FG Begins South-West Tour To Mobilise Capital For Cooperative Bank

The federal government has commenced the South-West zonal engagement and ministerial advocacy tour aimed at mobilising share capital for the proposed Cooperative Bank of Nigeria and promoting the digitalisation of the cooperative sector.

The initiative, spearheaded by the Federal Ministry of Agriculture and Food Security, was officially flagged off on Monday in Lagos by the ministry’s Federal Department of Cooperatives.

Speaking during the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the programme aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the engagement as a deliberate move to reposition cooperatives as a vital engine for inclusive economic growth, financial inclusion, enterprise expansion, food security and national development.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister recalled that Nigeria’s modern cooperative movement began in the South-West following the 1934 Strickland Report, which paved the way for the Cooperative Societies Ordinance of 1935.

He explained that launching the sensitisation and share capital mobilisation campaign in the region was symbolic, representing a return to the foundation of cooperative development in Nigeria.

According to Abdullahi, the advocacy tour stemmed from resolutions adopted at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He stated that the council endorsed the Renewed Hope Cooperative Reform and Revamp Programme, a broad reform initiative designed to strengthen the cooperative sector and support the administration’s ambition of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

Abdullahi identified the establishment of the Cooperative Bank of Nigeria and the digitalisation of cooperative activities as two key transformational projects under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

The minister stressed that the proposed bank would enjoy government backing but would not be funded by the government.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also addressing participants, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reiterated the state government’s commitment to transforming the cooperative sector.

She described cooperatives as essential instruments for driving inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem added that Lagos State would continue to support ongoing reforms and partner with relevant stakeholders to ensure the effective implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.