Cooperative sector will position members for $1tr economy
The Minister of State for Agriculture and Food Security, Dr. Aliyu Abdullahi, has said revitalising Nigeria’s cooperative sector is vital for empowering citizens and unlocking the country’s potential to join the $1 trillion economy club within the next decade.
Speaking at the Southeast and Southsouth Cooperative Stakeholders Forum held in Enugu State, Abdullahi emphasised that cooperatives play a crucial role in reducing poverty and hunger, contributing significantly to global economic growth.
In a statement, Abdullahi said the world’s largest cooperatives generate over $2.4 trillion in turnover, noting that agricultural cooperatives alone account for 35per cent of global cooperative assets.
The minister said the Federal Government is committed to a sustained reform of the cooperative sector through capacity building, policy updates, and inclusive stakeholder engagement.
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As part of this effort, he said a national training and workshop series is underway for trustees, management, and managers of cooperative societies.
Abdullahi outlined key reforms in progress, including the review of the Nigerian Cooperative Societies Act (N98 LFN 2004), the launch of a new National Policy for Cooperative Development & Growth 2025, and the creation of a regulatory framework and guidelines for cooperative operations.
He also revealed plans to establish a cooperative bank owned and governed by members, as well as convene the National Council on Cooperative Affairs to improve synergy across states.
The minister announced upcoming events under the Renewed Hope Cooperative Reform Programme, including a stakeholders’ training workshop in Ibadan on April 29–30 and a national summit in Abuja before the end of Q2 2025.
Commending the efforts of the Federal Cooperative Colleges in the Southeast and Southsouth, Abdullahi said their alignment with the administration’s cooperative reform agenda is commendable.
In his remarks, Provost of the Federal Cooperative College, Oji River, Dr. Jude Ejikeme, described the workshop as a platform for training and dialogue with key stakeholders.
He said discussions would focus on modern cooperative management principles and skills needed to thrive in today’s economy.
The event also featured the inspection of college facilities and the unveiling of four new utility vehicles: a coaster bus, an 18-seater bus, and two Hilux trucks.
