The Federal Government has launched a bold initiative aimed at revitalising Nigeria’s cooperative sector, with a long-term goal of positioning it as a key contributor to building a $1 trillion economy within the next decade.
Speaking at the flag-off ceremony of a national training workshop for cooperative stakeholders in Enugu, Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, outlined the federal government’s vision for transforming cooperatives into powerful vehicles for economic empowerment and food security.
In a statement issued by the ministry, Abdullahi cited the global relevance of cooperatives, noting that the world’s 300 largest cooperatives generate a combined revenue of $2.4 trillion. He added that agricultural cooperatives alone contribute 35 percent to the global cooperative asset base and turnover, underscoring their role in combating hunger and reducing poverty.
As part of the reform agenda, the government plans to review and update the Cooperative Societies Act to reflect current realities, including advancements in technology. Other strategic initiatives include the development of a New National Policy for Cooperative Development and Growth 2025, the establishment of a National Regulatory Framework and Standard Operating Guidelines for cooperatives in Nigeria.
In a landmark move, the federal government will also facilitate the creation of a Bank for Cooperative Societies, to be owned and governed by cooperators themselves.
Abdullahi announced that the government would host the South-West Cooperative Stakeholders Forum in Ibadan, as well as a National Cooperative Summit aimed at strengthening national dialogue around the sector’s growth. He also revealed plans for a major summit themed “Renewed Hope for Food Security” to be held in Abuja before the end of the second quarter, bringing together stakeholders from all six geopolitical zones.
“The cooperative sector is central to our strategy for economic empowerment and national development,” the minister stated.
Provost of the Federal Cooperative College, Jude Ejikeme, described the training workshop as a timely platform for stakeholders to exchange ideas and contribute to the success of the Renewed Hope Cooperative Reform and Revamp Programme.
