Cooperative Sector Mobilises N1.8trn In Savings

The Cooperative Rating and Award Society of Nigeria (CRASON) has announced that the Nigerian cooperative sector has successfully mobilised over N1.8 trillion in savings.

President of CRASON, Victor Oyegoke, made this disclosure while speaking ahead of the 6th Nigerian National Cooperative Awards, Symposium, and Exhibitions 2024 in Abuja yesterday.

The symposium is being organised by the Federal Ministry of Agriculture and Food Security (Federal Department of Cooperatives) in collaboration with CRASON.

Oyegoke said this year’s Nigerian National Cooperative Awards will celebrate those making significant contributions to the cooperative sector, from government ministers to service organisations.

“In Nigeria today, the cooperative sector has mobilised over N1.8 trillion in savings. In terms of loans, more than N1.3 trillion has been disbursed to members. We also have over 400,000 individual members across various cooperatives. These figures demonstrate the immense impact cooperatives are making,” Oyegoke said.

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He also pointed out the critical role cooperatives play across various sectors, including housing. “Many cooperatives today have enabled civil servants and even employees of blue-chip companies to access resources and support. It’s clear that cooperatives are contributing significantly to the development of these sectors,” he added.

The awards, symposium, and exhibition, scheduled for this weekend, will feature key personalities who have shown support for cooperatives.

“We have three ministers attending the awards to acknowledge their ministries’ contributions to supporting cooperatives. For example, the Minister of State for Agriculture and Food Security will be recognised as the most outstanding minister of the year for his efforts in reforming the cooperative sector,” Oyegoke said.

He emphasised that the event will be an opportunity for learning, with discussions on the future of cooperatives, including the emerging trend of platform cooperatives that are appealing to younger generations.

“For a long time, cooperatives have been associated with older generations, but we are now focusing on the younger generation and their potential involvement in these evolving platforms,” he added.