Revamped cooperative sector key to economic empowerment – Sen. Abdullahi

By Kunle Sanni

The Minister of State for Agriculture and Food Security, Senator Aliyu Abdullahi, has declared that a revitalized cooperative sector holds the key to economic empowerment and national prosperity, positioning Nigerian cooperators as active contributors to a $1 trillion economy within the decade.

He made this statement during the flag-off ceremony of a national training and workshop for trustees, management committee members, and managers of cooperative societies in the South-East and South-South regions. The event was held at the Federal Cooperative College, Oji River, Enugu State.

Highlighting the global significance of cooperatives, the minister noted that the 300 largest cooperatives worldwide generate over $2.4 trillion in turnover and play a major role in driving economic development, reducing hunger, and alleviating poverty.

“Agricultural cooperatives alone contribute 35% to the global cooperative asset base and turnover,” Abdullahi said, emphasizing the need for Nigeria to harness this potential. “This government has shown the political will to empower its citizenry, and capacity building is at the heart of our strategy to reform the sector.”

The minister also outlined key objectives of the Renewed Hope Cooperative Reform and Revamp Programme, including:

• A review of the Nigerian Cooperative Societies Act (N98 LFN 2004) to reflect technological and economic realities;
• The development and launch of a new National Policy for Cooperative Development and Growth 2025;
• Establishing a national regulatory framework and standard operating guidelines;
• Facilitating the creation of a Cooperative Bank fully owned and governed by cooperators.

He stressed that the era of fraudulent cooperative societies was over and that measures were being taken to restore credibility and integrity to the system. A National Council on Cooperative Affairs will soon be convened to promote collaboration between federal and state-level cooperative ecosystems, he added.

Senator Abdullahi also announced that a similar training workshop for South-West cooperative stakeholders will be held on April 29–30, 2025, at the Federal Cooperative College, Ibadan. Additionally, a National Cooperative Summit on Renewed Hope for Food Security is scheduled to hold in Abuja before the end of the second quarter.