Abuja: Sen. Sabi Abdullahi, the Minister of State for Agriculture and Food Security, announced that Nigeria will undertake a review of its outdated Cooperative Act to align with global cooperative best practices. This declaration was made during a news briefing to commemorate the 2025 International Day of Cooperatives in Abuja.
According to News Agency of Nigeria, the Minister, represented by Omolara Svensson, his Special Assistant on Women and Youth Agricultural Innovation, emphasized the necessity of the review to incorporate evolving trends and enhance the effectiveness of cooperative businesses in Nigeria. Abdullahi highlighted the government's achievements in repositioning cooperatives, including a study and benchmarking mission to Kenya, which is renowned for its cooperative economy, to glean insights for local reforms.
The Minister further detailed that under the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), a modern regulatory framework would be implemented to foster professionalism and accountability within the sector. This reform is part of President Bola Tinubu's Renewed Hope Agenda, aiming to position cooperatives as catalysts for rural development, food security, and inclusive economic growth.
Alhaji Idris Sani, the Federal Director of Cooperatives, mentioned that the International Day of Cooperatives is dedicated to publicizing the worldwide achievements of cooperatives and raising public awareness about their significance in national development. He noted the vibrancy of Nigeria's cooperative movement, particularly in enhancing food security, job creation, income generation, poverty reduction, and entrepreneurship.
Mr. Emmanuel Atama, the Executive Secretary of CFAN, pointed out that cooperatives offer access to secure and affordable loans for members. He remarked that the theme "Cooperatives Build a Better World" resonates with Nigeria's collective efforts toward inclusive growth. Atama urged for increased utilization of cooperative frameworks to combat poverty, hunger, and deprivation, and to promote equitable access to affordable finance.
During the event, cooperative members appealed to the government for support in advancing economic development through the cooperative movement. The News Agency of Nigeria reports that the International Day of Cooperatives is celebrated globally on the first Saturday of July, aiming to highlight the successes of the cooperative movement in fostering social and economic progress.