FG eyes co-operative societies’ contributions to nation’s $1trn economy

…moves to float co-operative bank operated by co-operators

The Federal Government has launched an initiative to revamp the co-operative societies and banking sector in order to empower Nigerians and make co-operative societies part of a $1 trillion economy size being targeted by the Country this decade.

Aliyu Sabi Abdullahi, Minister of State for Agriculture and Food Security, made this known during the flag-off ceremony of a national training workshop for co-operative stakeholders in Enugu State, a statement by the Ministry noted.

Abdullahi highlighted the significance of co-operative society globally, noting that the largest 300 co-operatives generate $2.4 trillion in revenue.

He added that agricultural cooperatives contribute 35% to the global co-operative asset base and turnover, playing a vital role in reducing hunger and alleviating poverty worldwide.

The Minister said the Government’s plans to review the Co-operative Societies Act, to align with current realities, especially regarding technology, develop and launch a New National Policy for Cooperative Development and Growth 2025, establish a National Regulatory Framework and Standard Operating Guidelines for Cooperatives in Nigeria.

He also said the Federal Government would facilitate the establishment of a Bank for Cooperative Societies owned and governed by co-operators themselves.

Sabi Abdullahi further informed that the Federal Government would host the South-West Cooperative Stakeholders Forum: A national training workshop at the Federal Cooperative College, Ibadan, on April 29-30, 2025, as well as a National Cooperative Summit

“A summit on Renewed Hope for Food Security in Abuja before the end of the second quarter, bringing together stakeholders from six geopolitical zones”, he added.

The Minister, however, emphasised the Government’s commitment to empowering citizens and promoting economic growth through the co-operative societies.

Earlier, Jude Ejikeme, Provost of the Federal Cooperative College, noted that the workshop provided a platform for stakeholders to share views and offer opinions on the Renewed Hope Cooperative Reform and Revamp Programme.