Bank of Agriculture is a Nigerian government sponsored bank that provides credit facilities to both small and large scale farmers and small businesses within rural areas. An outcome of a restructuring of government sponsored microcredit institutions, the bank was formed in 2000 and assumed the assets of the National Agriculture and Cooperative Bank, People’s Bank and the Family Economic Advancement Project.
Bank of Agriculture (BOA) Limited was incorporated as Nigerian Agricultural Bank (NAB) in 1972 and became operational in 1973. In 1978, the institution’s name was changed to Nigerian Agricultural and Co-operative Bank (NACB) Limited to reflect a broader mandate. In October, 2001, following the Federal Government’s efforts to streamline the operations of its agencies, the NACB, People’s Bank of Nigeria (PBN) and the risk assets of the Family Economic Advancement Programme (FEAP) were merged to form Nigerian Agricultural, Co-operative Rural Development Bank (NACRDB) Limited. Ten years later, in October 2010, the Bank was rebranded and it adopted the new name Bank of Agriculture (BOA) Limited as part of its Institutional Transformation Programme.
Functions Of Bank Of Agriculture (BOA) include the following
- Provision of agricultural credit to support all agricultural value chain activities.
- Provision of non-agricultural micro credit
- Savings mobilization
- Capacity development through promotion of co-operatives, agricultural information systems, and the provision of technical support and extension services.
- Provision of opportunities for self-employment in the rural areas, thereby reducing rural-urban migration.
- Inculcation of banking habits at the grass-roots of the Nigerian society.