FG Unveils ₦200bn Drive to Establish Cooperative Bank, Targets 10,000 Societies Nationwide
By Pan Afric Reporters
The Federal Government has launched an ambitious ₦200 billion share capital mobilization campaign for the establishment of the proposed Cooperative Bank of Nigeria, a landmark initiative aimed at strengthening financial inclusion, boosting agricultural development, and empowering millions of Nigerians through the cooperative movement.
The disclosure was contained in a press release issued by the Federal Ministry of Agriculture and Food Security and signed by Ezeaja Ikemefuna, Head of the Department of Information, on June 18, 2026.
Speaking during the North-West Zonal Engagement of the Ministerial Advocacy Tour held at the Umaru Musa Yar’Adua Hall in Kaduna, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Senator Dr. Aliyu Sabi Abdullahi, described the initiative as a major pillar of the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP).
According to the Minister, the Federal Government is targeting 10,000 cooperative societies across the 36 states and the Federal Capital Territory through a structured mobilization plan designed to raise the required capital base for the proposed financial institution.
“Through this collective effort, we aim to mobilize approximately ₦200 billion and establish a strong, sustainable, and nationally owned cooperative financial institution capable of supporting agricultural development, enterprise growth, financial inclusion, housing, transportation, value-chain development, and wealth creation for millions of Nigerians,” Abdullahi said.
He explained that under the funding model, 1,000 cooperative societies are expected to contribute between ₦21 million and ₦50 million each, while 3,000 societies will contribute between ₦16 million and ₦20 million. Another 6,000 societies are expected to subscribe between ₦1 million and ₦15 million.
The Minister emphasized that the initiative is driven by the aspirations of cooperative stakeholders and is designed to reposition the sector as a major catalyst for economic transformation.
“This programme is not a government project imposed from above. It is a movement-driven reform agenda that seeks to give life to aspirations that cooperative stakeholders have expressed for decades,” he stated.
Abdullahi disclosed that the proposed Cooperative Bank of Nigeria would maintain cooperative ownership and identity while attracting strategic investors. Under the equity structure, 65 per cent ownership will be reserved for cooperative societies through the Cooperative Trust and Investment Society of Nigeria (CoopTrust), 30 per cent for institutional and impact investors, while five per cent will be allocated to an Employee Share Ownership Scheme.
To support the reform process, the Minister announced the rollout of the National Cooperative Digital Architecture Platform (NCDAP), which will introduce modern digital tools aimed at improving transparency, data management, access to credit, and regulatory compliance within the cooperative ecosystem.
“We cannot build a modern, globally competitive cooperative economy using outdated analog systems,” he declared.
The digital platform will feature the National Cooperative Smart Registry, Cooperative Verification Number (CVN), CoopID, and CoopCHECK Credit Bureau powered by CreditRegistry.
Reflecting on the historical significance of cooperatives in Nigeria’s economic development, Abdullahi noted that cooperative societies were instrumental in driving the country’s agricultural successes, including the famous groundnut pyramids of Northern Nigeria, cocoa production in the old Western Region, and palm produce exports in the Eastern Region.
He called on cooperative federations, unions, development partners, financial institutions, and traditional leaders to fully embrace and support the initiative.
“Together, let us restore the cooperative movement to its rightful position as one of the most powerful instruments for economic transformation, social inclusion, and shared prosperity in Nigeria,” he said.
In his remarks, Kaduna State Governor, Senator Uba Sani, represented by the Commissioner for Agriculture, Hon. Murtala Dabo, described cooperatives as critical drivers of socio-economic development and community empowerment.
“Across our communities, cooperatives have served as platforms for collective action, savings mobilization, access to credit, enterprise development, agricultural production, and community empowerment,” the governor stated.
He added that as Kaduna State advances major agricultural initiatives, including the Special Agro-Industrial Processing Zone (SAPZ), agricultural mechanization programmes, climate-smart agriculture projects, and value-chain development schemes, digitally enabled cooperatives would play an increasingly important role in boosting productivity and prosperity.
Earlier, the Provost of the Federal Cooperative College, Kaduna, Dr. Ibrahim Mohammad Awwal, welcomed participants and described Kaduna as a historic centre for cooperative development and education in Northern Nigeria.
“We are particularly delighted that Kaduna has been selected to host this important engagement. The choice of Kaduna is both symbolic and strategic,” he said.
Also speaking, President of the Cooperative Federation of Nigeria (CFN), Mrs. Hannatu Mershak, said digital transformation would significantly improve record-keeping, enhance access to finance and markets, and deepen trust between cooperatives, government agencies, and development partners.
The Kaduna engagement followed an earlier South-West stakeholders’ meeting in Lagos and forms part of a nationwide advocacy campaign aimed at driving awareness, participation, and investment in the Renewed Hope Cooperative Reform and Revamp Programme.
Stakeholders at the event expressed optimism that the proposed Cooperative Bank would unlock new opportunities for farmers, entrepreneurs, artisans, transport operators, and other cooperative members while strengthening grassroots economic development across the country.
