The Federal Government has approved a far-reaching reform of Nigeria’s cooperative sector, including the establishment of a Cooperative Bank and the formal recognition of the Institute of Cooperative Professionals of Nigeria as a key driver of the transformation agenda.
This formed part of resolutions reached at the 8th 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 State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, drew participants from across the 36 states, the Federal Capital Territory, cooperative federations, development partners and private sector stakeholders.
..Professionals Get Central Role
In a major policy shift, the council formally recognised the Institute of Cooperative Professionals of Nigeria as a critical stakeholder in the governance and development of the sector.
Reinforcing this decision, the communiqué stated:
“Council approved the formal recognition of the Institute of Cooperative Professionals of Nigeria as a key professional stakeholder within the national cooperative governance framework and support its collaboration with relevant government bodies on national capacity building programmes for cooperative professionals.”
The council also endorsed stronger collaboration between the institute and government agencies on national capacity-building programmes, a move expected to professionalise cooperative management and improve accountability.
Stakeholders said the recognition would address long-standing challenges of poor governance, weak financial management, and lack of technical expertise that have hindered the growth of many cooperative societies.
The National President of the institute, Dr. Olubunmi Fajobi, had in his goodwill message stressed the need to build a corps of trained professionals to reposition cooperatives as reliable economic institutions.
Analysts believe that empowering certified professionals could enhance transparency, boost investor confidence, and ensure that cooperative societies are better structured to deliver social and economic benefits to members.
… COOPBANK, Digital Reforms Approved
The council approved the establishment 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-scale entrepreneurs.
It also endorsed a National Digitalisation Programme for the cooperative sector to improve data systems, transparency, and financial inclusion, particularly in rural communities.
Electronic registration of cooperative societies was equally approved to ease entry barriers and formalise informal groups.
…Housing, Social Impact
With strong social implications, the council highlighted cooperative housing as a practical solution to Nigeria’s housing deficit.
It noted that strengthened cooperative housing schemes could deliver affordable homes to low- and middle-income earners, while also creating jobs across the construction sector.
The council described cooperatives as a powerful tool for poverty reduction, job creation, and inclusive economic growth, especially under the Federal Government’s Renewed Hope Agenda.
Funding Concerns Persist
Despite the ambitious roadmap, the council raised concerns over inadequate funding for cooperative development and called for increased budgetary allocations at both federal and state levels.
It warned that without sufficient financial backing, the implementation of the reform programmes could be undermined.
…Next Meeting
A total of 325 participants attended the meeting, which considered several policy memoranda aimed at revitalising the sector.
The council resolved that its next meeting would be hosted by Ogun State.
Stakeholders expressed optimism that with stronger institutional frameworks and the involvement of trained professionals, Nigeria’s cooperative sector could become a more effective platform for economic inclusion and sustainable development.
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