How to dismiss Loader after data is ready

You can find a working plunker here.

Like you can see in the code of that plunker, I would make a few changes in order to make your code work properly:

  export class FarmList implements OnInit {

  items: Object;

  // Define the loading var here, so we can access later when the information is ready
  loading : any;

  constructor(public testService: TestService, public nav: NavController){
  }

  // Instead of 'ngOnInit', I would use 'ionViewWillEnter'
  ionViewWillEnter(){
    this.getData()
  }

  getData(){

    this.loading = Loading.create({
      content: 'Please wait..',
      spinner: 'crescent'
    })

    this.nav.present(this.loading)

    this.testService.fetchData().then(data => { 
                                       this.items = data;

                                       // After we get the data, we hide the loading
                                       this.hideLoading()});

  }

  // I 've added this method so we can grab the loading var and use it 
  // to hide the loading component.
  private hideLoading(){
    this.loading.dismiss();
  }
...

}

================================

UPDATE:

As of the release of Ionic 2.0.0-beta.8 (2016-06-06) changelog:

onPageWillEnter was renamed to ionViewWillEnter