Proposed Cooperative Bank – The Trumpet Newspaper Nigeria

The Federal Government has urged cooperative societies across Nigeria’s South-South region to support the proposed Cooperative Bank of Nigeria and the National Cooperative Sector Digitalisation Drive as part of efforts to reform and strengthen the country’s cooperative movement.

The call was made on Thursday by the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Senator Aliyu Sabi Abdullahi, during the South-South Zonal Engagement of the Ministerial Advocacy Tour held in Yenagoa, Bayelsa State.

The engagement formed part of activities marking the 2026 United Nations International Day of Cooperatives with the theme, “Cooperatives for a Peaceful World.”

According to a statement issued by the Head of the Department of Information at the Federal Ministry of Agriculture and Food Security, Ezeaja Ikemefuna, Abdullahi, who was represented by his Special Assistant on Cooperative and Farmers Welfare, Victor Oyegoke, said the Federal Government had commenced the implementation of the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP 2030) to reposition the cooperative sector.

Read Also:

He said cooperative societies remain critical to job creation, poverty reduction, financial inclusion, food security and community development.

“By creating jobs, reducing poverty, promoting social justice, empowering women and youth, strengthening food systems and fostering community ownership, cooperatives continue to prove that sustainable peace is built on inclusive economic opportunities,” the minister said.

Abdullahi noted that the South-South region occupies a strategic position in Nigeria’s cooperative history and should take a leading role in implementing the Federal Government’s reform agenda.

He explained that the RH-CRRP 2030, approved by the National Council on Cooperative Affairs, is designed to use cooperative societies to advance food security, financial inclusion, enterprise development and employment generation.

According to him, one of the flagship initiatives under the programme is the proposed Cooperative Bank of Nigeria, which he described as a government-enabled but cooperatively owned and controlled financial institution.

The minister said the bank would provide financial services to farmers, artisans, traders, micro, small and medium enterprises, women, youths and cooperative businesses.

“I therefore call on cooperative societies throughout the South-South Zone to actively participate in the ongoing Share Capital Mobilization Campaign and become foundation owners of this historic institution,” he said.

Abdullahi also highlighted the National Cooperative Sector Digitalisation Drive, under which the ministry is developing the National Cooperative Digital Architecture Platform.

He explained that the first phase of the initiative, the National Cooperative Smart Registry, would assign a Cooperative Verification Number to registered cooperative societies and a Cooperative Member Identification Number to individual members.

According to him, the digital reforms are expected to improve transparency, eliminate fraudulent cooperative societies, strengthen governance, facilitate access to finance, attract investments and integrate the sector into Nigeria’s formal digital economy.

The minister stressed that the reforms would only succeed with the active participation of cooperative societies, state governments, cooperative federations, development partners, investors and individual members, describing the programme as “movement-driven” rather than a government-imposed initiative.

Speaking at the event, Bayelsa State Commissioner for Trade, Industry and Investment, Ebieri Jones, said the state government had strengthened the regulation of cooperative societies through the ministry and its Bureau of Cooperatives.

He added that reforms introduced by the bureau had improved the governance structure of cooperative societies in the state, enabling them to remain active and deliver better returns to members.

Also speaking, President of the Bayelsa Cooperative Federation, Toney Soroh, commended the Federal Ministry of Agriculture and Food Security for the reforms, pledging that the state’s 43 active cooperative societies would subscribe to shares in the proposed Cooperative Bank of Nigeria.

The event was attended by representatives of more than 40 cooperative societies from across the South-South region.