The BOA Registered Farmers Bank Account

  3. pls sir, i hv a hecle of land at ayegun wich i want to start farming nw bt no capital to startup. When i aproch BOa. They siad i shld opereted with dem for 6mnths wich too much. Pls help if u cn. Thank

    • Hi Hameed,

      You’d have to comply with their criteria.

      It’s always better to start with what you have, then move on from there.

      Thank you for asking.

    • Thank you for noticing Lekan.

      The article is only on tomato farming, but an eBook would be available in the coming week that also covers its processing.

      Do lookout for it.

      Thank you for the comment.

  4. Hello Stan,
    Your write -ups are really interesting.I am interested in plantain plantation.I have about one hectare of land but no fund to start up. Please I need your advice. Thank you.
    Engr. Allen

  5. I found this article quite timely, thanks a lot Stan Edom. I will sure visit BOA in my state. May God continually bless and increase you for providing this information.

  6. Hello Stan,
    I have acquired a 12 hectare land in which I plan to farm oil palm trees. But i hesitate because my money Will?? not cover the expenses of buying seedlings, land preparation and planting. You fear that oil palm plantation takes years to harvest and banks are reluctant to commit their fund for long term projects. Any way out please?

    • Hi Benjamin,

      I’d advice you raise your first capital from family and friends.

      They are a lot more understanding than financial institutions.

      When you’ve achieved a base growth with signs of real progress in your oil palm plantation, you can then approach the banks.

      Thank you for asking.

  7. you said we should approach BOA to access loan, I open account with last year and I operated the account for 6 months and I apply for loan, since last year June 2015 up till now I have not gotten the loan, I was at the last week, all they are saying approver has not come, so what do I do, because I really need the loan for my plantain farm expansion. thank you

    • Hi Kingsley,

      Do put a call through to their support team to lay your complaint.

      That’s a good way to start.

      Thank you for asking.

  8. Been thinking lately of doing agriculture. Although not as a farmer but as a marketer: that’s is, buying food stuff in one part of the country and taking to another part. But don’t know which of the food items will be more profitable to start with and what item will be in high demand in another part of the country. I intend to start small though, say 50k. What do you say please?

    • I’d suggest you talk to market traders who sell farm products.

      They’d have first hand information on how you can proceed.

      You can leave another comment when you get valuable answers.

      Thank you for asking Emmanuel.

  9. Hello Stan,
    It’s a great job you’re doing on here, do keep it up.
    My question is I have managed to raise 2 million naira and I’m really keen on investing in agriculture, and cassava farming particularly caught my fancy. However, I am a bit skeptical if the Said amount would be enough to start cassava farming of substantial scale at all or maybe I should look elsewhere.

    I’d really like to have your input as regards this.

    Thanks very much

    • Hi Oladapo,

      I’d suggest you visit a local Cassava farm to make a deeper research.

      You can also visit agricultural training institutes.

      But concerning your capital, if you already have a large farmland, 2 million Naira is going to be a great start.

      An eBook would soon also be available on the website on Cassava farming.

      Do lookout for it.

      Thank you for asking.

  10. Thanks a lot for this wrie up. I really love agro-business which I’m working on now, networking about 10000 youths for it bro. please how do we get the amount of money that we needed for this project. thanks

    • Hi Ugo,

      Reach out to NGOs and other bodies that have achieved what you’re attempting.

      They’d give you a deeper insight on that.

      Thank you for asking.

  11. Hi brother I live in warri delta state, I am an intending farmer and I need to have a loan from the boa and don’t even know their offices in my state please help if you know any thanks

  12. Stan,

    We have more than 50 hectares of land and we want to plantain, banana and paw paw, we need a loan of about 6 million naira, how best and soon can we get it? We will need it before the planting season begins.

