FG to establish Cooperative Society Bank to boost economic growth

The Federal Government has announced its intention to establish a Cooperative Society Bank to enhance the social and economic development of the country.

This was revealed on Tuesday by the Minister of State for Agriculture and Food Security, Dr Aliyu Abdullahi, during the opening ceremony of the Renewed Hope Cooperative Reform National Training for Trustees, Management Committee, and Managers of Cooperative Societies, as well as the groundbreaking of the Cooperative Innovation and Empowerment Centre (CIEC), held at the Federal Cooperative College in Ibadan, the Oyo State capital.

Abdullahi noted that the ministry aims to facilitate the establishment of the bank for cooperative societies, which will be solely owned and governed by the cooperators to serve their needs, among other initiatives.

The Minister hinted that although cooperative banks had previously existed in some parts of the country before collapsing, the introduction of the Cooperative Society Bank comes with a more revamped and reformed structure. This new bank will be built on integrity, transparency, and accountability, managing members’ deposits in a professional and ethical manner in line with cooperative principles and values.

He added that the cooperative bank, when launched, will be managed by cooperators who are experts in the field of cooperative banking.

Abdullahi emphasised that, in its bid to reform and strengthen the cooperative sector, the ministry has implemented deliberate actions and initiatives that will contribute to the country’s economy.

The Minister further stated that, as part of its efforts to improve the cooperative sector, the ministry will establish a tech-driven cooperative data and analysis platform. This platform will facilitate access to government services, subsidies, and grants from development partners for cooperative development.

“Let me remind everyone that Mr President’s Renewed Hope Agenda for the sub-sector focuses on enhancing food security, creating jobs, and improving social and economic development through cooperative societies, ultimately bringing prosperity to all.

“His Excellency, Bola Tinubu, who envisions Nigeria achieving a one-trillion US dollar economy, believes that cooperatives have vital roles to play in this vision. That is why he has wisely dedicated an entire chapter to farmer cooperatives in his Renewed Hope Agenda. Therefore, we have no excuse not to fulfil this mandate.

“As the Minister responsible for the cooperative sector, I have implemented deliberate actions and initiatives to reform and strengthen the sector so that it can effectively contribute to the economy.

“We aim to facilitate the establishment of a bank for cooperative societies that will be solely owned and governed by the cooperators themselves to serve their needs, among other initiatives.”

Speaking at the event, the Provost of the Federal Cooperative College, Dr Ibrahim Abdulganiyu, stated that the workshop comes at a time when the nation is seeking sustainable pathways for economic growth, inclusive development, and institutional reforms.

He added that the event also coincides with the ongoing reform of the three federal cooperative colleges in the country, aimed at fulfilling their mandate to produce and equip manpower with cooperative, vocational, and entrepreneurial skills capable of establishing and managing cooperative businesses and other related organisations.

Dr Abdulganiyu urged all stakeholders at the event to align their respective states with the Renewed Hope Cooperative Reform of the present administration.

Speaking on the CIEC initiative, the Provost stated that the project is designed to serve as a dynamic platform for developing innovative cooperative models, capacity building, digital integration, and youth empowerment. He added that the centre will also serve as a hub for cooperative activities where students and cooperators can engage on emerging issues in the cooperative sector.

He further reiterated the college’s commitment to providing leadership, knowledge, and solutions to drive a new era of cooperative excellence in the country.

“The training/workshop comes at a time when the three federal cooperative colleges are undergoing critical reform to fulfil their mandate to produce and equip manpower with cooperative, vocational, and entrepreneurial skills capable of establishing and managing cooperative businesses and other related organisations.

“At this juncture, I would like to implore all stakeholders present here to adopt this laudable programme in their respective states in line with the Renewed Hope Cooperative Reform of the present administration.

“As a mark of honour and recognition of the Minister of State for Agriculture and Food Security’s unwavering commitment to cooperative reform, the college is delighted to have the Honourable Minister lay the foundation of its Cooperative Innovation and Empowerment Centre (CIEC). This initiative reflects the college’s proactive commitment to assuming a strategic and collaborative role in the Federal Ministry of Agriculture and Food Security’s ongoing reform efforts.

“The Cooperative Innovation and Empowerment Centre will serve as a dynamic platform for developing innovative cooperative models, capacity building, digital integration, and youth empowerment. It will also act as a hub for cooperative activities where students and cooperators can engage on emerging issues in the cooperative sector,” he concluded.

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