The Federal Government through Federal Ministry of Agriculture and Food Security has concluded arrangements aimed at establishing a Cooperative Bank of Nigeria as a specialized financial institution owned substantially by cooperatives and cooperators that would wholly be  financing housing projects.

In addition, the bank is designed to provide accessible financing support to cooperative societies and underserved sectors, including cooperative housing initiatives, and will serve as as a modern, digitally-driven, transparent, inclusive, and economically viable ecosystem.

Speaking at Cooperative Housing Summit Africa, CHOSA, in Abuja, the Minister of State for Agriculture and Food Security ( Supervising Minister of Cooperative Affairs) Dr. Aliyu S.Abdullahi explained that the initiative is government-enabled but not government-funded, and will be built on cooperative ownership principles and strategic partnerships.

He hinted that the proposed ownership structure allocates as follows, 65 percent controlling equity strictly to Cooperative Societies;30 percent non-controlling equity to strategic investors, development finance institutions; Individual Cooperative societies and Cooperators, and 5 percent equity participation to employees.

According to the Minister, this model is designed to ensure sustainability, accountability, transparency, and long-term institutional stability as they have recognized the enormous potential of cooperatives as engines for socio-economic transformation in built ecosystem.

“Under this reform initiative, we are pursuing several strategic interventions designed to strengthen cooperative institutions and unlock their development potential.The bank will create opportunities for affordable cooperative housing finance, long-term housing development support,” he emphasized.

Others are:Access to cooperative mortgages, financing for housing estates, and community development projects,financial inclusion for informal sector workers,cooperative infrastructure financing,women and youth housing empowerment schemes, and inclusive access for Persons with Disabilities (PWDs).

“CHOSA Africa 2026 is not merely another conference, but a strategic movement designed to reposition cooperative housing as a sustainable, inclusive, and people-centered solution to Africa’s growing housing deficit.  Housing financing will provide one of the most practical pathways toward achieving this goal.”

Explaining further, Abdullahi said this is why the Ministry has continued to champion the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), aimed at repositioning the cooperative sector in Nigeria

“As Africa urbanizes rapidly, the demand for affordable housing will continue to increase exponentially. We must therefore adopt scalable and sustainable housing models that are inclusive, affordable, community-driven, and technologically enabled.”