FG targets cooperative sector revamp in race for $1trn economy

-To establish a cooperative bank run by cooperators

The federal government has launched an initiative to revamp the cooperative sector to empower Nigerians and make cooperatives part of a One-Trillion-Dollar Economy within the 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 cooperative stakeholders in Enugu State, a statement by the ministry said.

Abdullahi highlighted the significance of cooperatives globally, noting that the largest 300 cooperatives generate $2.4 trillion in revenue.

He noted that agricultural cooperatives contribute 35 percent to the global cooperative asset base and turnover, playing a vital role in reducing hunger and alleviating poverty worldwide.

The minister said the government plans to review the Cooperative Societies Act to align with current realities, especially regarding technology, develop and launch a New National Policy for Cooperative Development & Growth 2025, establish a National Regulatory Framework and Standard Operating Guidelines for Cooperatives in Nigeria.

He also said the federal government will facilitate the establishment of a Bank for Cooperative Societies owned and governed by cooperators themselves.

Abdullahi further noted that the federal government is set to host the ‘South-West Cooperative Stakeholders Forum’ in Ibadan 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.”

The minister emphasised the government’s commitment to empowering citizens and promoting economic growth through the cooperative sector.

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