The Federal Government has called on cooperative societies in the South-South region to invest in the proposed Cooperative Bank of Nigeria and embrace digital transformation to revitalise the sector.
Minister of State for Agriculture and Food Security, Aliyu Abdullahi, made the appeal on Wednesday in Yenagoa during the grand finale of the 2026 United Nations International Day of Cooperatives, which also served as the South-South Zonal Ministerial Advocacy Tour on share capital mobilisation.
Represented by his Special Adviser on Cooperative Matters, Victor Oyegoke, the minister emphasised that the proposed bank would be government-enabled but wholly owned and controlled by cooperators nationwide. The institution, he said, is designed to deliver affordable financial services to farmers, artisans, traders, women, youths, MSMEs, and cooperative enterprises.
Mr Abdullahi urged societies in the region to actively participate in the ongoing capital mobilisation drive and position themselves as foundation owners of the bank.
Digitalisation Drive
The minister also unveiled a national digitalisation initiative aimed at modernising cooperative operations across the country. Under the plan, every registered cooperative will receive a Cooperative Verification Number (CVN), while individual members will be assigned a Cooperative Member Identification Number (CMIN).
He explained that the digital platform would enhance transparency, curb fraudulent cooperatives, strengthen governance, and broaden access to finance and investment opportunities.
Describing the reforms as central to the Renewed Hope Cooperative Reform and Revamp Programme 2030—recently endorsed by the National Council on Cooperative Affairs—Mr Abdullahi said the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda to reposition cooperatives as engines of food security, financial inclusion, and job creation.
Bayelsa Commended
The minister commended Bayelsa Governor Douye Diri for advancing cooperative development through the State Bureau for Cooperative Development, noting that the state had demonstrated cooperatives’ effectiveness in empowering citizens, promoting financial inclusion, and stimulating inclusive growth.
This year’s International Day of Cooperatives, themed “Cooperatives for a Peaceful World,” underscored the movement’s role in fostering peace, unity, and shared prosperity, he added.
Stakeholder Support
Earlier, Bayelsa Commissioner for Trade, Industry and Investment, Ebieri Jones, affirmed that the state government was effectively regulating cooperative societies, with the Bureau of Cooperatives having sanitised governance frameworks to ensure societies remain active and deliver returns to members.
Toney Soroh, President of the Bayelsa Cooperative Federation, praised the federal ministry’s reform efforts and confirmed that the state’s 43 active cooperatives would subscribe to shares in the proposed bank.
Over 40 cooperative societies participated in the event, which featured panel discussions on the proposed bank and a drama sketch underscoring the importance of collective action among farmers and small business owners.