  13. […] Why then haven’t a lot of people ventured into cassava farming? The popular answer is the lack of capital. Capital hinders a lot of business activities from taking off. But with the economic recession been experienced in Nigeria, the Nigerian government through the country’s Bank Of Agriculture (BOA) has now made more agriculture loans available to millions of potential & active farmers. Taking advantage of the government’s agricultural loans and incentives at this time is a good way to start up your own cassava farm. You can find information on how to get and secure agricultural loans in Nigeria here. […]

  14. I have a poultry house pen that can contained 5000 bird at a time. I want to put 3000 bird and I will need #8 million naira only.this loan is to enable me to continue my poultry and piggery farm and I stay in plateau state. For how long can l get the amount of money mentioned to start the project.

    • Please contact the Bank of Agriculture. They’ll give you the best information on that.

      Thank you for asking.

  15. Good day stan. I’ve been nursing going into agric business for almost a decade, now; my major area of interest is grasscutter and snail farming. I am very passionate abt it but I need a platform, to start. Last year, I borrowed some money to go into Okro farming, hoping to use it as a platform, (fundwise), I lost 90% of my capital. I so hope, your advice would be of utmost importance. Thank you. 08063092563.

    • Hi Charles,

      I’d advice you first go for a training or work for a related farm first.

      This will help you learn a lot and better prepare you for anything new that crops up.

      You can further reach me on [email protected]

      Thank you for asking.

  16. I am the CEO of wokoma dumo global services,I am a fish dealer. By mach 2017,I will avest my fish.but I need a soft loan to expended my fish farm.

  17. opening an account with BOA is understood, but between individual and company account which one has the most advantage of accessing loan?

  18. Hi stan

    My name is pastor francis adebayo. I will love to invite you to speak at an agric- business summit we have having in February in my church here in maryland lagos.

    Would you like to come. My phone number is 08060011547

  19. Good day, in 2016 I registered with a Youth for Agriculture scheme plus a certain 10% fee which am suppose to be given a grant. I want to know if any scheme as such exists so I know if to look else where for loan or wait.

    • I can’t say Joesf.

      But what is the name of the scheme?

      This way it will be easier to investigate it.

      Thank you.

  20. Stan Edom,Pls I have a fish farm in river state.ln need expand it, and I need a loan.pls each of the bank can help me?

    • Hi Josef,

      I can’t seem to verify its authenticity.

      Perhaps you could visit a local government body to get steps on how to do that in your state.

      Thank you for asking still.

  21. I don’t think Nigeria want to get out of recession, if they really want to get out, they would simplify how to get these loans and how to register a business. They know a lot of Nigeria with great ideas may not have access to own collaterals.

  22. hello house,
    i have a plot of land but i don’t have capital and i want to invest into poultry farm, i need a loan of 3,500,000 to operate fully.
    please my problem is how can i get the loan and is it possible for me. my site is at ofada, in ogun state.
    thank you
    your response is need quickly.

    • Hi Goodluck,

      You can apply to the BOA for a loan.

      But you’d need to submit a great business plan.

      Thank you for asking.

  23. Good, appreciate you but what I want to ask is I’m in Ogun state now do I need to go back to my state before I can offer or consider for loan? Thanks

  24. Pls Mr Stan edom am living in IGBOORA area of Oyo state, I have poultry pen that can contain not less than 2thousand birds.but I don’t have capital to stock. Also I don’t have any colletraI go get loan how can I go about it.

    • Hi Salako,

      You can visit your local BOA to make enquiries.

      Also, you can apply to startup competitions like AYEEN to help you secure a BOI loan or grant.

      Thank you for asking.

    • Yes you can Felix.

      Your business plan has to show how the business can grow into a profitable venture, employ a lot of Nigerians on the long run, and grow the Nigerian economy.

      Thank you for asking.

  25. Complement
    I actually av troubled myself with lots of fears about agric and it’s loans I am a graduate of fisheries from Lagos and av the knowledge of what I do , but out of fear of funding I ran into transport business. Which has consumed over 3 years from me . Now I think av gotten the infomations u needed but my fear is just it’s just the interest on grants and how many years to paybac. Plus
    Plss I need other goat breads but dunno we to get tnx

    • Hi Ismail,

      Don’t start a business if your fears are uncontrollable. For now, you’re better off working for someone else.

