FG eyes $19.6trn global co-operative market for Nigerians farmers

Aliyu Sabi Abdullahi, Minister of State for Agriculture and Food Security, has expressed the need to revitalise and reform the Co-operative sector in Nigeria with the sole aim of tapping into the $19.6 trillion global market

The Minister indicated this in his remarks at the technical strategy session on the implementation of the Co-operative reform and revamp programme, which was held in Abuja on Wednesday.

He said, “Globally, the combined asset base of cooperatives in the world is put at about $19.6 trillion. And annually, cooperatives around the world are able to generate annual revenue of $2.98 trillion. That tells you how powerful the cooperative movement can be.

“Our focus is on revitalizing and reforming the cooperative sector in Nigeria adding that the sector has tremendous potential to drive economic growth, promote social cohesion, and reduce poverty”.

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The Minister however stated challenges that had hindered Co-operative growth, which he said, included weak governance, outdated laws, and inadequate funding. “Our mission however is to create an enabling environment that fosters innovation, entrepreneurship, and job creation” he added

The Minister said the technical team had identified key areas of focus including, reviewing the final report of the Ministerial technical working group on the Cooperative Reform and Revamp Programme and developing implementation strategies that align with the Renewed Hope Agenda.

“We will examine proposals for restructuring the Federal Department of Cooperatives’ divisions and units and discuss strategies for repositioning the Federal Cooperative Colleges in Nigeria.

“Our goal is to ensure that these institutions are equipped to provide high-quality training and education, preparing our youth for the challenges of the 21st century,” he said.

Earlier, Idris Sanni, Director, Federal Department of Co-operatives, noted that the sector has several opportunities but are far back in terms of cooperating with non-profits of iron goods, other machines and technology.

“This is the best time under the leadership of the federal minister that the central should come back alive and be happy to generate income and improve the economy and the growth rate for the nation”, he added.