FG Overhauling Cooperatives to Drive Economic Growth – Minister

• The federal government is revamping the cooperative sector to enhance economic growth and community empowerment

• Cooperatives globally provide stable employment for 280 million people, with the largest generating $2.4 trillion in turnover

Senator Aliyu Abdullahi, Minister of State for Agriculture and Food Security, has revealed that the federal government is revamping the cooperative sector to enhance economic growth and empower communities.

Citing data from the International Cooperative Alliance (ICA), he noted that around 12% of the global population is engaged in one of the three million cooperatives worldwide.

These cooperatives provide stable employment and work opportunities for 280 million people, representing about 10% of the global workforce.

Abdullahi emphasized the need for revitalization at the launch of the national intensive workshop for trustees, management committees, and managers of cooperative societies at the Federal Cooperative College, Kaduna.

“Cooperatives are essential for sustainable economic growth, offering stable employment to 280 million people, which accounts for about 10% of the world’s workforce.

” According to the World Cooperative Monitor (2023), the largest 300 cooperatives and mutuals generate a total turnover of $2.4 trillion,” he stated.

Based on these statistics, the FG will begin an overhaul through its reform and revamp program. “We aim to drive innovation by renovating first, revitalizing the sector to restore public confidence, and bringing back the cooperative movement’s influence in Nigeria’s socio-economic development,” he added.

The Provost of the college, Dr. Ibrahim Auwal, stated that participants would be introduced to new governance models, management strategies, and strategic partnerships to help their cooperatives remain competitive and sustainable.