The Federal Government has encouraged cooperative societies in the South-South region to participate in the proposed Cooperative Bank of Nigeria and adopt digital solutions aimed at improving the efficiency of the sector.
The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, made the appeal on Wednesday in Yenagoa during the grand finale of the 2026 United Nations International Day of Cooperatives and the South-South Zonal Ministerial Advocacy Tour on Cooperative Bank share capital mobilisation.
Represented by his Special Adviser on Cooperative Matters, Victor Oyegoke, the minister said the planned bank would be supported by the government but owned and managed by cooperative members nationwide.
According to him, the institution would provide accessible financial services to farmers, artisans, traders, women, young people, micro, small and medium enterprises (MSMEs), and cooperative businesses.
Abdullahi urged cooperative societies across the South-South to take advantage of the ongoing share capital mobilisation campaign and become among the founding owners of the proposed bank.
He also announced the Federal Government’s initiative to digitise the cooperative sector, describing it as a move to modernise operations and improve accountability.
The minister explained that registered cooperative societies would receive a Cooperative Verification Number (CVN), while individual members would be issued Cooperative Member Identification Numbers (CMIN).
He noted that the digital system would promote transparency, prevent the activities of fraudulent cooperatives, enhance governance and improve access to funding and investment opportunities.
Abdullahi said the reforms formed part of the Renewed Hope Cooperative Reform and Revamp Programme 2030, approved by the National Council on Cooperative Affairs.
He added that the initiative aligned with President Bola Tinubu’s Renewed Hope Agenda to position cooperatives as key contributors to food security, financial inclusion and job creation.
The minister praised Bayelsa State Governor, Douye Diri, for supporting cooperative development through the State Bureau for Cooperative Development.
He said Bayelsa had shown that cooperatives could serve as effective platforms for empowering citizens, expanding financial inclusion and driving economic growth.
Speaking on the 2026 International Day of Cooperatives theme, “Cooperatives for a Peaceful World,” Abdullahi said cooperatives play an important role in promoting unity, peace and shared prosperity.
He called on governments, investors, development partners and cooperative members to support the reforms aimed at creating an inclusive, technology-driven and competitive cooperative sector in Nigeria.
Earlier, Bayelsa Commissioner for Trade, Industry and Investment, Ebieri Jones, said the state government had strengthened the regulation of cooperative societies and created an environment for them to grow.
He added that the Bureau of Cooperatives had improved governance structures within the sector, allowing societies to remain productive and provide benefits to members.
President of the Bayelsa Cooperative Federation, Toney Soroh, commended the Federal Ministry of Agriculture and Food Security for its reforms and pledged that the state’s 43 active cooperative societies would subscribe to shares in the proposed bank.
More than 40 cooperative societies attended the event, which featured discussions on the proposed bank and a drama presentation highlighting the importance of collective action among farmers and small business owners.
(NAN)