The Federal Government of Nigeria has launched a comprehensive initiative aimed at revitalizing the country’s cooperative sector, positioning it as a critical driver for the nation’s economic growth toward a $1 trillion economy by 2030. This plan was unveiled by Aliyu Sabi Abdullahi, the Minister of State for Agriculture and Food Security, during the national cooperative stakeholders’ training workshop in Enugu State. Abdullahi stressed the importance of cooperatives globally, highlighting that the largest 300 cooperatives alone generate a substantial $2.4 trillion in revenue, with agricultural cooperatives making up 35 percent of global cooperative assets.
As part of this initiative, the government plans to update Nigeria’s Cooperative Societies Act to modernize it in line with technological advancements and other emerging trends. A New National Policy for Cooperative Development & Growth 2025 will also be introduced. Additionally, a National Regulatory Framework and Standard Operating Guidelines will be put in place to guide cooperative activities in the country. These steps are intended to ensure that Nigeria’s cooperative sector is well-positioned for future success.
A key element of the government’s plan is the establishment of a cooperative bank, which will be owned and governed by the cooperators themselves. Abdullahi announced that this move aims to offer cooperatives more financial independence and support. Furthermore, the government will host several forums and summits, including the South-West Cooperative Stakeholders Forum in Ibadan and a national cooperative summit, as part of its efforts to drive reform and engagement.
The provost of the Federal Cooperative College, Jude Ejikeme, emphasized the significance of the training workshop, which serves as a platform for cooperative stakeholders to contribute their views on the Renewed Hope Cooperative Reform and Revamp Programme. This program underscores the government’s commitment to strengthening the cooperative sector, fostering citizen empowerment, and promoting broader economic development.
Source: Business day