Nigeria is looking to overhaul its co-operative sector to unlock economic opportunities and tap into the $19.6 trillion global market. The Minister of State for Agriculture and Food Security has stressed the need for reforms, highlighting the sector’s potential to drive economic growth, strengthen communities, and reduce poverty.
Speaking at a technical strategy session in Abuja, the minister pointed out that co-operatives worldwide generate an annual revenue of $2.98 trillion. However, despite Nigeria’s large population and entrepreneurial spirit, the country’s co-operative movement remains underdeveloped. Weak governance, outdated regulations, and poor access to funding have stifled its growth, preventing co-operatives from making a significant economic impact.
To address these challenges, the technical team has identified key areas for reform. One priority is the restructuring of the Federal Department of Cooperatives to improve efficiency and oversight. The government also plans to reposition Federal Cooperative Colleges to enhance education and training for co-operative members, ensuring they have the skills and knowledge needed to build sustainable businesses. Additionally, the reform agenda will align with the government’s Renewed Hope Agenda, a broader initiative aimed at fostering economic recovery and development.
The director of the Federal Department of Co-operatives emphasized the need for stronger collaboration between co-operatives and industries. He noted that with the right policies in place, the sector could play a crucial role in Nigeria’s economic expansion, creating jobs and boosting incomes for millions of people.
With these planned reforms, the government aims to create an enabling environment for co-operatives to thrive, attract investment, and contribute more effectively to the country’s economic development. The success of this initiative will depend on the implementation of policies that support innovation, entrepreneurship, and financial inclusion within the sector.
