FG Unveils Plans for Cooperative Society Bank to Boost Economic Development

The Federal Government has announced its intention to establish a Cooperative Society Bank to enhance the social and economic development of the country. This was revealed by the Minister of State for Agriculture and Food Security, Sen Aliyu Sabi Abdullahi, during the opening ceremony of the Renewed Hope Cooperative Reform National Training for Trustees, Management Committee, and Managers of Cooperative Societies, as well as the groundbreaking of the Cooperative Innovation and Empowerment Centre (CIEC) at the Federal Cooperative College in Ibadan, Oyo State.

According to Abdullahi, the cooperative bank will be solely owned and governed by cooperators to serve their needs. The minister emphasized that the bank will be built on integrity, transparency, and accountability, managing members’ deposits professionally and ethically in line with cooperative principles and values.

The minister also highlighted the ministry’s efforts to reform and strengthen the cooperative sector, including the establishment of a tech-driven cooperative data and analysis platform to facilitate access to government services, subsidies, and grants for cooperative development.

The Cooperative Innovation and Empowerment Centre (CIEC) is designed to serve as a dynamic platform for developing innovative cooperative models, capacity building, digital integration, and youth empowerment. The centre will also act as a hub for cooperative activities where students and cooperators can engage on emerging issues in the cooperative sector

The Provost of the Federal Cooperative College, Dr. Ibrahim Abdulganiyu, urged all stakeholders to align their respective states with the Renewed Hope Cooperative Reform of the present administration. He reiterated the college’s commitment to providing leadership, knowledge, and solutions to drive a new era of cooperative excellence in the country.

The establishment of the Cooperative Society Bank and the CIEC is expected to contribute significantly to the country’s economic development, particularly in the areas of food security, job creation, and social development. With this initiative, the Federal Government is poised to harness the potential of cooperatives to drive economic growth and improve the lives of Nigerians.