BY JULIET EKWENUGO
Kaduna
The Federal Government (FG) has unveiled plans to establish a Cooperative Bank of Nigeria and accelerate the digital transformation of the cooperative sector as part of efforts to drive financial inclusion, strengthen governance and promote sustainable economic development.
Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Senator Aliyu Sabi Abdullahi, disclosed this on Friday at the Cooperative Education for Sustainable Economic Development Summit (CESDES 2026) held at the Federal Cooperative College, Kaduna.
The summit, organised by the college in collaboration with Impact Multipurpose Cooperative Society Limited (IMCOOPS) and the Zaria Local Government Affiliated Cooperative Society Limited, had as its theme: ‘Cooperative Education as a Tool for Inclusive and Sustainable Economic Development’.
Abdullahi said the proposed Cooperative Bank of Nigeria forms part of the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP) 2025–2030 aimed at repositioning the sector as a major contributor to national development.
According to him, the federal government has prioritised three flagship initiatives, namely digitalisation of the cooperative sector, establishment of the Cooperative Bank of Nigeria and review of the legal framework governing cooperative societies.
He explained that the digital transformation agenda would be implemented through the National Cooperative Digital Architecture Platform (NCDAP), which would facilitate the National Cooperative Smart Registry (NCSR), the issuance of Cooperative Verification Numbers (CVN) for cooperative societies and Cooperative Member Identification Numbers (CoopID) for individual members.
The minister explained that the digital infrastructure would provide credible data, enhance transparency and accountability, strengthen regulatory oversight, facilitate access to finance and curb fraud within the sector.
He described the proposed Cooperative Bank of Nigeria as a cooperative-owned financial institution designed to provide affordable and accessible financial services to cooperative societies and their members across the country.
“The Bank will serve as a strategic vehicle for mobilising cooperative capital, financing agricultural production, supporting MSMEs, promoting enterprise growth, expanding financial inclusion, and creating sustainable economic opportunities for millions of Nigerians,” he said.
Abdullahi added that the ownership structure of the proposed bank would ensure that cooperative societies and members retain majority ownership and control in line with cooperative principles.
He also disclosed that government was reviewing the Nigerian Cooperative Societies Act, Cap N98, Laws of the Federation of Nigeria 2004, alongside plans to develop a modern regulatory and supervisory framework to address emerging realities such as digital transformation, financial innovation and evolving governance standards.
The minister said the three initiatives were interconnected and would provide the foundation for a transparent, technology-driven and globally competitive cooperative sector.
Earlier in his welcome address, the Provost of the Federal Cooperative College, Kaduna, Dr Awwal Ibrahim Mohammed, described cooperative education as a critical tool for tackling unemployment, poverty, inequality, food insecurity and financial exclusion.
He said contemporary socio-economic challenges required innovative and people-centred solutions capable of empowering individuals and communities to become active participants in economic development.
Mohammed noted that education, training and information remained one of the internationally recognised principles of cooperatives and constituted the foundation for building vibrant and resilient cooperative enterprises.
He said cooperative education equips individuals with leadership abilities, entrepreneurial skills, financial literacy and governance competencies necessary for wealth creation, job generation and social cohesion.
He stressed the need for innovation, research, market-driven training and strategic partnerships to enhance the relevance and impact of cooperative institutions.