      When you’re fully certain that you’re ready to take the plunge, then you first start it as a side gig before fully quitting your job to focus on your business full time.

      I hope you do understand.

      If you have further questions, you can reach me directly via [email protected]

      Thank you for asking.

  26. Thanks. So much for your write up they are indeed helpful to me. But my question is must it be the boa in your state of origin that can apply for loan from or both your state of origin and the state you intend to start up the farm farm or poultry. Thanks

    • Hi Izuuy,

      It’s easier if you apply in the state you want to setup your business in.

      But I’d advice you give them a call to get the full information.

      Thank you for asking.

  27. I have been practicing feed milling on a micro scale, but had wanted to boost the business with production of Full fat Soymeal. My challenge is acquiring an extruder. Can BOA approve such loan?

    • Hi Samuel,

      The BOA can approve it as long as it would increase your output, employment opportunities for people, and contribute positively to the nation’s GDP

      Thank you for asking.

  28. Your article is wonderful, highly welcome. I’m into cassava farming, and wish to have a Small industry for garri processing . I believe with this article I should be able to start saving to access loan to buy machines. Thanks

  29. Hello Stan, your article is helpful. Pls, what and what are the processes involved in cassava plantation. I’ve so much interest in that. Thanks

  30. I want to start a maize and cassava farm in my home town Ugbolu near Asaba. How can I get high breed yellow maize seedlings and vitamin A cassava stems for planting. Thanks

    • Hi Okeleke,

      Currently I can’t point you to any reputable source, but we’re starting an agricultural supply chain business sometime in May to cover for all farm requests from farmers anywhere in Nigeria.

      I’ll do well to announce it once we’ve started.

      Thank you for asking.

  31. woa i’m amazed at your intelligence…Stan. if i am to ask you from the level of grace that you operate and knowledge on agriculture, wish aspect of agriculture will you venture in that you know will yield fast. please be specific

    • Thank you for the commendation David.

      Concerning a profitable agribusiness, it all ultimately depends on the strength of your supply chain network.

      But according to the, rice farming is currently the most profitable in Nigeria.

      The report could also be wrong, but those are their findings.

      Thank you for asking.

  32. am student and i want to start a poutry farm but i dont have the capital but i have a land along abuja\kaduna expr road kaduna and i have start building d farm but am short of found,i research on the agric laon the proces is not friendly,which said you most bank, you mst have 20% of the money you want to laon and you have to go to your state agric question is can some 1 lik me that want to start a poutry farm and do not have accnt with bank of agric,i dnt have 20% and am nt in my state,pls i need dis

    • Hi Augustine,

      I’d advice you first start your business with a loan from family and friends.

      Then you can approach the bank for a loan when you’re making progress.

      Thank you for asking.

  33. Please can you access one that is new to loan the information of the finance house that can loan up to 20m for 1.8hct poultry/fish farm.

    • Hi Osinowo,

      Before you seek such a loan, you need to have started your business and must have a steady reasonable cashflow.

      After which you can approach the BOA, banks, or even register for startup competitions like AYEEN to get funding.

      Thank you for asking.

  34. Hi, plz I need a loan to start up a vegetable farm I don’t know how to go about it. I have access to a 10 acres of land where I can cultivate the vegetables.
    What do you suggest I did?

    • I’d advise you first start with the little you have and whatever you can raise from family and friends, so as to improve your chances of successfully securing a loan or an investment.

      Thank you for asking.

  35. thanks for being our helper for now sir i have open a new company that is involves agro and i also have agric farm Pam trees plantation that is all to 7 portion of lands in my state having lands to build a poultry for now, bot i need a loan of about 2m to help in building poultry.
    my question is can my 7 portions of lands Pam trees be enough to use as collateral.

