BREAKING: Weak Governance, Outdated Laws Hindering Nigeria’s Growth – Minister
The Minister of State for Agriculture and Food Security, Aliyu Abdullahi, has called for a comprehensive reform of Nigeria’s cooperative sector to harness its full potential and tap into the $19.6tn global cooperative market.
He made this statement on Wednesday during a technical strategy session on the implementation of the Cooperative Reform and Revamp Programme held in Abuja.
Abdullahi emphasized the economic power of cooperatives worldwide, stating, “Globally, the combined asset base of cooperatives is estimated at about $19.6tn, generating annual revenues of $2.98tn.
“This underscores the potential impact of a well-structured cooperative movement.”
The Minister highlighted the sector’s potential to drive economic growth, foster social cohesion, and reduce poverty.
However, he noted that challenges such as weak governance, outdated legislation, and inadequate funding have hindered its progress.
“Our mission is to create an enabling environment that fosters innovation, entrepreneurship, and job creation,” Abdullahi stated.
As part of the reform strategy, he said the technical team had identified key focus areas, including reviewing the final report of the Ministerial Technical Working Group on the Cooperative Reform and Revamp Programme.
They are also developing implementation strategies that align with the federal government’s Renewed Hope Agenda.
“We will examine proposals for restructuring the Federal Department of Cooperatives and repositioning the Federal Cooperative Colleges in Nigeria.
“Our goal is to ensure these institutions provide high-quality training and education, equipping our youth for the challenges of the 21st century,” he added.
In his remarks, the Director of the Federal Department of Cooperatives, Idris Sanni, said Nigeria lags in collaboration with non-profits and industries in iron goods, machinery, and technology has hindered the sector potential.
“This is the right time, under the current leadership, for the cooperative sector to be revitalized, contribute significantly to the economy, and drive national growth,” Sanni said.
