Federal Government to establish cooperative bank, digital ID system to revive sector
The federal government has unveiled a major reform plan aimed at repositioning Nigeria’s cooperative sector, including the proposed establishment of a cooperative bank and a nationwide digital registry system.
Speaking at the 8th National Council on Cooperative Affairs (NCCA) in Abuja on Thursday, the Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said the initiative forms a key part of the administration’s economic agenda.
Abdullahi said the reform programme, tagged the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), is designed to modernise the sector, improve governance, and expand access to finance.
He said the government is also developing a “Cooperative Verification Number (CVN)” system and a smart digital registry to improve transparency, data management, and accountability across cooperative societies.
“The time has come to embrace technology, enforce accountability, strengthen governance, support innovation, and empower our cooperative societies to thrive,” Abdullahi said.
The minister noted that cooperatives remain a vital part of Nigeria’s economy, serving as key drivers of food production, rural development, microfinance, and small business sustainability.
He linked the reforms to President Bola Tinubu’s economic agenda, saying revitalising cooperatives is essential to achieving food security, job creation, and inclusive growth.
According to him, the sector has long been affected by structural challenges, including weak governance, poor data systems, limited access to finance, and low digital adoption.
To address these gaps, Abdullahi said the RH-CRRP is built around seven pillars: regulatory reform, institutional strengthening, digitalisation, improved access to credit, enterprise development, stakeholder partnerships, and monitoring and evaluation frameworks.
He added that the government has already reviewed the Nigerian Cooperative Societies Act, developed a national accounting template, and begun work on a smart cooperative registry.
A roadmap for the proposed cooperative bank has also been drafted, alongside efforts to revive the National Centre for Cooperative Development (NACCODEV).
“Revitalising the cooperative sector is not optional; it is urgent and non-negotiable,” he said.
Abdullahi urged stakeholders to adopt the reform blueprint, harmonise reporting standards, and support the implementation of a national cooperative action plan for 2026–2027.