I needed a loan to boost my production ahead of the incoming palm oil milling season and visited the Bank of Agriculture.
I had a simple plan which I explained to them will guarantee my easy one time repayment of the loan as soon as I sell off my produce in the off- Season, in exactly eleven months.
The deal breaker for them was that the collateral I was offering is not in the state capital. I was categorically told that no form of proof of ownership was enough for a property outside the state capital to grant me a loan. I even offered the state deputy governor as a guarantor.
This is totally contrary to the picture the government and their financial/investment agencies paint on the media regarding their willingness to support SME's and self-employed entrepreneurs.
To think that I resigned from my salary job (low paying though) to completely focus on the palm oil business on the hopes that govt/ BOA would be true to their word.


I regret nothing though. The business is well and truly profitable, I have the experience and energy, my business plan is watertight and fail proof. And I am confident I will find my loan from any other source.
Wish me well.

BOA is a big scam. I'm sure govt is not yet aware of what they are doing there. Try BOI

Agunechibeya:
BOA is a big scam. I'm sure govt is not yet aware of what they are doing there. Try BOI

but BOI website says they only pay for machinery and not capital. Or am I mistaken?
I already have machinery. I am only looking for capital for raw material.

BOI/BOA are just not interested in helping start up entrepreneurs, as they demand a lot of things which are not easy to provide just like our commercial banks and don't help . the truth is that you have to do it on your own with help from family and friends. Best of luck

Hey guys, I don't know much about BOA but I've been doing my own research and came across this article: http://www.pulse.ng/business/heritage-bank-diversification-is-the-key-to-recent-run-of-success-id6883725.html

Seems like Heritage Bank has a big push on to support SMEs/entrepreneurs in agriculture. A friend said they've changed under the new CEO/MD dude Ifie Sekibo. Here's something on him, seems pretty switched on: https://dailytimes.ng/business/heritage-bank-supports-triton-group-reforestation-project-oyo/

Anyway, hope this helps. Maybe these guys are better than BOI even though they're not purely an agriculture bank, just a business bank i guess.

Cheers, Remy