Applying for -Nigerian Agricultural Cooperative And Rural Development Bank (NACRDB) Loan Scheme



This institution is mandated to provide low cost credit to small holder and commercial farmers, and small and medium rural enterprises. It also provide micro financing to small and medium scale non-agriculture enterprises.

The aim is to ensure effective delivery of  agricultural and rural finance services on a sustainable basis to support the national economic developmental agenda, less dependency in imported food items, and increase in foreign exchange earnings.

 Bank of Agriculture is the nation’s Apex agricultural and rural development finance institution. As a development finance institution, it is government owned (CBN 40% and Federal Ministry of Finance 60%), and supervised by Federal Ministry of Agriculture.

 About Credit Function
Bank of Agriculture credit functions are activated at the level of direct lending, on lending, collaboration, and
monitoring of credit.
      This activity involves:

  • Direct lending to qualified loan applicants engaged in agricultural and non-agricultural small business.
  • Providing credit facilities to issuing organizations through her on-lending service
  • Monitoring the flow of ground level rural credit.

Micro Loans Scheme
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

Features of the Loan

  • Loan is easy to access
  • Loan at low interest rates
  • No collateral needed.

Benefits of the Micro Loans

  • Development of farm and non-farm enterprises.
  • Availability of market information and expert advice

     Value Added Benefits 

  • Provision of advisory and extension service
  • Strengthens the farmer and artisans production and managerial ability economic empowerment

The financial institution also give room for savings account for individuals, cooperatives & Association

Savings Account – Individual
This is for individuals at local communities in Nigeria including farmers, traders, civil servants and other small business owners.

  • Encourage banking habit savings against the rainy day
  • Savings for business growth.
  • Account opening automatically gives eligibility to access loan.
    Value Added Benefits 
  • Strengthens the farmer and artisans production and managerial ability
  • Economic empowerment
  • Account opening produce is very easy.

    Requirements for Accessing NACRDB Loan Scheme 
  • Your kind of business must not necessarily be to expand your existing business it can be a new business.
  • Your business must not necessarily fall into Agricultural business, it can also be for other business enterprise
  • Your business must not necessarily fall into SMEs.
  • NO collateral needed for accessing loan
  • You must make available of your business site/location.
  • Submit a simple feasibility report and business plan showing the viability or profitability of your business or project.
  • You can also open an individual saving account for easy and automatic access of loan. But not mandatory before you could access loan.
  • You must be able to present two guarantors.

    Applying for NACRDB Loan 
  • You must apply in person
  • Visit the nearest Bank of Agriculture to you to apply.
  • They have over two hundred (200) branches located around the country. To apply at the branch that is most close to you (this can be done online), simply specify the location you are, you can then select from the drop down menu to view the branch that is more convenient for you
  • You can do by visiting their website on:  http://www.bankofagricultureng.com/BranchLocation.aspx OR www.bankofagricultureng.com 
  • After you have found the branch nearest to you: go there to pick an application form and fill it as appropriate.
  • Do all necessary things that you will be asked to do for approval of loan.
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It is very easy to get loan from NACRDB, upon meeting their necessary requirement. Interest rate is also low, about 12% depending on the kind of loan you want to secure.


  1. i learnt from this highly informative post of urs. good one

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  3. Good and informative post. What is the minium and maximum amount they can give to a start up enterprise?

    1. Thanks! This depends on the kind of enterprise you are setting up.

    2. Bank Of Agriculture grants loans to farmers and wanna be farmers all over Nigeria.
      The loans are divided into three categories;

      -Micro Fund: within the range of N1,000,000 downwards. Requires no business plan, and no Collateral but you must have a guarantor.

      -Medium Fund: N1,000,000 - N10,000,000. Requires a business plan. May/may not require collateral but also expects you to have a guarantor.

      -Macro Fund: N10,000,000 and above. This requires Business plan and collateral.

      To have an access to their loan you need to open and run an account with them for only three months.
      it simple and has lots of benefits first you can secure the capital for your business from this source through loan services which they render you get 6months free non payment till after six months am. and once more they need no collateral for loans below 1million, all it takes is to keep ur account active with them.
      open with two thousand naira.
      your five passports
      means of identification
      if you need ATM card an extra one thousand naira
      interest varies but below 8%
      after six months you start paying everything in installment

      Hope this helps too!

  4. yes, new farm business , in part agro commodities trading

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