By Joy Baba-Yesufu
The Hon. Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi, has stated that a revitalized and well-regulated cooperative sector is central to Nigeria’s vision of economic empowerment, food security, and achieving a $1 trillion economy within the decade.
He made this assertion at the flag-off ceremony of the National Training/Workshop for Trustees, Management Committees, and Managers of Cooperative Societies, held at the Federal Cooperative College, Oji River, for stakeholders from the South-East and South-South regions.
Sen. Abdullahi emphasized the global importance of cooperatives, noting that:
“The largest 300 cooperatives worldwide generate over $2.4 trillion in turnover. These institutions are instrumental in promoting inclusive economic growth, reducing hunger, and alleviating poverty.”
He revealed that agricultural cooperatives alone contribute 35% of the global cooperative asset base and turnover, underscoring their relevance to national and global food systems.
The Minister announced that the current training is a foundational step in the broader ‘Renewed Hope Cooperative Reform and Revamp Programme’, designed to reposition cooperatives as strategic vehicles for grassroots economic development.
According to him, the government has outlined several key objectives and performance indicators, including:
Review of the Nigerian Cooperative Societies Act N98 LFN 2004 to reflect modern realities, especially in digital finance and cooperative governance.
Development and launch of a new National Policy for Cooperative Development and Growth 2025.
Establishment of a National Regulatory Framework and Standard Operating Guidelines for Cooperatives.
Creation of a Cooperative Bank, to be owned and managed by cooperators to meet their unique financial needs.
Sen. Abdullahi warned that the era of fake and unregistered cooperatives is over, as the ministry is taking decisive steps to enforce compliance and accountability. He disclosed that the National Council on Cooperative Affairs will soon be convened to strengthen collaboration between federal and state cooperative institutions.
The Minister also announced upcoming key events under the Renewed Hope agenda at Ibadan later this month.
