New ‘Renewed Hope’ programme targets financing gaps, weak governance, and low digital adoption across cooperative societies……..
The Federal Government has rolled out an ambitious reform agenda aimed at transforming Nigeria’s cooperative sector, with plans to establish a dedicated cooperative bank and deploy a nationwide digital registry system.
The initiative, unveiled at the 8th National Council on Cooperative Affairs (NCCA) in Abuja, is part of a broader strategy to strengthen grassroots economic structures and expand financial inclusion.
Minister of State for Agriculture and Food Security, Aliyu Abdullahi, said the reform package branded the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP)is designed to modernise cooperative institutions, improve transparency, and unlock access to funding for millions of Nigerians.
At the heart of the plan is the creation of a Cooperative Verification Number (CVN) system, alongside a smart digital registry that will capture data on cooperative societies nationwide. The goal is to enhance accountability, streamline data management, and reduce inefficiencies that have long plagued the sector.
Abdullahi stressed the need for a technology-driven overhaul, noting that stronger governance frameworks and better record-keeping are essential for rebuilding trust and attracting investment.
A sector with untapped potential
The minister described cooperative societies as a vital but underutilised engine of economic growth, particularly in areas such as food production, rural development, microfinance, and small-scale enterprise support.
He linked the reform drive to the broader economic vision of the current administration, emphasizing that revitalising cooperatives will play a key role in advancing food security, job creation, and inclusive growth.
Despite their importance, many cooperatives have struggled with persistent structural challenges, including weak oversight, limited access to credit, poor data systems, and slow adoption of digital tools.
Seven-point reform strategy
To tackle these issues, the RH-CRRP is built around seven core pillars:
- Regulatory reforms
- Institutional strengthening
- Digital transformation
- Improved access to finance
- Enterprise development
- Strategic partnerships
- Monitoring and evaluation frameworks
As part of early steps, the government has reviewed the Nigerian Cooperative Societies Act, introduced a standardised accounting template, and begun work on a national smart registry for cooperatives.
Cooperative bank in focus
A key highlight of the reform plan is the proposed establishment of a cooperative bank, aimed at providing tailored financial services to cooperative societies and their members.
According to Abdullahi, a roadmap for the bank’s creation has already been developed, signaling the government’s intention to address long-standing financing constraints within the sector.
There are also plans to revive the National Centre for Cooperative Development (NACCODEV), which is expected to play a central role in training, capacity building, and policy support.
Push for urgent implementation
Describing the reform as both critical and time-sensitive, Abdullahi called on stakeholders to align with the government’s vision and support the rollout of a national cooperative action plan for 2026–2027.
He emphasized that strengthening the cooperative ecosystem is no longer optional, but essential for building a more inclusive and resilient economy.
If effectively implemented, the reforms could mark a turning point for millions of Nigerians who rely on cooperative structures for livelihoods, offering a pathway to greater financial access, improved productivity, and sustainable growth.
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