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Daniel Adaji
The Federal Government plans to establish a Cooperative Bank that will be entirely owned and managed by members of cooperative societies, according to the Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi.
Speaking at the South-East and South-South Cooperative Stakeholders Forum held at the Federal Cooperative College, Oji River, Enugu State, Abdullahi said the bank will serve the specific needs of cooperators and promote inclusive economic empowerment.
In a statement shared with journalists on Wednesday, the minister said, “The expected outcomes and Key Performance Indicators include… facilitating the establishment of a Bank for Cooperative Societies that will be solely owned and governed by Cooperators themselves to serve their needs.”
The proposed bank is part of broader reforms under the Renewed Hope Cooperative Reform and Revamp Programme, aimed at revitalizing Nigeria’s cooperative sector and aligning it with global best practices.
Abdullahi emphasized the government’s commitment to ensuring the sector plays a critical role in economic growth and food security.
“A revamped cooperative sector would ensure empowerment and prosperity for Nigerians,” he said, adding that cooperatives worldwide contribute significantly to economic and social development.
“The largest cooperatives globally are about 300 and generate a total turnover of $2.4 trillion. They play a significant role in reducing hunger and alleviating poverty worldwide,” he noted.
He revealed that agricultural cooperatives alone contribute 35 per cent to the global cooperative asset base and turnover.
Abdullahi said the administration is prioritizing stakeholder engagement, capacity building, and legal reforms.
“This training is a prelude to bigger and better things for the cooperative sector,” he said.
He noted plans to review the Nigerian Cooperative Societies Act and launch a new national policy for cooperative development by 2025.
The minister also assured that fake cooperative societies would no longer be tolerated, and measures were being taken to sanitize the system.
He said the National Council on Cooperative Affairs would soon be convened to enhance collaboration between the federal and state cooperative systems.
Provost of the Federal Cooperative College, Oji River, Dr Jude Ejikeme, described the workshop as “a platform for intensive training and interaction with key stakeholders from the South-East and South-South geo-political zones.”
He expressed optimism that the programme would deepen government-stakeholder dialogue and equip participants with the knowledge to drive modern, resilient cooperatives.
The event also featured the inspection of the college by the minister and the unveiling of four official vehicles to support institutional operations.