•‘Why Nigeria needs agripreneurs, not more farmers’
The Federal Government has unveiled plans to establish the Cooperative Bank of Nigeria and introduce a nationwide digital identity system for cooperative societies and their members as part of efforts to reposition the sector for economic growth, financial inclusion and food security.

The Minister of State for Agriculture and Food Security, Dr Aliyu Sabi Abdullahi, disclosed this yesterday in Lagos during the South-West Zonal Engagement of the Ministerial Advocacy Tour on Cooperative Bank Share Capital Mobilisation, Sensitisation and Cooperative Sector Digitalisation Drive. He said the initiative was aimed at strengthening cooperative financing and modernising the sector.

Also highlighting the need to transform agriculture into a more profitable and sustainable enterprise, the Group Managing Director of Xtralarge Farms & Resorts, Dr Mrs Moji Davids, said Nigeria does not need more farmers but agripreneurs capable of creating wealth.

Across the agricultural value chain through processing, branding, logistics and market access.

Speaking at the Xtralarge Agriwealth Revolution Summit held in Lagos, Davids said the country already had enough people engaged in farming, but many remained trapped in poverty due to the absence of structured business systems.

According to her, the focus should shift from merely encouraging people to farm to building sustainable agribusinesses capable of generating wealth and employment.

“We don’t need many more farmers. We already have enough farmers in the industry. They say food security, food security, but is there any day you wake up and go to the market and you don’t find food?” she said.

Meanwhile, Abdullahi explained that the proposed Cooperative Bank of Nigeria would provide accessible and affordable financial services to cooperators, farmers, artisans, traders, Small and Medium Enterprises (SMEs), women, youth and Persons with Disabilities (PWDs).

“For too long, the cooperative movement in Nigeria has operated without a dedicated and structured financial institution that truly understands and reflects cooperative realities and aspirations. This initiative seeks to change that narrative,” he said.

The minister disclosed that the ownership structure of the proposed bank would allocate 65 per cent controlling equity to cooperative societies, unions and federations, 30 per cent non-controlling equity to private and institutional investors, while employees of the bank and affiliated cooperative enterprises would hold five per cent equity.

He stressed that the initiative would be government-enabled rather than government-funded, noting that the Federal Government’s role would focus on policy support, stakeholder coordination and regulatory facilitation.

Abdullahi also announced plans for a nationwide digitalisation framework for the cooperative sector through the introduction of a Cooperative Verification Number (CVN) for registered societies and a Cooperative Members Identification Number (CoopID) for individual members.

According to him, the digital identity systems would help eliminate fraudulent cooperatives, improve transparency and accountability, strengthen investor confidence and integrate cooperators into Nigeria’s formal economic system.

He added that both systems would be linked to the National Identity Number (NIN) database to ensure harmonisation with national data systems.

The minister said the reform programme would also support investments in cooperative housing, transport, agro-processing, retail, logistics and digital platform services through the proposed Cooperative Trust and Investment Society of Nigeria (CoopTrust).