The Ogun State Government, alongside key stakeholders, has intensified efforts to reposition Nigeria’s cooperative sector, advocating the establishment of a national cooperative bank and the full digital transformation of cooperative operations across the country.
The move formed part of resolutions presented at the 8th Regular Meeting of the National Council on Cooperative Affairs (NCAA) held in Abuja, where Ogun State led deliberations on far-reaching reforms aimed at strengthening grassroots economic development.
Presenting the motions during the technical session, the State Representative and Director of Cooperative Services, Mr. Samuel Mustapha, underscored the need to revive the legacy of cooperative societies, describing them as critical drivers of agricultural productivity, employment generation and financial inclusion, particularly in the South-West region.
He noted that the proposed reforms would restore the sector’s relevance through the establishment of a Cooperative Bank of Nigeria, designed to provide accessible and inclusive financial services to millions of cooperative members nationwide.
Other key proposals included the creation of a stand-alone Ministry of Cooperatives, establishment of a Cooperative Fraud Unit to safeguard investments, and the development of a mutual cooperative share exchange to enable societies trade and invest seamlessly among themselves.
Mustapha further disclosed that Ogun State had taken proactive steps to strengthen the sector through international partnerships, particularly with German cooperative institutions, in alignment with the Federal Government’s Renewed Hope Agenda.
Central to the deliberations was the push for the digitalisation of cooperative activities, championed by the State Commissioner in the Ministry, Hon. Ademola Balogun. He stressed that adopting digital platforms had become imperative to enhance transparency, improve data management and promote ease of doing business within the cooperative ecosystem.
Balogun also called for a comprehensive review of the Cooperative Act of 2004, noting that the existing law had become outdated and no longer reflects current economic realities.
In a communiqué issued at the end of the meeting, the Council acknowledged the vital role of all three tiers of government in revitalising the cooperative sector as a catalyst for inclusive growth and sustainable development.
The Council also commended President Bola Ahmed Tinubu for prioritising cooperatives as a key strategy for achieving food security, job creation and broad-based economic growth.
It further emphasised the need to strengthen research and development in agro-allied cooperative societies, while calling for the reinforcement of national apex cooperative bodies to deepen economic empowerment across the country.
The Council endorsed the establishment of the Cooperative Bank of Nigeria (COOPBANK) and a regulatory framework to guide its operations, alongside continued engagement to update the Cooperative Act in line with global best practices.
Highlight of the event was the formal handover of cooperative documents by the Minister of State for Agriculture and Food Security, Senator Dr. Aliyu Abdullahi, who also serves as Supervising Minister for Cooperative Affairs, to Hon. Ademola Balogun, officially granting Ogun State the hosting rights for the 2027 edition of the Council meeting.
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