The federal government has revealed plans to establish a Cooperative Bank of Nigeria to help cooperatives, farmers, small businesses, and low-income groups access affordable loans under the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP).
The proposed bank is a key part of broader efforts to revitalise the cooperative sector and expand financial inclusion across the country. The plan is currently under consideration at the 8th National Council on Cooperative Affairs (NCCA) in Abuja, where stakeholders are reviewing a detailed roadmap for its implementation and possible approval.
Under the RH-CRRP framework, the Cooperative Bank is expected to serve as a central financing institution for cooperative societies, providing structured and affordable credit to groups that have historically been excluded from mainstream financial systems. The initiative is also designed to strengthen governance within cooperatives and improve their operational efficiency.
Minister of State for Agriculture and Food Security, Aliyu Sabi Abdullahi, who delivered the keynote address at the meeting, said the move is aimed at tackling long-standing issues within the sector. According to him, these include underfunding, weak institutional structures, and limited access to formal financial services.
He stressed the importance of cooperatives in national development, noting that they play a critical role in food production, rural development, housing, and the sustainability of microenterprises.
“If Nigeria must feed itself, empower its citizens, reduce poverty, and expand prosperity, then revamping and modernising the cooperative sector is not optional, it is urgent and non-negotiable,” he said.
Abdullahi added that the programme “will facilitate the formation of the Cooperative Bank of Nigeria and promote financial cooperative systems to expand access to affordable credit and funding opportunities.”
The Cooperative Bank is also expected to complement existing structures such as Savings and Credit Cooperative Organisations (SACCOs), as well as a proposed Cooperative Relief Fund aimed at supporting grassroots economic activities.
As part of the reform process, the government has already developed a technical framework and implementation roadmap for the bank. In addition, plans are underway to digitalise cooperative operations through a national smart registry system and introduce a Cooperative Verification Number to improve transparency and accountability.
“We expect this council to support and approve the roadmap for establishing the Cooperative Bank of Nigeria as part of our broader reform agenda to transform the lives of millions of Nigerians,” the minister stated.
Also speaking, Permanent Secretary in the ministry, Dr Marcus Ogunbiyi, described the council meeting as critical to shaping policies that will reposition the cooperative movement.
Represented by the Director of Planning and Policy Coordination, Ibrahim Tanimu, he noted that cooperatives remain vital tools for empowering farmers, youth, women, and persons with disabilities, while strengthening agricultural value chains and rural economies.
He further disclosed that the council received 49 memoranda addressing key policy and operational issues within the sector, all aimed at driving inclusive growth.
