The Federal Government has formally flagged off a ₦200 billion share capital mobilisation drive for the proposed Cooperative Bank of Nigeria, under what it calls the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), as part of efforts to deepen cooperative-driven economic growth in the country.
The campaign was unveiled by the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Sabi Abdullahi, during the North-West Zonal Engagement of the Ministerial Advocacy Tour held at the Umaru Musa Yar’Adua Hall, Kaduna.
A statement from the ministry explained that the capital mobilisation followed approval given at the 8th Regular Meeting of the National Council on Cooperative Affairs.
Speaking at the event, Abdullahi disclosed that the ministry was targeting 10,000 cooperative societies nationwide, through a tiered contribution structure designed to raise the required ₦200 billion capital base for the proposed bank.
Under the arrangement, 1,000 societies are expected to contribute between ₦21 million and ₦50 million each, while 3,000 societies would contribute between ₦16 million and ₦20 million, and the remaining 6,000 societies between ₦1 million and ₦15 million each.
According to him, the proposed bank, once established, would support agriculture, enterprise development, financial inclusion, housing, transportation, value-chain growth and wealth creation across the country. He described the initiative as a “movement-driven reform” rather than a government-imposed scheme, stressing that it was designed to be owned and driven by cooperative members themselves.
The minister further revealed that 65 per cent of the bank’s equity would be held by cooperative societies through the Cooperative Trust and Investment Society of Nigeria (CoopTrust), while institutional and private investors would take up 30 per cent, with the remaining 5 per cent reserved for employee ownership.
Abdullahi also announced the rollout of the National Cooperative Digital Architecture Platform (NCDAP), a digital framework that includes the National Cooperative Smart Registry, the Cooperative Verification Number (CVN), CoopID, and a credit system powered by CreditRegistry — all aimed at modernising the cooperative sector and improving transparency.
He noted that the initiative draws inspiration from Nigeria’s cooperative success stories of the past, citing the groundnut, cotton, cocoa and palm produce cooperative models that once powered the country’s regional economies.
The minister called on cooperative federations, development partners, traditional institutions and financial bodies to lend their support to the programme, noting that the Kaduna engagement was part of a broader nationwide advocacy tour that had earlier covered the South-West.
He commended the Kaduna State Governor, Senator Uba Sani, for creating an enabling environment for commerce, agriculture and innovation in the state, and also praised the Federal Cooperative College, Kaduna, for its contributions to cooperative education over the years.
Responding, Governor Uba Sani, who was represented by the Commissioner for Agriculture, Murtala Dabo, said cooperatives had historically played a central role in Nigeria’s socio-economic development by promoting savings culture, easing access to credit, and supporting enterprise growth among members.
He added that with ongoing agricultural initiatives such as the Special Agro-Industrial Processing Zones and climate-smart farming programmes in the state, a stronger and more organised cooperative system would be vital to boosting productivity and competitiveness in the sector.
Also speaking, the President of the Cooperative Federation of Nigeria, Hannatu Mershak, welcomed the initiative, saying that a fully digitised cooperative sector would improve record-keeping, widen access to finance, and deepen trust among stakeholders in the cooperative movement.