Agro-Processing Loans in Nigeria: BOA, NIRSAL and More (2026)

Searching for an agro processing loan in Nigeria quickly leads to a confusing list of names: the Bank of Agriculture (BOA), NIRSAL, the Bank of Industry (BOI), the Development Bank of Nigeria and the Central Bank's agribusiness scheme. They do different jobs, and some of them do not lend to you directly at all. This guide sorts them out using each institution's own pages, read in October 2026, so you know who to approach for what. It is information, not financial advice, and it gives no promises about approval. Terms change, so confirm everything with the lender.

Agro processing loan in Nigeria: lenders versus guarantee bodies

The most useful distinction is between institutions that lend to you and those that support lenders. According to NIRSAL's FAQ, NIRSAL "is not a bank and not a lender". It supports banks and other financiers with risk-sharing tools and training, and the FAQ says cooperatives and agribusinesses can access loans de-risked by NIRSAL through trained partner financial institutions. The Development Bank of Nigeria (DBN) works in a similar way: its homepage says businesses reach funding through partner banks, using tools such as partial credit guarantees and on-lending to financial institutions. So with NIRSAL and DBN, the application usually goes through a partner lender, not through them.

Bank of Agriculture (BOA)

The Bank of Agriculture says it is majority-owned by the Federal Ministry of Finance Incorporated (60%) with the Central Bank of Nigeria holding the rest (40%), and that it was incorporated in 1972 as the Nigerian Agricultural Bank. Its credit products page lists products in several groups, including micro credit, commercial agricultural products and products for women and youth. Under commercial agricultural products it names input procurement credit, equipment leasing, post-harvest process logistics and storage finance, and export finance. A separate BOA page describes an Agro-Processing Facility created "to ensure National Food Security and reduce post-harvest losses", but it gives no terms, and says online loan application is not yet available and customers should go to the nearest BOA branch.

The credit page says eligible borrowers include individuals, registered cooperatives, self-help groups, societies and corporate bodies in agriculture value chain activities. For corporate borrowers it lists an application form, a business plan or feasibility study, a BVN, a signed standing instruction, an equity contribution, a board resolution, a certificate of incorporation and audited financial statements for the last three years, plus acceptable security such as real estate or a bank guarantee. The page does not say which requirements apply to each product, and it states that interest rates and charges are "as advised by the Bank periodically". Ask your branch for the current terms in writing.

Bank of Industry (BOI)

BOI lists a Food and Agro Commodity Processing product on its site. The page (last modified 4 March 2025) covers equipment and working capital finance for cooperatives, associations, enterprises and limited liability companies in the value chain, including aggregators, processors, packaging businesses and distribution. It also publishes loan caps, pricing, tenor and moratorium terms. Those terms change, so we have not repeated them here: read the current figures on the page and ask BOI whether they still apply. The page points applicants to BOI's MyBOI portal and customer support. See BOI's page.

NIRSAL and credit guarantees

NIRSAL's overview page says it is a non-bank financial institution established in 2013 as the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, created through collaboration between the Central Bank of Nigeria, the Federal Ministry of Agriculture and Food Security and the Bankers' Committee. The FAQ says it offers credit guarantees of up to 75% to financial institutions. For you, this matters because a bank that is nervous about lending to a small processor may be more willing if part of the risk is shared. The FAQ does not list eligibility, interest rates or application procedures, and advises contacting NIRSAL's head office in Abuja. A sensible route is to ask your bank directly whether it lends to agribusinesses under any NIRSAL arrangement, and read NIRSAL's FAQ before you call.

The CBN's AGSMEIS scheme

The Central Bank of Nigeria's Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) was approved by the Bankers' Committee on 9 February 2017 and is funded by banks setting aside 5% of annual profit after tax. The CBN page describes the route: create an account on the portal, complete mandatory training with an accredited Entrepreneurial Development Institute, submit a business plan, and apply through the institute to NIRSAL Microfinance Bank as managing agent. It lists a registered business name (enterprise or limited liability) as the eligibility requirement, states that no collateral is required, and shows a maximum term loan of N3 million, which management may revise. The page shows no date and does not say whether the scheme is currently open, so ask the CBN or NIRSAL Microfinance Bank before you enrol in training.

Prepare your agro processing loan application

Whichever lender you approach, the file you bring matters more than the logo on the building. Assemble the following:

• CAC registration documents and, for companies, the Memorandum and board resolution.
• A business plan that names the product, the market, the equipment, the raw material source and the expected buyers, using costs from supplier quotations.
• Evidence that you are compliant or on the way: NAFDAC registration, a factory layout that meets NAFDAC's rules and any SON certification. See starting a food processing business in Nigeria.
• Proof of demand, such as written quotations, supply discussions or sample orders. Our guide to setting MOQs and price tiers helps you present them.
• Bank statements and audited accounts where the lender asks for them.

Protect yourself from loan fraud

Agricultural loans attract scammers. BOA's own page warns that a fake Facebook link using its logo has been offering agricultural loans and grants and that it is not from the bank. Never pay an "application fee" to a person who contacts you on social media, and get written confirmation of any fee from the lender's official channels. NAFDAC's MSME page likewise says it does not encourage the use of consultants. Treat any promise of guaranteed approval as a warning sign.

Frequently asked questions

Does NIRSAL give loans directly? No. NIRSAL's FAQ says it is not a bank and not a lender, and that cooperatives and agribusinesses access de-risked loans through partner financial institutions.

Which institution lends for equipment to food processors? BOI's Food and Agro Commodity Processing product covers equipment and working capital, and BOA lists equipment leasing among its commercial agricultural products. Compare terms from both.

Do I need collateral? It depends on the product. BOA's page lists acceptable security, and CBN's AGSMEIS page says no collateral is required. Ask the lender.

Can I get a grant instead of a loan? We found no verified grant schemes on the pages we read, so we do not list any. Be cautious of offers that arrive by social media.

Does Comilmart lend or arrange finance? No. Comilmart does not offer loans or financing. A complete supplier profile and a record of buyer enquiries can still help you show lenders that you sell to real customers, though no lender is obliged to accept it.

Next step

Lenders want to see a registered business with a product, a market and a plan. You can start building the market side now: apply as a supplier at /apply-manufacturer with your company registration number, tax number, business licence and registration certificate uploads, at least two sample product images and your company profile, and choose the B2B category that fits your products. The application is free, and review is stated on the form as taking about 24 to 48 hours. For an agro processing loan in Nigeria, pick the lender whose product matches your need, prepare your documents carefully, and confirm terms directly with the institution.