FG Outlines Roadmap National Cooperative Bank Set-up

The federal government has outlined a roadmap for the establishment of a Cooperative Bank of Nigeria as part of ongoing reforms to revitalise the cooperative sector and expand access to affordable finance.

The roadmap among other agenda is currently on the table of stakeholders at the 8th National Council on Cooperative Affairs (NCCA) in Abuja, where they gathered to deliberate on strengthening cooperatives as engines of economic growth and to consider approval for the cooperative bank.

The proposed bank forms a central pillar of the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), a national framework designed to modernise cooperative institutions, improve governance and unlock financing opportunities for farmers, small businesses and vulnerable groups.

According to the minister of state for agriculture and food security, Aliyu Sabi Abdullahi who deliver keynote address at the event, the initiative seeks to address longstanding challenges confronting the sector, including underfunding, weak governance structures and exclusion from mainstream financial systems.

The minister noted that cooperatives remain critical to food production, rural development, housing and microenterprise sustainability.

He explained that the Cooperative Bank would complement other financial mechanisms such as Savings and Credit Cooperative Organisations (SACCOs) and a proposed Cooperative Relief Fund, aimed at providing affordable credit and strengthening grassroots economic activities.

The minister further disclosed that a technical framework and implementation roadmap for the bank have already been drafted, alongside ongoing efforts to digitalise cooperative operations through a national smart registry system and introduce a cooperative verification number.

He said, “If Nigeria must feed itself, empower its citizens, reduce poverty, and expand prosperity, then revamping and modernising the cooperative sector is not optional, it is urgent and non-negotiable.

The programme will facilitate the formation of the Cooperative Bank of Nigeria and promote financial cooperative systems to expand access to affordable credit and funding opportunities.

We expect this council to support and approve the roadmap for establishing the Cooperative Bank of Nigeria as part of our broader reform agenda to transform the lives of millions of Nigerians.”

Earlier, the permanent secretary, Dr Marcus Ogunbiyi said the council meeting was pivotal for policy decisions that would reposition the cooperative movement.

Represented by the director of planning and policy coordination, Ibrahim Tanimu, he noted that cooperatives play a vital role in delivering the government’s economic agenda by empowering farmers, youth, women, and persons with disabilities, while strengthening agricultural value chains and rural economies.

He added that the council received 49 memoranda for consideration, covering key policy and operational issues within the sector, and urged participants to adopt resolutions that would drive inclusive growth and sustainable development.