The Federal Government has launched a N200 billion share capital mobilization campaign for the proposed Cooperative Bank of Nigeria, under the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP)

The Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Sen Dr. Aliyu Sabi Abdullahi flagged off the campaign at the North-West Zonal Engagement of the Ministerial Advocacy Tour held yesterday in Kaduna.

Dr Aliyu Abdullahi revealed that the Ministry was targeting 10,000 cooperative societies across the 36 states and FCT , saying ““through this collective effort, we aim to mobilize approximately ₦200 billion and establish a strong, sustainable, and nationally owned cooperative financial institution capable of supporting agricultural development, enterprise growth, financial inclusion, housing, transportation, value-chain development, and wealth creation for millions of Nigerians,”

He added that ” to ensure continuity beyond the current administration, the Ministry has established an Inter-Ministerial Technical Committee for policy coordination and a National Steering Committee with MDAs, apex cooperative organizations, and development partners, saying the Federal Department of Cooperatives has also assigned dedicated desk officers to each of the seven strategic pillars of RH-CRRP”.

According to him, “the proposed Cooperative Bank of Nigeria will preserve cooperative control and identity while attracting strategic investment. 65 per cent of equity will be owned by cooperative societies through the Cooperative Trust and Investment Society of Nigeria (CoopTrust).

He also added that 30percent will be open to institutional investors, development finance institutions, impact investors, and individual cooperators, while 5 percent will be reserved for an Employee Share Ownership Scheme.

He further revealed that ” the Ministry is rolling out the National Cooperative Digital Architecture Platform (NCDAP) to address data gaps, highlighting the key components to include the National Cooperative Smart Registry (NCSR), Cooperative Verification Number (CVN), and CoopID, CoopCHECK Credit Bureau powered by CreditRegistry”

The Minister recalled that cooperatives drove Nigeria’s biggest agricultural successes in the past. In the North-West, marketing societies organized farmers to power, the groundnut pyramids, the cotton industry, and the hides and skins trade. Similar models delivered results in the old Western Region through cocoa cooperatives and in the Eastern Region through palm produce cooperatives.

He called on the Cooperative Federation of Nigeria, state federations, unions, societies, development partners, traditional institutions, and financial institutions to mobilize members and commit fully to the program.

The Minister also commended Kaduna State Governor, Senator Uba Sani, for sustaining the state’s legacy as a centre of commerce, education, agriculture, and innovation, noting that his commitment to security and social inclusion provides a strong foundation for RH-CRRP to thrive.

In his remarks, the Executive Governor of Kaduna State, Sen Uba Sani, represented by the Commissioner of Agriculture, Hon. Murtala Dabo, recalled that cooperatives have served as platforms for collective action, savings mobilization, access to credit, enterprise development, agricultural production, and community empowerment and have enabled ordinary citizens to pool resources, reduce risk, improve productivity, and create sustainable livelihoods.

The Governor pointed out that “we advance major initiatives such as the Special Agro-Industrial Processing Zone (SAPZ), the Agricultural Quality Assurance Centre (AQAC), agricultural mechanization programmes, climate-smart agriculture initiatives, and value-chain development projects; strong and digitally enabled cooperatives will become even more critical to achieving scale, productivity, competitiveness, and prosperity”.

In his welcome address, Provost, Federal Cooperative College, Kaduna State, Dr. Ibrahim Mohammad Awwal stated that “We are particularly delighted that Kaduna has been selected to host this important engagement. Kaduna occupies a unique place in the history of cooperative development in Northern Nigeria and remains a major centre for cooperative education, training, research and institutional development. The choice of Kaduna for this engagement is therefore both symbolic and strategic”.

During her Goodwill Message, the President, Cooperative Federation of Nigeria, CFN, Mrs Hannatu Mershak said that a digitised cooperative sector would lead to veritable records, easier access to markets and finance as well as greater trust from Government and Development Partners.