The Federal Government has unveiled a comprehensive reform plan aimed at repositioning Nigeria’s cooperative sector, including proposals to establish a cooperative bank and introduce a nationwide digital registry system.
Speaking on Thursday at the 8th National Council on Cooperative Affairs in Abuja, the Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said the initiative forms a key part of the administration’s broader economic agenda.
Abdullahi explained that the reform drive, known as the ‘Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP),’ seeks to reposition the sector through modernization, stronger governance structures, and improved access to funding.
He further disclosed that plans are underway to introduce a Cooperative Verification Number and deploy a smart digital registry to strengthen transparency, streamline data management, and ensure greater accountability among cooperative societies.
“The time has come to embrace technology, enforce accountability, strengthen governance, support innovation, and empower our cooperative societies to thrive,” Abdullahi said.
The minister said cooperatives play a vital role in Nigeria’s economy, describing them as major contributors to food production, rural development, microfinance, and the sustainability of small businesses.
He aligned the reform efforts with the economic agenda of Bola Tinubu, noting that revitalising the cooperative sector is crucial to driving inclusive growth and economic stability.
Abdullahi noted that the sector has struggled with longstanding structural issues, including weak governance structures, inadequate data systems, limited access to finance, and low digital adoption.
To bridge these gaps, he said the RH-CRRP is anchored on seven key pillars: regulatory reform, institutional strengthening, digitalisation, improved access to credit, enterprise development, stakeholder collaboration, and strengthened monitoring and evaluation frameworks.
He further stated that the Nigerian Cooperative Societies Act has been reviewed, a unified national accounting template developed, and work begun on a cooperative smart registry.
According to the minister, a blueprint for the proposed cooperative bank is already in place, while moves are also underway to reactivate the National Centre for Cooperative Development.
“Revitalising the cooperative sector is not optional; it is urgent and non-negotiable,” he said.
