Last updated on August 22nd, 2021 at 12:25 am
Food is life, and we cannot overemphasize the importance of agricultural produce for our survival. Despite the significant progress of synthetic food, it can’t match its natural counterpart for quality. However, in a continent like Africa, precisely Nigeria, agricultural practices are seen as crude, hence no longer practised by citizens. Also, the few who still engage do not have adequate access to good facilities. The bank of agriculture (BOA) was established to an end that it resuscitate agriculture by cratering to the needs of farmers. Basically, this is in the hope to encourage more farming and solve the food scarcity problems in the continent.
The bank of agriculture (BOA) was initially named the Nigerian agricultural bank and incorporated in 1972. The organization became operational in 1973 and renamed the Nigerian agricultural and cooperative bank. Basically, they did this to reflect its newly incorporated range of responsibilities. Furthermore, the government merged the institution with several other bodies, and ten years later, rebranded it into the Bank of Agriculture. The rebranding took place in 2010.
According to their official release, the key mandates of the bank of agriculture are:
The bank of agriculture provides services majorly across two areas. They are:
the bank of agriculture also provides conventional banking services for individuals and business personnel. Basically, you can open an individual or corporate account depending on your need. Also, each of these accounts comes with numerous benefits. To know more, simply visit their official website by following this link: https://www.boanig.com/account-opening-package/
the bank of agriculture exists to cater specifically to agricultural needs. Therefore, this is their strong point. They do this by providing different loan services to businesses directly involved in agriculture. However, they also provide non-agricultural loans too. Basically, we can divide the bank of agriculture loan services into two major categories:
just as the name implies, they designed this loan to finance agricultural production and other Agro related activities. Basically, some available packages under it are:
this loan is the opposite of agric loans and is designated for non agricultural or agro related purposes. In addition, non agric loans are further divided into:
Also, to view the complete loan packages and know more details about your preferred loan, simply visit their official website at https://www.boanig.com/loan-service/
Basically, to apply for the bank of agriculture loan, simply visit any of their official branches. Right there, they would direct you on the procedure and the details of the loan. Although specific documents are required for some loans, all loans generally require the following:
You can contact the bank of agriculture through any of the following means:
Phone: +234 7040202222
Headquarters: No 1, Yakubu Gowon Way, PMB 2155, Kaduna, Nigeria.
They also have other branches across different states. In case you are not in Abuja, simply reach out to your nearest location.
The bank of agriculture exists to enhance agricultural farming and related procedures in the country. Therefore, if you are in that line of business, simply take advantage of the several loan packages to expand. Basically, you can get started today by visiting their office.