CFN Seeks FG, States’ Support For 40m Cooperators In Nigeria

Federal and state governments have been charged to collaborate with the cooperative movement in Nigeria to fast-track the development of the country’s economy.

The appeal was made yesterday by the president of Cooperative Federation of Nigeria (CFN) and International Cooperative Alliance Africa, Chief Ayeola Oriyomi, ahead of the 2022 International Cooperative Day observed worldwide today.

Oriyomi said federal and state governments’ support for 40 million cooperators would enable the subsector to play its critical role in revamping the economy.

The International Cooperative Day is celebrated annually on the first Saturday in July by Global Cooperative Movement since 1923 and the United Nations since 1995.

This year’s celebration will be the 100th International Cooperative Day. Similarly, it marks a decade since the United Nations named 2012 as the International Year of Cooperatives in recognition of the cooperative business model..

Oriyomi’s call is contained in a statement he issued to commemorate the day and address to members of cooperative societies in Nigeria and Africa.
Describing the theme for this year’s celebration: “Coops Build a Better World” as apt and timely, he said it would help to address the prevailing challenges.

He further said the theme is in appreciation of cooperatives’ dedication and adherence to standards, moral and ethical values; which are entrenched in the cooperative principles that build people’s social network and generate healthy communities and national peace.

Citing Cooperative Monitor published by the International Cooperative Alliance (ICA), the CFN president said cooperative members globally represent 12 percent of humanity.This is a pointer to the fact that many people across the world are embracing the Cooperative Business Model, he said, adding that in Nigeria, we have well over 40 million cooperators spread in all the sectors of the economy providing succour to members and non-members .

“Cooperatives are businesses driven by values and not by remuneration; therefore, members through over three million cooperatives across the globe act together to build a better world by helping members achieve individual goals through collective contributions.”

He lamented that in spite of cooperatives contribution to a better world, cooperatives in Nigeria are faced with many challenges, among them is lack of adequate attention by government, inadequate and obsolete regulations, poor monitoring and control, threatening inflation, general insecurity, COVID-19 pandemic, which devastating effect is still being felt.