Nigeria Agricultural Cooperative and Rural Development Bank

Parent Organization: FEDERAL MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT

Type: Agency

Principal Officers

Quick Information

The Agency

Past Officials of the Agency

Finances
  • Staff size n/a
  • Revenues (IGR) n/a
  • Budget Allocation () n/a
  • Recurrent Expenditure n/a
  • Capital Expenditure n/a

Related Organizations/Units

Contact Information

Areas of statutory responsibilities and functions

BOA is Nigeria’s premier agricultural and rural development finance institution, 100% wholly owned by the federal government of Nigeria. The ownership structure is – Central Bank of Nigeria (CBN) 40% and Federal Ministry of Finance Incorporated 60%. Bank of Agriculture Limited is supervised by Federal Ministry of Agriculture. The Bank was incorporated as Nigerian Agricultural Bank (NAB) in 1973 and in 1978, was renamed Nigerian Agricultural and Cooperative Bank (NACB). Subsequently in 2000, it was merged with the People’s Bank of Nigeria (PBN) and took over the risk assets of Family Economic Advancement Programme (FEAP) to become Nigerian Agricultural Cooperative and Rural Development Bank Limited (NACRDB). A plan to reposition the Bank into an effective and sustainable national agricultural and rural development finance institution in 2010 led to a further name change to Bank of Agriculture Limited (BOA).

It is a federal government owned development bank with a mandate to provide low cost credit to small holder and commercial farmers, and small and medium rural enterprises. It also provides micro financing to small and medium scale non agricultural enterprises. The aim is to ensure effective delivery of agricultural and rural finance services on a sustainable basis to support the national economic development agenda, including food security, poverty reduction, employment generation, reduction in rural to urban migration, less dependency on imported food items, and increase in foreign exchange earnings.

 

Credit Functions:

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

Developmental Function:

• Work with cooperative groups at the states and local government level to prepare development action plans for themselves • Enter into collaborative or on-lending MoU with state governments and cooperative associations and microfinance banks specifying their respective obligations to improve the affairs of the groups and banks within a stipulated timeframe • Monitor implementation of development action plans of cooperative associations and micro finance banks and fulfilment of obligations under MoUs • Provide financial assistance to cooperatives and micro finance banks for establishment of technical, monitoring and evaluations cells • Provide organisation development intervention (ODI) through reputable training institutes like Federal cooperative colleges, Universities of Agriculture, and departments of agriculture of various universities in Nigeria. • Provide financial support for Federal Cooperative colleges and departments of cooperative studies in various universities and polytechnics • Provide training for senior and middle level executives of local commercial bank branches, micro finance banks and cooperative associations • Create awareness among the borrowers on ethics of repayment through local debt collectors and cooperative marshals that enforce timely repayment and prompt remittance of same to the lending institution • Provide financial assistance to microfinance banks for building improved management information system, computerisation of operations and development of human resources

Addresses/Contact info of offices in all States and in FCT

Head Office:
Head Office, Yakubu Gowon Way, Kaduna
Kaduna State
Telephone Help Lines: 07040202222; 07042262222

Coporate Enquiries (Contact):
Muktar Umar
Head, Corporate Planning Department Head Office – Kaduna.
Telephone Help Lines: 07040202222; 07042262222
Email: info@bankofagricultureng.com

Abuja Zonal Office
Independence Avenue, Central Busines Area,P.M.B 153, Abuja, FCT

Enugu Zonal Office
Independence Layout EnuguEnugu
Enugu State
42450149

Bauchi Zonal Office
Kaduna Road Off Ahmadu Bello Way, BauchiBauchi
Bauchi State
077-542920

Ibadan Zonal Office
N 5B/976 Total Garden Sect Rd, IbadanOyo
Oyo State

Kano Zonal Office
31/34 New City centre, Kano.Kano
Kano State
064-666657

Port Harcourt Zonal Office
Olu Obasanjo Road, Port HarcourtRivers
Rivers State
084-232991