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The Bank of Agriculture (BoA) Limited is Nigeria premier financial institution for Agriculture and Rural Development. The bank which is 100% owned by the Federal Government of Nigeria is jointly owned by the CBN and Federal Ministry of Finance with each owning 40% and 60% respectively.

The operation of the bank is being supervised by the Federal Ministry of Agricultural and Rural Development. BoA plays an important role in catalyzing the SME lending market in Nigeria.


The BoA provides the following Loan facilities:



  • The micro loans scheme is a service that avails credit facilities for financing both Agriculture and Non-Agricultural initiatives and activities including traders, artisans, arable/field crops farmers, Fisheries, Horticulture, Agro-Processing, Livestock, Agric Produce Marketing, Tree Crop Production, etc
  • Micro credits are loans not exceeding N 250,000.00 for a period not exceeding two (2) years depending on the project type.
  • Under this scheme, loans can be granted to individuals and members of co-operative societies/groups.
  • Provision of two (2) acceptable guarantors & 20% lien deposit.


The product is an initiative targeted at women of all ages & classes in recognition of the place of women in Nigeria and to address the challenges to women’s access to finance.

  • Maximum loan limit of  N1 million per beneficiary @14% per annum subject to variation.
  • All applicants must open and maintain account relationship with BOA  Office nearest to their project location for a minimum period of 12 weeks before purchase and processing of loan application
  • Loan and Grace periods on the products depend on the project type.
  • Under this scheme, loans can be granted to individuals and members of groups.
  • It is non-collateralized loan but two (2) acceptable guarantors
  • There must be 10% lien deposit in the savings account.
  • This is an opportunity for increasing woman access to finance to enhance the growth of Woman- Owned Business in Nigeria.
  • All Activities along the Agriculture value chain are covered.


  • Individuals can access credit facility up to a maximum of a ₦5,000,000.00 mainly for Agricultural Projects.
  • It is a collateralized loan


  • BOA collaboration scheme is a partnership program that enables us to pool the resources of other agencies to grow the operations of our customers and our collaborative partners’ groups of interest.
  • We engage in collaborative ventures with international agencies, local agencies, Governments, and NGOs.
  • Collaboration Loan/Special Credit Scheme to farmers involve an arrangement between BOA and Agencies of government/Groups/Individuals for disbursement of fund to identified groups or individuals at a determined interest rate which can be varied according to the market rate.
  • The condition for this type of collaboration is usually specified in a memorandum of understanding (MOU) in addition to the subject of the targeted group and in line with BOA lending conditions.


The interest rate can be varied according to the market rate, at present, the following are BOA interest rate:-

  1. 14% per annum for SME Agricultural production
  2. 14% per annum for SME Agro-processing
  3. 20% per annum for SME Agriculture Marketing
  4. 12% per annum for Micro Credit Loans Agric
  5. 20% per annum for Micro credit loan (Non-Agric)
  6. 14% per annum for YARN & GEM products


  • Our Loan facilities are insured with NAIC
  • Subsidized insurance premium of 1.5%, 7.5%, 2.5%, and 2.0% are being charged on Non-Agric   Piggery, Livestock, and Arable crop respectively.


  • Completed and signed Account Opening  Form
  • Completed Mandate / Signed Card
  • 3 (Three) recent passport photographs
  • A recent copy of Utility bill ( PHCN, Water,etc.), photocopy only required
  • Signed Letter to the Bank
  • Signed Letter Of Set-Off
  • A photocopy of means of identification (National I.D Card, International Passports or Driver License)
  • At least, a minimum of N3, 000.00 as Initial Deposit.


  • Completed and Signed Account Opening Form
  • Completed Mandate / Signed Card
  • Three (3) recent passport photographs each from the Executives
  • A recent copy of Utility bill ( PHCN, Water etc), photocopy only required, to be submitted by the each of the Executive
  • Resolution to open Account with the Bank
  • Copy of Rules or Constitution ( Original copy to be sighted)
  • Memo and Articles of Association( Original copy to be sighted)
  • Certificate of Registration / Incorporation( Original copy to be sighted)
  • At least, a minimum of N10, 000.00 as Initial Deposit.



Scientist Working on Multiplication of Cassava Planting Materials

Scientists who are working on cassava breeding are now using the Semi- Autotrophic  Hydroponics (SAH) technology to boost the propagation of clean planting materials.

The use of SAH involves the use of modified soil which can hold plant roots in planting pots with little water.

