The federal government has unveiled a reform plan to reposition Nigeria’s cooperative sector, including the proposed establishment of a cooperative bank and a nationwide digital registry system.
Speaking at the 8th National Council on Cooperative Affairs (NCCA) in Abuja on Thursday, Aliyu Abdullahi, minister of state for agriculture and food security, said the initiative is central to the administration’s economic agenda.
Abdullahi said the reform programme, tagged the ‘Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP),’ is designed to modernise the sector, improve governance, and expand access to finance.
He said the government is also working on a “Cooperative Verification Number (CVN)” system and a smart digital registry to improve transparency, data management, and accountability across cooperative societies.
“The time has come to embrace technology, enforce accountability, strengthen governance, support innovation, and empower our cooperative societies to thrive,” Abdullahi said.
The minister said cooperatives remain critical to Nigeria’s economy, describing them as key drivers of food production, rural development, microfinance, and small business sustainability.
He linked the reforms to the economic agenda of President Bola Tinubu, noting that revitalising cooperatives is essential for achieving food security, job creation, and inclusive growth.
Abdullahi said the sector has long faced structural challenges, including weak governance frameworks, poor data systems, limited access to financing, and low levels of digital adoption.
To address the gaps, he said the RH-CRRP is structured around seven pillars, including regulatory reform, institutional strengthening, digitalisation, access to credit, enterprise development, stakeholder partnerships, and monitoring frameworks.
He added that the government has already reviewed the Nigerian Cooperative Societies Act, developed a national accounting template, and initiated work on a cooperative smart registry.
The minister said a roadmap for establishing the proposed cooperative bank has also been drafted, alongside efforts to revive the National Centre for Cooperative Development (NACCODEV).
“Revitalising the cooperative sector is not optional; it is urgent and non-negotiable,” he said.
Abdullahi called on stakeholders to adopt the reform blueprint, harmonise reporting standards, and support the implementation of a national cooperative action plan for 2026–2027.
