ABUJA, Nigeria — The Federal Government has launched a ₦200 billion share capital mobilisation fund to establish the proposed Cooperative Bank of Nigeria, in a major push to deepen financial inclusion and drive economic growth through the cooperative sector.
The initiative, unveiled under the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), was announced on Thursday by the Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, during the North-West Zonal Engagement of the Ministerial Advocacy Tour in Kaduna.
Abdullahi said the government aims to mobilise funds from 10,000 cooperative societies across the 36 states and the Federal Capital Territory through a tiered investment structure.
“Through this collective effort, we aim to mobilise approximately ₦200 billion and establish a strong, sustainable, and nationally owned cooperative financial institution capable of supporting agricultural development, enterprise growth, financial inclusion, and wealth creation,” he said.
He stressed that the initiative is not a top-down government project but a sector-driven reform. “This programme is not a government project imposed from above. It is a movement-driven reform agenda that seeks to give life to aspirations that cooperative stakeholders have expressed for decades,” Abdullahi added.
Under the proposed ownership structure, 65 per cent equity will be held by cooperative societies through the Cooperative Trust & Investment Society of Nigeria (CoopTrust), while 30 per cent will be open to institutional and private investors. The remaining 5 per cent will be allocated to an employee share ownership scheme.
To support transparency and efficiency, the government is also rolling out the National Cooperative Digital Architecture Platform (NCDAP), which will include tools such as the National Cooperative Smart Registry, Cooperative Verification Number (CVN), CoopID, and a credit bureau system.
“We cannot build a modern, globally competitive cooperative economy using outdated analog systems,” the minister said.
Abdullahi noted that cooperatives historically played a key role in Nigeria’s agricultural success, referencing the groundnut pyramids in the North, cocoa production in the West, and palm produce in the East.
He added that structures have been put in place to ensure sustainability, including an Inter-Ministerial Technical Committee and a National Steering Committee involving government agencies, cooperative bodies, and development partners.
Also speaking, Kaduna State Governor Uba Sani, represented by the Commissioner for Agriculture, Murtala Dabo, said cooperatives remain vital to economic development.
“Across our communities, cooperatives have enabled citizens to pool resources, reduce risk, improve productivity, and create sustainable livelihoods,” he said.
Sani noted that ongoing initiatives such as agro-industrial processing zones and mechanisation programmes would benefit from strong and digitally enabled cooperative systems.
In her goodwill message, President of the Cooperative Federation of Nigeria, Mrs Hannatu Mershak, said digitisation would enhance record-keeping, improve access to finance, and build trust among stakeholders.
The launch forms part of a nationwide advocacy tour, following an earlier engagement in the South-West, as the government seeks to reposition the cooperative movement as a key driver of inclusive economic growth.
