Key points
- Federal Government is mobilising N200 billion for the Cooperative Bank of Nigeria.
- Funds will come from cooperative societies across the country.
- Government is also launching a nationwide cooperative digitalisation drive.
- New systems include a national cooperative registry and member ID system.
- Reform aims to improve transparency, governance and access to credit.
Main Story
The Federal Government says it is mobilising N200 billion in share capital from cooperative societies nationwide to support the establishment of the proposed Cooperative Bank of Nigeria.
The Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, disclosed this on Thursday in Kaduna during a North-West zonal engagement on cooperative bank share capital mobilisation and sector digitalisation. He said the capital drive is being supported by a nationwide digitalisation programme aimed at strengthening governance, transparency and accountability in the cooperative sector.
According to him, the government has introduced the National Cooperative Digital Architecture Platform (NCDAP) under the Renewed Hope Cooperative Reform and Revamp Programme. The platform will create a national cooperative smart registry that will serve as a central database for all registered cooperative societies and members across the country. Abdullahi said the system will introduce a Cooperative Verification Number for societies and a Cooperative Member Identification Number for individuals.
He explained that the verification system will improve regulation, eliminate ghost cooperatives and enhance access to financing and government support.
“Every registered cooperator will also receive a CoopID to support identity management, accountability, access to financing and participation in the digital economy,” he said.
He added that the platform will be linked to national identity systems and supported by a credit reporting framework to reduce lending risks and improve trust in the sector. The minister said fragmented data has long hindered investment, planning and financial inclusion in the cooperative system. According to him, the digitalisation programme will strengthen credibility and support the sustainability of the proposed Cooperative Bank.
Kaduna State Commissioner for Agriculture, Murtala Dabo, said digital cooperatives would boost agricultural productivity, financial inclusion and rural development. He said the state had opened more than 2.5 million accounts for previously excluded residents and enrolled over 100,000 smallholder farmers in insurance schemes through digital platforms. President of the Cooperative Federation of Nigeria, Mrs Hannatu Mershak, said digitalisation would improve record-keeping, transparency and confidence in cooperative institutions. Provost of the Federal Cooperative College, Kaduna, Dr Mohammed Awwal, said the institution would support the reforms through training, research and capacity building.
The Issues
- Weak data systems in the cooperative sector.
- Limited transparency and accountability in cooperatives.
- Poor access to structured credit for cooperators.
- Fragmented membership and registration records.
- Financing gap for rural and agricultural development.
What’s Being Said
- Minister Aliyu Abdullahi said: “The CVN will strengthen regulation, eliminate ghost cooperatives, improve transparency and facilitate access to structured financial and government interventions.”
- He added that the CoopID will support identity management, accountability and access to financing.
What’s Next
- Mobilisation of N200 billion cooperative share capital nationwide.
- Rollout of the National Cooperative Digital Architecture Platform.
- Issuance of Cooperative Verification Numbers and CoopIDs.
- Further stakeholder engagements on the Cooperative Bank structure.
Bottom Line
The Federal Government is combining cooperative sector funding and digital reform to drive the planned Cooperative Bank, aiming to improve credit access, transparency and rural economic growth.
