FG Begins Nationwide Mobilisation targeting 10,000 Cooperatives for Proposed Cooperative Bank of Nigeria

The Federal Government has commenced a nationwide mobilisation campaign targeting at least 10,000 cooperative societies to raise share capital for the proposed Cooperative Bank of Nigeria, as part of efforts to reposition the cooperative sector as a major driver of financial inclusion, agricultural development, and economic growth.

The Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, disclosed this at the North-West Zonal Engagement on the Cooperative Bank of Nigeria Share Capital Mobilisation and Cooperative Sector Digitalisation Drive held in Kaduna.

He explained that the initiative is part of the Renewed Hope Cooperative Reform and Revamp Programme approved by the National Council on Cooperative Affairs, aimed at transforming the sector into a strategic contributor to Nigeria’s aspiration of becoming a one-trillion-dollar economy.

According to the Minister, the proposed Cooperative Bank of Nigeria will be owned, controlled, and managed by cooperators, while adhering to modern financial regulations and governance standards.

He said under the proposed ownership structure, 65 percent of the bank’s equity would be owned by cooperative societies and cooperators through a Cooperative Trust and Investment Society of Nigeria, while 5 percent would be reserved for employees under an ownership scheme.

Senator Abdullahi further disclosed that the mobilisation campaign targets 1,000 cooperative societies under the gold category with subscriptions ranging between ₦21 million and ₦50 million, 3,000 societies under the silver category with ₦15 million to ₦20 million subscriptions, and 6,000 societies under the bronze category contributing between ₦1 million and ₦15 million.

He stressed that the bank would provide affordable credit and financial services to farmers, artisans, traders, women, youths, persons with disabilities, and small and medium-scale enterprises.

The Minister also announced plans to digitise the cooperative sector through a National Cooperative Digital Architecture Platform, which will feature a National Cooperative Smart Registry, Cooperative Verification Number, and Cooperative Member Identification Number (Coop-ID).

He noted that the platform would enhance transparency, eliminate ghost cooperatives, reduce credit risks, and improve access to financial services and government interventions.

Senator Abdullahi challenged stakeholders in the North-West region to take the lead in revitalising and modernising the cooperative movement, noting the region’s historical role in cooperative development and agricultural marketing.

Earlier, the President of the Cooperative Federation of Nigeria, Mrs. Hanatu Meshark, described the proposed bank and digitalisation initiative as critical interventions needed to address longstanding challenges in the sector.

She identified inadequate capitalisation, limited access to finance, and weak digital infrastructure as key constraints hindering the growth of cooperatives.

Mrs. Meshark said the proposed bank would give cooperators the opportunity to collectively own a financial institution tailored to their needs while reducing dependence on exploitative lending systems.

She added that the digitalisation initiative would strengthen transparency, accountability, governance, and access to markets, while boosting investor confidence.

She urged cooperative societies across Kaduna, Kano, Katsina, Kebbi, Sokoto, Zamfara, and Jigawa States to actively participate in the mobilisation exercise.

Also speaking, the Commissioner for Agriculture in Kaduna State, Mallam Muhammad Murtala Dabo, who represented Governor Uba Sani, said the programme aligns with the state government’s commitment to financial inclusion and agricultural transformation.

He revealed that over 2.5 million accounts have been opened for previously excluded citizens, while millions have been integrated into the formal economy through identity registration and empowerment programmes.

According to him, the initiative has enabled thousands of farmers to access agricultural support services, including fertilisers, improved seeds, mechanisation, irrigation, and extension services through digital platforms.

He further disclosed that more than 100,000 smallholder farmers have been enrolled in crop insurance schemes to mitigate risks from pests, diseases, and climate-related challenges.

Mallam Dabo described the proposed Cooperative Bank as a strategic platform to expand access to affordable finance, promote enterprise growth, and improve livelihoods, particularly in rural communities.

He reaffirmed Kaduna State Government’s commitment to supporting initiatives that strengthen cooperatives, expand economic opportunities, and deepen financial inclusion.

The North-West Zonal Engagement brought together cooperative leaders, government officials, development partners, financial institutions, and stakeholders from across the region to chart a path for strengthening cooperative governance, investment mobilisation, and digital transformation.