In anticipation of the upcoming International Day of Cooperatives on July 1, cooperative societies in Nigeria are calling on the President Bola Tinubu administration to establish the Cooperative Commission of Nigeria (CCN) .
According to them it will address the long-standing neglect and lack of attention given to this vital sector of the economy.
They said these societies, especially workers’ cooperative societies, have made significant contributions to Nigeria’s Gross Domestic Product (GDP) over the years.
They further explained that the proposed CCN would serve as a regulatory body similar to the Corporate Affairs Commission (CAC) and would be responsible for the regulation and management of cooperative societies across the country.
By providing focused attention and effective oversight, the establishment of the CCN would help unlock the immense potential of this sector and ensure its sustainable growth.
President of the Federal Civil Service Cooperative Union of Nigeria, Onjefu Obe, in a statement emphasised the importance of the proposed commission, stating, “Cooperative societies in Nigeria have long been overlooked and under- regulated.
“The establishment of the Cooperative Commission of Nigeria would be a significant step towards rectifying this situation. It will not only create numerous employment opportunities for our youth but also allow for self-regulation and self-sustainability.”
Highlighting the successful model of the CAC, Obe drew parallels between the unregulated business environment before the commission’s establishment and the current state of cooperative societies in Nigeria.
“Just like how the CAC transformed the business landscape by curbing fraudulent activities, the proposed CCN can bring the same level of regulation and control to cooperative societies,” he added.
The International Day of Cooperatives, recognised by the United Nations (UN), aims to raise awareness about the significance of cooperative enterprises worldwide.
It serves as a platform to foster stronger partnerships between the international cooperative movement and supporting organizations, thereby strengthening the cooperative sector’s global impact.
As Nigeria prepares to commemorate this international event, stakeholders within the cooperative sector eagerly anticipate the government’s response to their call for the establishment of the CCN.
If implemented, the commission would not only elevate the status of cooperative societies but also contribute to Nigeria’s overall economic growth and development.
The cooperative societies of Nigeria are hopeful that the government will seize this opportunity to empower and regulate this untapped segment of the economy, allowing it to flourish and contribute even more substantially to the nation’s prosperity.
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