The AVC programme promotes the production of high quality agricultural produce in sufficient quantities to guarantee constant availability to Nigerian manufacturers. The financing product has encouraged efficient collaboration between key stakeholders in the agricultural value chain including manufacturers, market aggregators and farmers.

The benefit of this product further extends beyond the manufacturers as farmers are now able to enjoy increased income due to higher produce yields, access to mechanization and better farm education services.

Eligibility Criteria

The eligibility criteria for intermediary organizations to access this scheme on behalf of their farmers is as follows:


  • Must have been operating for a minimum of 2 years
  • Must be able to provide evidence of previously concluded transactions with record of sale quantities according to produce and farm origin (at least 2 cycles per product)


  • Must have a visible backward integration to smallholder farmers (Directly or Indirectly)

Initial Documentation Required

  • Formal loan application letter to BOI
  • CAC Registration documents – Certificate of Incorporation, Form CAC02, Form CAC07, MEMART (Where another company holds shareholding, all registration documents must be provided)
  • Last 2 years audited financials and most recent management accounts
  • Company profile
  • Brief profile of shareholders, directors and management staff
  • Evidence of availability of loan security
  • Guaranteed offtake agreement
  • 12 months bank account statements (Minimum of two banks)
  • Input cost per hectare
  • Any other documents as may be required by BOI

Loan Documentation Required

Customers are required to open an account with the Bank of Industry before application can commence. The documents needed for an account to be opened are listed below. A customer identification number will be created at the end of the account opening process.

An account can be opened by completing an account opening form and submitting all the required documents:


  • Schedule of the shareholders signed by the company secretary. (Shareholders Register) for new customers and a confirmation of earlier submission for returning customers
  • Full Incorporation Documents:
    • Photocopy of Certificate of Incorporation
    • Certified true copy of Memorandum and Articles of Association
    • Forms CAC 2.5 (Allotment of Shares)
    • CAC 2.3 (Particulars of Directors)
    • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company (i.e., photocopy of International Passport/Driver’s License and National Identity Card) and BVN of the Executive Directors. (**note that ID of all Directors are needed for compliance and credit search)

The loan application process will begin after the account is opened. A loan application form is required to be completed and all required documents submitted and verified:


  • Formal Loan Application on Letterhead
  • Duly completed Loan Application Form
  • Feasibility Study Report on the project to be financed stating write-up on technology and manufacturing process(s), etc.
  • Quotation/Proforma Invoice for the supply of items of Machinery and Equipment. Sources and quotations for Raw Materials expressed in quantity and amount
  • Security: Bank Guarantee, a letter of intent for Bank Guarantee (with Risk Management being part of the authorized signatories) of the commercial bank issuing the guarantee. Any exception should be supported with the Bank’s approval limits OR
    • Legal Mortgage
    • Photocopy of the title document(s) to the property being pledged e.g Statutory Certificate of Occupancy/Deed of Assignment/Conveyance/Deed of sublease
    • Valuation Report on the Property Proposed as Security from BOI’s accredited value
    • Lease agreement, if operating from a rented premises
  • A copy of the draft Technical, Management, Machinery Supply and/or Joint Venture Agreement (where applicable)
  • Three years’ Audited Financial Accounts and most recent Management Account from a BOI accredited auditors (for an existing business) OR Statement of Affairs (for business less than one (1) year)
  • Company’s Bank Statement for a period of one (1) year
    • The output of the process is the offer letter
    • Two options are proposed for this stage as shown below
  • Regulatory approvals e.g NAFDAC certificate, Mining Lease
  • Declaration of Outstanding Liabilities to other Institutions and/or Individual

If a loan a loan is approved, the next and that last part of the process is disbursement. Before disbursement can begin, the documents below must be submitted:


To be provided by the customer:

  • Submission of Letter of Offer duly endorsed by a Director and Company Secretary or two (2) Directors
  • Letter of acceptance of Offer and Letter showing specimen signature of the authorized signatory
  • Board Resolution authorizing borrowing
  • Return of duly executed Loan Agreement
  • Evidence of payment of fees (if applicable – appraisal, commitment and legal fees)
  • Letter of Attestation
  • Original proforma invoice(s) for the approved item
  • Four (4) Passport photographs of the Chief Promoter and a Director
  • Evidence of filing of Annual Returns, as well as tax clearance certificate -TCC- for the Company, the Chief Promoter and Directors of the Company. Evidence of payment (eTCC) should be accepted for deferral
  • Submission of Bank Guarantee or title documents/other legal documents e.g. Statutory Certificate of Occupancy of the pledged property, ground rent receipts etc.
  • Letter of undertaking to pay interest during moratorium

Click to view or download checklist


  • Single Obligor Limit: An aggregator will be able to access a maximum aggregate loan amount of ₦7 billion on behalf of its pool of farmers
  • Tenor: Up to 24 Months
  • Moratorium: Up to 6 Months
  • Pricing/Charges: Interest Rate: 10% p.a., Processing Fee: 1% and Commitment Fee: 1%, Monitoring Fee: 1% per annum of outstanding loan balance
  • Security: Any or a combination of two of the following are acceptable security instruments: Bank Guarantee from commercial bank acceptable to BOI / Cash collateral / NIRSAL Credit Risk Guarantee (CRG) of up to 50% of loan amount and interest AND Bank Guarantee/cash collateral for 50% of the loan amount and interest
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