Usually, the trays are filled with a little amount of water, and the soil transports the moisture up to the plant roots, yet the top of the soil remains relatively dry.

The roots are encouraged to grow down, and the dry soil on top discourages damp-off and other diseases caused by excess moisture.

Dr. Peter Kulakow, a cassava breeder with the International Institute of Tropical Agriculture (IITA), said the beauty of technology was its rapid multiplication ratio.

Usually, when breeders develop new cassava varieties, the challenge is how to multiply and disseminate to farmers. Hence cassava is a clonal crop and multiplication is done using stems, this process takes several years.

Dr. Kulakow said this explains in part why it takes longer for new improved varieties to be disseminated at scale to farmers.

“With this technology, these constraints will be addressed and it will be easier for farmers to have easy access to new varieties once we develop them,” he explained.

But besides addressing the constraints of slow and low multiplication ratio in cassava seed system, the SAH technology also produces clean planting materials that are disease-free.  The cost of production of the plants is cheaper using SAH when compared to tissue culture, Dr. Kulakow said.

The SAH technology in cassava is a brainchild of the project: Building an Economically Sustainable Integrated Seed System for Cassava (BASICS).

Hemant Nitturkar, Project Director of BASICS explained that once the technology, which is adopted from Argentina, is adapted and perfected in Nigeria by the Project, it is expected to have a significant impact on the ability of early generation seed businesses to quickly bring suitable varieties within reach of farmers.

The BASICS project is also working with National Agricultural Seed Council (NASC) and Fera of United Kingdom to improve the quality certification system in Nigeria.

Grown by more than 500 million people in Africa, Asia, and Latin America; cassava is an important crop for both food security and wealth creation. The root crop is a source of commercial animal feed, fiber for paper and textile manufacturers, and starch for food and pharmaceutical industries.



Farmers ask FG to set up yam conditioning centres to boost exports

In order to export quality yam produce abroad, the Yam Farmers, Processors, and Marketing Association of Nigeria have appealed to the Federal Government to establish modern yam conditioning centres.

This appeal was made by Prof. Simon Irtwange in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday. Irtwange who is also the Chairman of Technical Committee on Nigeria Yam Export Programme said these proposed centres were needed to enable farmers to store the yams at an appropriate temperature in order to avoid decay.

He said that the centres were also considered necessary as part of efforts to ensure that our yam exports met international standards and prevent being rejected at the international market.

According to Irtwange, the second batch of yam exports to the UK was already under going packaging in Benue for onward trans-loading to the Lagos ports


However, Irtwange called on yam farmers to increase yam production to meet local and export demands.


Osinbajo to commission ₦10 Billion WACOT rice mill Today




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Acting President Yemi Osinbajo and 24 state governors are billed to commission the ₦10 billion WACOT Rice Mill at Argungu located in Kebbi State today. This was confirmed by the State Governor, His Excellency, Governor Abubakar Atiku Bagudu.

In addressing journalist while on a visit to Governor Abubakar Atiku Badugu at the Government house in Birnin Kebbi, the chairman of WACOT in the person of Alhaji Bashar Aminu said the decision to establish a rice mill in Kebbi state was in line with the president’s directive that they should produce and make the people patronize Nigerian rice.

He disclosed that WACOT investment in Kebbi State would expand to ₦10 Billion with 400 metrics tonnes production per day plus, employ 1000 workers of which 95 percent will be Kebbi state Indigenes.

The company, which he said has branches in 13 African countries, the Middle Belt and Asian countries, when fully expanded, would generate its independent energy and supply 250 villages in 14 local government areas of the state.


Rice importation down by 80% — Osinbajo

Acting President Yemi Osinbajo has said Nigeria’s rice importation has dropped by over 80 per cent and that the country would be self-sufficient next year.

Declaring open the 16th Conference of Speakers and Presiding Officers of the Commonwealth (CSPOC), Africa Region yesterday in Abuja, Osinbajo said the feat was achieved based on the collaborative efforts of both the Executive and the Legislature.

“In the last two years, Nigeria which is the largest producer of rice in West Africa and the second largest importer of rice in the world has changed that story. Our rice import bill in 2014 was N1billion a month.

“Today by a combination of progressive legislative appropriation to agriculture and providing single digit credit under our anchor borrowers programme for the purchase of right fertilizer quality and other inputs and credit, many rice farmers moved from getting yields of 3.5 metric tons per hectare to 7.5 mt per hectare.

The acting president also said the two arms of government have worked harmoniously in the past two years but that the media gets more interested in disagreements between them.

