The Nation Newspaper

Tag: cooperative sector

  • Cooperative sector will position members for $1tr economy

    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.

  • Nigeria to revitalise cooperative sector for economic growth, says Minister

    Nigeria to revitalise cooperative sector for economic growth, says Minister

    The Minister of State for Agriculture, Dr. Aliyu Abdullahi, has reaffirmed the federal government’s commitment to revitalising the cooperative sector as part of efforts to drive economic growth, promote social cohesion, and reduce poverty in Nigeria.

    Speaking during the Technical Strategy Session on Implementation of the Cooperative Reform and Revamp Programme in Abuja on Wednesday, Dr. Abdullahi acknowledged the long-standing challenges hindering the sector’s growth, including weak governance, outdated laws, and inadequate funding.

    However, he emphasised that the government is focused on charting a new course based on transparency, accountability, and inclusivity.

    “Our mission today is to create an enabling environment that fosters innovation, entrepreneurship, and job creation.

    This aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes economic growth and development,” he said.

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    Dr. Abdullahi outlined key areas of focus, including the review of the final report from the ministerial technical working group on cooperative reform.

    He noted that the implementation strategies developed would be in line with the President’s vision of building a $1 trillion economy.

    Highlighting the global impact of cooperatives, he revealed that the combined asset base of cooperatives worldwide is valued at approximately $19.6 trillion, generating an annual revenue of $2.98 trillion.

    He stressed that Nigeria must harness this potential to strengthen its economy.

    To achieve this, the Minister announced plans for restructuring the Federal Department of Cooperatives, enhancing institutions such as the Federal Cooperative Colleges and the National Center for Cooperative Development.

    The goal, he said, is to equip these institutions to provide high-quality training and prepare Nigerian youths for a modern, people-centric cooperative movement.

    Dr. Abdullahi also underscored the importance of collaboration, calling for partnerships with private sector operators, civil society organisations, and cooperative societies across different categories.

    “We must work together. The cooperative movement thrives on democratic principles and progressive thinking. Our success will depend on active participation and teamwork,” he said.

    The Minister encouraged participants to seize the opportunity to contribute meaningfully to the reform process, urging them not to “undermine” their roles in building a stronger cooperative sector.