FG to Facilitate Establishment of Bank for Cooperative Societies in Nigeria

…Unveils key cooperative sector reform and revamp plans

The Honourable Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi CON has unveiled plans to facilitate the establishment of a bank for cooperative societies that will be fully owned and governed by cooperators themselves. This aim is to empower citizens and make cooperators part of President Bola Ahmed Tinubu’s goal of a $1 trillion economy for Nigeria within the decade.

This move is part of the government’s efforts to revamp the cooperative sector and provide access to financial services for small-scale entrepreneurs and smallholder farmers as enshrined in the Renewed Hope Agenda.

This ambitious plan was announced in his address during the opening ceremony of the National Training/Workshop for Trustees, Management Committee, and Managers of Cooperative Societies in Nigeria for the South-East and South-South Cooperative Stakeholders Forum held recently at the Federal Cooperative College, Oji-River, Enugu State.

Key Highlights of the Minister’s Address are;

• Global Cooperative Impact: The minister highlighted that the largest cooperatives globally generate a total turnover of $2.4 trillion, driving economic growth and social development.
• Agricultural Cooperatives: He emphasized that agricultural cooperatives contribute 35% to the global cooperative asset base and turnover, playing a significant role in reducing hunger and alleviating poverty worldwide.
• Capacity Building: The minister revealed that the capacity-building and development program is a continuous process in the strategic blueprint for the revitalization of the cooperative sector in Nigeria.

The minister gave an insight into the Renewed Hope Cooperative Reform and Revamp Programme and outlined several key outcomes and Key Performance Indicators (KPIs) for the program, including:

• Review of Cooperative Societies Act: Reviewing the Nigerian Cooperative Societies Act to align with current realities, especially regarding technology.
• New National Policy: Developing and launching a new national policy for cooperative development and growth.
• National Regulatory Framework: Establishing a national regulatory framework and standard operating guidelines for cooperatives.
• Cooperative Bank: Facilitating the establishment of a bank for cooperative societies owned and governed by cooperators.

The Minister further revealed that ‘’ the Renewed Hope Cooperative Reform National Training Workshop for the South-West Cooperative Stakeholders Forum would take place at the Federal Cooperative College, Ibadan, on the 29th & 30th of April, 2025.

He added that the National Cooperative Summit on Renewed Hope for Food Security will bring together all the stakeholders from the six geopolitical zones and will be hosted in Abuja before the end of this second quarter.

He lauded the efforts of the Provost of the Federal Cooperative College, Oji-River, Enugu State, for hosting the South-East and South-South Geo-Political Zones to align with the Renewed Hope Cooperative Reform and Revamp Programme of President Bola Ahmed Tinubu’s led Administration.

In his remarks, the Provost and Chief Executive Officer, Federal Cooperative College, Oji River, Dr. Jude Ejikeme Obidiegwu  stated that ‘’ this workshop provides a platform, not just for an intensive training for the participants but also, for key cooperative stakeholders from the South-East and South-South geo-political zones to interact with our dynamic and most versatile Minister in charge of Cooperative Affairs, share their views, and of course, offer opinions on the Renewed Hope Cooperative Reform and Revamp Programme’’.

He added that ‘’we hope to gain valuable insights into what our stakeholders expect from the government to facilitate cooperative development within their zones and Nigeria.

He also pointed out that the knowledge shared will focus not only on the core principles of cooperative management but also on the critical skills needed to navigate the challenges and opportunities of the modern economy.

Highlights of the event was the inspection of the Cooperative College by the Hon. Minister of State and unveiling of four vehicles, namely (1) Coaster Bus, (1)18 Seater bus, (2) Hilux Utility Vehicles for the college, engaging with the Key Cooperative Stakeholders and the young Students of the College in an interactive session during the panel discussion.