The federal government has urged cooperative societies across the South-South to invest in the proposed Cooperative Bank of Nigeria and embrace digital reforms to strengthen the sector.
The call was made on Wednesday in Yenagoa by the Minister of State for Agriculture and Food Security, Aliyu Abdullahi.
Mr Abdullahi, represented by his special adviser on cooperative matters, Mr Victor Oyegoke, spoke at 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.
The minister said the proposed Cooperative Bank of Nigeria would be government-enabled but owned and controlled by cooperators across the country.
He said the bank would provide affordable financial services to farmers, artisans, traders, women, youths, MSMEs and cooperative enterprises.
He urged cooperative societies in the South-South to participate actively in the ongoing share capital mobilisation campaign and become foundation owners of the proposed bank.
Mr Abdullahi also announced the federal government’s national cooperative sector digitalisation drive to modernise and strengthen cooperative operations nationwide.
According to him, every registered cooperative society will receive a Cooperative Verification Number (CVN), while individual members will be assigned a Cooperative Member Identification Number (CMIN).
He explained that the digital platform would improve transparency, eliminate fraudulent cooperatives, strengthen governance and expand access to finance and investment.
The minister described the reforms as key components of the Renewed Hope Cooperative Reform and Revamp Programme 2030, approved by the National Council on Cooperative Affairs.
He said the programme aligned with President Bola Tinubu’s Renewed Hope Agenda to reposition cooperatives as drivers of food security, financial inclusion and employment.
Mr Abdullahi commended the Bayelsa Governor, Douye Diri, for strengthening cooperative development through the State Bureau for Cooperative Development.
He noted that Bayelsa had demonstrated that cooperatives remain effective tools for empowering citizens, promoting financial inclusion and stimulating inclusive economic growth.
The minister also noted that this year’s International Day of Cooperatives, themed “Cooperatives for a Peaceful World”, highlighted the role of cooperatives in promoting peace, unity and shared prosperity.
He urged governments, development partners, investors and cooperative members to support the reforms to build an inclusive, digitally driven and globally competitive cooperative movement in Nigeria.
Earlier, the Bayelsa Commissioner for Trade, Industry and Investment, Ebieri Jones, said that the state government, through the ministry, was effectively regulating cooperative societies and had ensured that they thrived.
He explained that the Bureau of Cooperatives had sanitised the governance framework of cooperative societies, enabling them to remain active and deliver returns to members.
Toney Soroh, President of the Bayelsa Cooperative Federation, commended the Federal Ministry of Agriculture and Food Security for the ongoing reforms in the cooperative movement.
He assured that the 43 active cooperative societies in the state would subscribe to the shares of the proposed bank.
Over 40 cooperative societies participated in the 2026 United Nations International Day of Cooperatives.
The ceremony featured panel discussion sessions on the proposed cooperative bank and a drama sketch highlighting the need for farmers and small business owners to join forces to overcome common challenges through cooperatives.
(NAN)
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