  36. Am Charles from Onitsha,i used to import in kids wears. Now seeing where our economy is going, wants to go into agriculture -fisheries, snailery,and grasscutter farming on a medium scale. Already going for the training and the construction is on. But will want a soft loan for the feeds making you advise me to use BOA or BOI, your advice

  37. Goodevenning sir, i ve written feasibility study on poultry garming, i ve one plot of land, no collateral, i submitted to enterprise bank as they say before,2014, nothing happened, pls help me secure this loan, Cross River State. I needed N5.5million

  38. This government does not seems to be interested in agricultural development, nor diversification of the economy.
    The Bank of Agriculture are keying into farmer’s plan, they fail to realise that farmers work with time as such they will waste farmer’s precious time and still tie down the 20% deposit from the farmer.
    The worst part of it is that they cannot give a first time farmer more than 150,000 (one hundred and fifty thousand naira). That is after collecting 30,000 (thirty thousand naira) which is 20% deposit and about 10,000 (ten thousand naira) being insurance fee and legal charges. In reality, you are getting the actual sum of 110,000 naira after waiting for nothing less than 4-6months.

    Their modus operandi does not encourage existing and intending farmers, especially the youth.

    I will not totally blame the bank, but will blame the government who is not standing firmly by the farmers.

  39. I just stumbled on this today and its quite exposing. Thanks so much. I have a pig farm in Lagos and i am from Ogun. Will i need to go access BOA in Ogun?

    • Hi Mohammed.

      I’m not certain of the current interest rate, but I’d advise you visit the local BOI in the state to inquire.

      Thank you for asking.

  40. hi sir ,,,i just finished reading your article and i most confess it was amazing, just like all i needed to know was what u were saying am so happy,and i thank God for your life ….but sir pls one area i still don’t know much about is the area of land ,,see now i know how to go about getting the lone{all thanks to you}.,but am interested in farming maize in large hectare of land so sir pls how can i get lone on land for agricultural poppos …

    • Hi David,

      Thank you for the kind words.

      Please reach out to the BOI for the other questions you have.

      Do have a great time!

  41. I was at BOA yesterday 14th Nov. and confirmed that banking is now for 3months.
    cooperate acct opening is 55k wth necessary documents
    cooperative acct 10000
    single acct 3000

    hope this helps

    • Hi Effiong,

      The BOI has an office in every state.

      But do call the phone number on their website to confirm.

      Thank you for asking.

  42. Please sir do they assist in term of test of soil and advice of thing to plant support people in term of looking for buyer for the crops

  43. good evening sir, i really appreciate ur effort. taking time to inform us abt esterblishing a business. i have up to 15 hacters of land in cross river state and i reside in abuja…my questionis must i visit my state BOA instead of that of abuja

    • You can visit the one in Abuja for inquiries.

      They’d let you know if you should visit your state or not.

      Thank you for asking.

  44. Thank you very much for this enlightenment. I want to go into agribusiness, and I am faced with the challenged of how to get land, seeds, agricultural machines, loans and also start up a factory where I can store,and process, and finally who are my customers? my preferable state for this is Edo State. please I would be greatful if you write me on how I can go about my dreams. Email: [email protected].

  45. I want to enroll for AYEEN 2018
    so would need your service to enable me reach my goal
    Am a farmer with serious financial challenges
    mainly in the area of farm implements.
    My farm is in oyo state covering about 40 acres of land for MAIZE and CASSAVA but I have never been able to utilize 30% of the farm land because the cost of labour is on the high side leaving me with nothing as profit.
    Please find a way of helping me out

    Best Regards

  46. Hi sir, Many thanks for this article and its helpful. What is your advice to someone with no experience at all and wants to go into farming. For example training and education on tha particualr food crop?
    thanks plenty and expecting your response.

  47. Please I’m need of just 5.000.000 Naira to finance my cocoa farms and my life Farms pigries and potery if this your assistance can come TRUE I will be very grateful and make you proud Thanks

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