FG presents COOPBANK, elevates cooperative professionals to promote grassroots growth

The Federal Government has approved a far-reaching reform of Nigeria’s cooperative sector, including the creation of a cooperative bank and formal recognition of the Institute of Cooperative Practitioners of Nigeria as a key driver of the transformation agenda.

This was part of the resolutions reached at the eighth regular meeting of the National Council on Cooperative Affairs held in Abuja from March 24 to 27, 2026.

The meeting, chaired by the Minister of Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, attracted participants from all 36 states, the Federal Capital Territory, cooperative federations, development partners and private sector stakeholders.

..Professionals get a central role

In a major policy shift, the council formally recognized the Institute of Cooperative Practitioners of Nigeria as a key player in the governance and development of the sector.
Reinforcing this decision, the statement stated:

“The Council endorsed the formal recognition of the Institute of Cooperative Practitioners of Nigeria as a key professional player within the national co-operative governance framework and supports its collaboration with relevant government bodies on national capacity building programs for co-operative practitioners.”

The council also approved stronger collaboration between the institute and government agencies on national capacity-building programmes, a move that is expected to professionalize cooperative management and improve accountability.

Stakeholders said the recognition would address long-standing challenges related to poor governance, weak financial management and lack of technical expertise that have hampered the growth of many cooperative societies.

The National President of the institute, Dr. Olubunmi Fajobi, in his goodwill message stressed the need to build a corps of qualified professionals to reposition cooperatives as reliable economic institutions.

Analysts believe that empowering certified professionals could increase transparency, boost investor confidence and ensure that cooperative societies are better structured to deliver social and economic benefits to members.

… COOPBANK, digital reform approved

The council approved the creation of the Cooperative Bank of Nigeria (COOPBANK) to expand access to affordable credit for millions of Nigerians operating in the informal sector, including farmers, artisans and small entrepreneurs.

It also approved a national digitalisation program for the cooperative sector to improve data systems, transparency and financial inclusion, particularly in rural communities.
Electronic registration of cooperative societies was also approved to reduce barriers to entry and formalize informal groups.

…Housing, social impact

With strong social implications, the council highlighted cooperative housing as a practical solution to Nigeria’s housing deficit.

He noted that strengthening cooperative housing programs could provide affordable homes to low- and moderate-income earners while creating jobs throughout the construction industry.

The council described cooperatives as a powerful tool for poverty reduction, job creation and inclusive economic growth, particularly under the federal government’s Renewed Hope Agenda.
Funding concerns persist

Despite the ambitious roadmap, the council expressed concerns about inadequate funding for cooperative development and called for increased budget allocations at both the federal and state levels.

He warned that without sufficient financial support the implementation of the reform programs could be undermined.

…Next meeting

A total of 325 participants attended the meeting, in which several policy memoranda aimed at revitalizing the sector were considered.

The council decided that the next meeting would be hosted by Ogun State.

Stakeholders expressed optimism that with stronger institutional frameworks and the involvement of skilled professionals, Nigeria’s cooperative sector could become a more effective platform for economic inclusion and sustainable development.

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