“On a lighter note, I don’t know the experience of Presiding Officers from other nations present of the portrayals by the press of the relationship between the executive and the legislature. Here in Nigeria what makes the news is the conflict between the executive and the legislature.

Senate President Bukola Saraki in a goodwill message said the conference should provide the opportunity to address certain issues in Africa.

Speaker Yakubu Dogara, who is the chairman of the conference called on legislatures across Africa to break their people free from dictatorship by building strong institutions


Dangote to breed 500,000 cows to boost Milk production, invests $800 million

Business Tycoon and President of Dangote Group, Aliko Dangote is making moves to enter the Dairy farming and production


Dangote is planning to develop dairy plants and develop home-grown milk production as he seeks more ways of ensuring Nigerians don’t go hungry as the population increases drastically.

According to research, Nigeria spends an estimated $1.3 billion annually on the importation of dairy products and the Dangote believes his intervention will address this issue.

He said: “We have marked massive dairy production for the next three years. We cannot solve all Nigeria’s problems, but at least we can embrace and add value to areas where we have a comparative advantage”.

The business mogul intends to breed 50,000 cows in 2018 and hopes to produce 500 million litres of milk every year starting from 2019.

According to Foraminifera Market research limited(FMRL), “Presently, the local production of milk is less than 1 percent of the total annual demand that has been estimated at 1.2bn litres, making the total milk consumption in Nigeria less than 10 litres per head, whereas the global average is about 40 litres per head”.

It has been estimated that about 500,000 cows and between 300,000 and 400,000 hectares of land are required to meet the national demand of the country, However Africa’s richest man has boldly taken up this responsibility for the benefit of the country.




Gradually Nigeria is moving away from the over dependence on Oil to other non-oil sectors, one of which is the agricultural sector. We are seeing a paradigm shift towards the agricultural sector, a sector that was once neglected by Nigerians because they considered it a dirty job and below standard for a university graduate. Well, the economic hardship and Government’s nationwide campaign for the sector has seen a lot of people especially the youths venture into the lucrative business of agriculture.

The days where one thought that ‘only when you wore suit and tie, will you be earning serious money’ are fast disappearing. Most people within the age range of 25-45 years are venturing into farming as they see an opportunity in this sector.

So why did it take about 4 decades to realize that agriculture is a very important contributor to the GDP of Nigeria? Why did the green revolution, operation feed the nation and other policies fail? I guess the government of the day was sincere in coming up with these policies but lacked the determination to successfully execute it. Had the policies being executed well, I am sure we won’t have had over concentration in the oil sector as we have it today.

So come on people, take off that suit and tie, put on your farming gears and let’s go green.



The Osun state  Governor, Ogbeni Rauf Aregbesola has disclosed that the state is revolutionalising farming to make agriculture attractive to youths.

The Governor said massive supports for farmers, modern technological training for enhanced yields, provision of improved seedlings, engagement and encouragements in forms of loans and lands with the provision of access roads to farming communities in the state have all helped to bring farming into focus.

Aregbesola listed the strategies embarked upon by the state to make this possible when he hosted the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, in his Office in Osogbo.

Both the governor and the minister sought partnership as part of the ways out of the current economic challenges being experienced by Nigerians.

The Osun Governor said the present economy has left Nigerians with options of either to develop or destroy the country, thus calling for massive participation in agriculture.

“So, considering development, the only viable alternative is to till the land for massive agriculture to ensure better economic alternative.

“We all need to go back to the land. Let us start by feeding ourselves. We don’t need to wait till we get machineries. Let us develop the spirit of farming. Farming is the only way to the economic prosperity of the Nigerian nation,” he said.

Speaking, the Minister for Agriculture and Rural Development, Chief Audu Ogbeh, said it was unfortunate that Nigeria was still spending billions of dollars on food importation, thus calling for massive collaboration and partnership between and among the various authorities to revamp agriculture.

“By December this year, we will stop the importation of rice into the country. It’s a pity that as a nation we spend about N5 million dollars on the importation of rice on a daily basis.

“We have no choice in this country now but to get back to the land and begin to till the land to be able to free ourselves and the land from poverty because oil and gas can no longer do it.

“In Osun, there is a lot of potentials through various crops; just two crops alone are enough for Osun to make over three billion dollars in a month.

While expressing readiness to partner Osun in his efforts to enhance agriculture potentials, Ogbeh said the ministry has mapped out strategies to collaborate with the state on piggery production, cocoa production, cassava, cashew, cattle, and lot more.