FG unveils plan for Cooperative Bank to boost economic growth

From Noah Ebije, Kaduna

The Federal Government has announced plans to establish the Cooperative Bank of Nigeria as part of sweeping reforms aimed at strengthening the cooperative sector and expanding access to affordable finance for millions of Nigerians.

Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Senator Aliyu Sabi Abdullahi, disclosed this on Friday, while chairing the Cooperative Education for Sustainable Economic Development Summit (CESDES 2026) at the Federal Cooperative College, Kaduna.

According to the minister, the proposed bank will be a cooperative-owned financial institution designed to provide affordable and accessible financial services to cooperative societies and their members nationwide.

“The bank will serve as a strategic vehicle for mobilising cooperative capital, financing agricultural production, supporting micro, small and medium enterprises, promoting enterprise growth, expanding financial inclusion, and creating sustainable economic opportunities for millions of Nigerians,” Abdullahi said.

He explained that the ownership structure of the proposed institution would ensure that cooperative societies and individual cooperators maintain majority ownership and control, preserving the cooperative character and identity of the bank.

The minister said the initiative forms part of the Federal Government’s Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP) 2025–2030, a five-year agenda designed to reposition cooperatives as key drivers of economic transformation, food security, poverty reduction, and job creation.

Abdullahi identified the Cooperative Bank of Nigeria as one of three flagship reforms currently being pursued by the government.

The second initiative, he said, is the digital transformation of the cooperative sector through the establishment of the National Cooperative Digital Architecture Platform (NCDAP), which will support a National Cooperative Smart Registry, Cooperative Verification Numbers (CVN) for societies, and Cooperative Member Identification Numbers (CoopID) for members.