The Federal Government has officially flagged off the South-West Zonal Engagement of the Ministerial Advocacy Tour on the Cooperative Bank of Nigeria Share Capital Mobilization and the Cooperative Sector Digitalization Drive, as part of efforts to reposition the cooperative system as a key driver of inclusive economic growth.
The initiative, led by the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Sen. Dr. Aliyu Sabi Abdullahi, is aimed at strengthening financial inclusion, enterprise development, job creation, poverty reduction, and food security in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda and Nigeria’s aspiration for a one-trillion-dollar economy.
The flag-off marks the commencement of two major national initiatives under the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP) 2025–2030, approved at the 8th Regular Meeting of the National Council on Cooperative Affairs in March 2026.
Speaking at the event, Sen. Abdullahi described the South-West as a symbolic starting point for the reform agenda, noting its historical importance in Nigeria’s cooperative development.
“Commencing this tour in the South-West is a symbolic return to the roots of the cooperative movement in Nigeria. This is where it all began in 1937 with Gbedun Cooperative, and it is fitting that we relaunch our reform agenda here,”
He announced the nationwide sensitization campaign for the establishment of the Cooperative Bank of Nigeria, which is expected to provide accessible and affordable financial services to cooperators, farmers, artisans, traders, SMEs, youth, women, and persons with special needs.
The Minister explained that the proposed bank is designed with a deliberate ownership structure to preserve cooperative identity and ensure sustainability:
65% controlling equity reserved for cooperative societies, unions, federations, and individual cooperators
30% non-controlling equity open to private institutional investors, development finance institutions, impact investors, and qualified individuals
5% equity participation allocated to employees and affiliated cooperative enterprises
He stressed that the project is government-enabled but not government-funded, clarifying that no Treasury Single Account (TSA) funds will be used.
“The Federal Ministry of Agriculture and Food Security will provide policy support, stakeholder coordination, and regulatory facilitation only,” he added.
To address longstanding data challenges in the cooperative sector, the Minister unveiled two new digital identity systems:
Cooperative Verification Number (CVN): For authenticating registered cooperative societies and eliminating fake or dormant entities
Cooperative Members Identification Number (CoopID): For individual cooperators to enhance financial inclusion, traceability, and access to credit
Both systems will be integrated with the National Identity Number (NIN) framework to create a unified data architecture for the sector and support the operations of the proposed Cooperative Bank.
Sen. Abdullahi outlined seven pillars guiding the RH-CRRP 2025–2030, which include governance reforms, cooperative financing, digital transformation, capacity building, value chain development, youth and women empowerment, and strategic partnerships.
He also announced plans for the Cooperative Trust & Investment Society of Nigeria (CoopTrust), which will expand investments into housing, transport, retail, agro-processing, and digital platforms.
“The Cooperative Bank will serve as the entry point into a broader ecosystem. Under RH-CRRP, we are ending the era of dormant cooperatives and building a movement that creates wealth, jobs, and dignity for millions of Nigerians,” he said.
The Minister urged cooperative leaders to mobilize members for the digitalization process and called on investors and development partners to support the initiative as a long-term economic transformation platform.
“Together, we can build a cooperative sector that is inclusive, structured, digitally driven, financially empowered, and contributes significantly to national development,” he stated.
In her remarks, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, described cooperatives as strategic instruments for future economic development, not relics of the past.
She noted that globally, over one billion people belong to cooperatives, with the top 300 generating more than two trillion dollars annually.
She stressed the need for a national cooperative data system to support reliable economic planning, improve transparency, reduce fraud, and strengthen investor confidence.
However, she warned that access to finance must be matched with strong governance, calling for intensified capacity building in financial management, audit compliance, cooperative law, and digital bookkeeping.
The Federal Director of Cooperatives, Dr. Mohammed Bashir Abdulkadir, in his vote of thanks, reaffirmed the commitment of stakeholders to reposition the sector through digital transformation and institutional reform.
He commended the Minister for driving the RH-CRRP agenda and thanked the Lagos State Government and partners for hosting the successful flag-off.
The South-West engagement marks the beginning of a nationwide tour expected to deepen awareness, mobilize stakeholders, and accelerate implementation of the Cooperative Bank and digital transformation agenda across Nigeria.