The Bank of Agriculture of Nigeria is the major avenue the government has employed to disburse loans and grant to the public. The bank is owned by the federal government, with the Central Bank of Nigeria and the Federal Ministry of Finance incorporated as shareholders.
The activities of the bank are supervised by the Federal Ministry of Agriculture and rural development. When thinking of government loans, the BOA should be your first choice.
REQUIREMENTS FOR BANK OF AGRICULTURE (BOA) LOANS
- You must have maintained a minimum customer account relationship of about six months
- You must have deposited at least 2% of the required loan amount into the account
- You must provide collateral, excluding land.
- You must provide a detailed business plan.
- You submit 5 passport photo
- You must provide any means of identification
There are also several scheme partners that the Bank of Agriculture is collaborating with:
- SME Friendly Banks;
- Partner Enterprise Development Centers/Institutions;
- Partner Technical Skills Training Institutions;
- The management of the National Youth Service Corps.
The loan processing and inspection time will take up to 2-4 weeks. The Bank of Industry loan for graduates has to be paid monthly and weekly for the non-graduates. The source of payment can be the proceeds of one’s business.
There are a lot of opportunities for those who are looking for them. If you are confident in your business idea, then apply for the Entrepreneurship Fund and the Bank of Industry Nigeria loan.