Abuja: Maistrade Multiple Cooperative Society Limited (MAIS) has advocated for the establishment of a ministry of cooperatives or a cooperatives commission to improve the coordination of cooperative societies across various sectors. Mr. Benjamin Aduli, Chief Vision Officer of MAIS, made this appeal in Abuja during the ‘Unveiling of 5-billion-dollar Assured Invest Cooperative Trust Fund and Unlocking a New Era in Cooperative Financing.’
According to News Agency of Nigeria, the event focused on the theme ‘Empowering Agro Micro, Smallholder and Medium Enterprises (MSMEs) through Cooperative Capital and Technology.’ Aduli criticized the current law, which places all cooperatives under the Ministry of Agriculture, stating that this limits the perspective of regulators to agriculture alone. He emphasized the need for updated legislation to reflect current realities, as cooperative societies span diverse sectors such as labor, water, production, transport, and mining.
Aduli highlighted the significance of the newly unveiled fund as a movement towards realizing the economic potential of people, farmlands, and small businesses. He noted that the Nigerian cooperative system has been underutilized and underestimated for decades, but the introduction of the fund marks a shift from marginalization to mobilization. The fund is designed as a public investment scheme and a secured cooperative financing framework that is member-driven.
Dr. Esther Audu, National President of the Women in Agriculture Cooperative Federation, described the fund as the first of its kind in Africa, emphasizing its demand-driven nature. Unlike traditional financing models, the fund responds to verified cooperative demand and needs, ensuring that it directly impacts real people, enterprises, and communities.
Mr. Nathan Nwachukwu, CEO of Terra Industries, announced the National Drone Surveillance Programme for Nigerian Farmlands during the event. He highlighted the program as a strategic move to protect food producers and agricultural assets. The first phase will cover 40,000 hectares in Kogi, benefiting over 20,000 rice farmers under the MAIS Cooperative network, with drones providing 24-hour aerial surveillance.