Victoria Mgbanwa
In a bold push to unlock Nigeria’s economic potential, the Federal Government has declared the revitalization of the cooperative sector as a cornerstone of its strategy to achieve a $1 trillion economy within the decade.
Senator Dr. Aliyu Sabi Abdullahi, the Hon. Minister of State for Agriculture and Food Security, made this declaration during the flag-off of the National Training/Workshop for Cooperative Society leaders from the South-East and South-South regions, held at the Federal Cooperative College, Oji River, Enugu State.
Senator Abdullahi emphasized that repositioning cooperatives would empower Nigerians at the grassroots level, reduce poverty, and boost food security across the country. Drawing from global trends, the Minister highlighted that the top 300 cooperatives worldwide generate a staggering $2.4 trillion in turnover, underlining the sector’s untapped potential in Nigeria.
“Agricultural cooperatives alone contribute 35% to the global cooperative asset base and turnover,” he said, stressing their role in economic growth, hunger reduction, and social development.
As part of the government’s Renewed Hope Cooperative Reform and Revamp Programme, the Minister announced several strategic plans including the review of the Nigerian Cooperative Societies Act, development of a new national policy for cooperative growth by 2025, and the establishment of a regulatory framework to sanitize the sector.
Of particular note is the plan to establish a Cooperative Bank, owned and governed entirely by cooperators themselves a bold move aimed at providing financial autonomy and tailored services to cooperative members across the country.
“The days of fake cooperatives are over,” Sen. Abdullahi warned, revealing that the National Council on Cooperative Affairs will soon be convened to strengthen partnerships between federal and state cooperative bodies.
The event, attended by key stakeholders and cooperative leaders from the South-East and South-South regions, also saw the unveiling of four new utility vehicles for the Federal Cooperative College: a Coaster Bus, an 18-Seater Bus, and two Hilux trucks demonstrating the government’s commitment to capacity building and logistics support.
Dr. Jude Ejikeme, Provost of the Federal Cooperative College, Oji River, praised the initiative, noting that the workshop created a platform for meaningful engagement between stakeholders and government representatives. “we hope to gain valuable insights into what our stakeholders expect from the government to facilitate cooperative development within their zones and Nigeria’’.
he added.
Looking ahead, the Minister announced that the South-West edition of the workshop will be held in Ibadan on April 29–30, 2025, while a grand National Cooperative Summit is scheduled for Abuja before the end of the second quarter bringing together stakeholders from all six geopolitical zones.
As Nigeria pushes forward with President Tinubu’s Renewed Hope Agenda, all eyes are on the cooperative sector to help build a more inclusive and prosperous economy from the grassroots up.
