The Federal Government has unveiled a bold reform plan to restructure and strengthen Nigeria’s cooperative sector, with key proposals including a Cooperative Bank and a nationwide digital identity system.
The announcement was made by Aliyu Abdullahi, Minister of State for Agriculture and Food Security.
Cooperative Bank in the Works
At the heart of the reform is the proposed Cooperative Bank, aimed at:
- Providing easier access to loans for cooperative members
- Supporting small businesses and farmers
- Reducing dependence on traditional banks
This move is expected to unlock funding for millions of Nigerians involved in cooperative societies.
Nationwide Digital Registry System
The government also plans to introduce a digital ID and registry system for cooperatives across the country.
This system will:
- Create a central database of all cooperatives
- Improve transparency and accountability
- Help track funding and performance
- Enable easier access to government support
Announced at National Council Meeting
The reforms were revealed during the 8th National Council on Cooperative Affairs (NCCA) held in Abuja.
According to Aliyu Abdullahi, the initiative aligns with the government’s broader goal of boosting economic inclusion and food security.
Why This Matters
Nigeria’s cooperative sector plays a major role in:
- Agriculture
- Small and medium enterprises (SMEs)
- Community-based financing
However, it has long faced challenges like:
- Poor funding access
- Lack of proper data and structure
- Weak regulatory systems
These reforms aim to fix those gaps.
Bigger Economic Impact
If successfully implemented, the initiative could:
- Empower grassroots businesses
- Increase agricultural productivity
- Strengthen financial inclusion
- Drive economic growth from the bottom up
The Federal Government’s plan to introduce a Cooperative Bank and digital registry could be a turning point for millions of Nigerians relying on cooperative societies.
With Aliyu Abdullahi leading the charge, the sector may finally get the structure and support it needs to thrive in a modern economy.
