- Tinubu Govt Moves To Launch Cooperative Bank Of Nigeria
- The proposed bank is designed to provide easier access to affordable financial services for farmers
- FG To Introduce Digital ID System For Cooperative Societies Nationwide
The Federal Government has announced plans to establish the Cooperative Bank of Nigeria and introduce a nationwide digital identity system for cooperative societies as part of broader efforts to strengthen financial inclusion, boost agriculture and modernise the cooperative sector.
Eko Hot Blog reports that the Minister of State for Agriculture and Food Security, Aliyu Sabi Abdullahi, disclosed this during the South-West Zonal Engagement of the Ministerial Advocacy Tour on Cooperative Bank Share Capital Mobilisation and Cooperative Sector Digitalisation held in Lagos.
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According to the minister, the proposed bank is designed to provide easier access to affordable financial services for farmers, traders, artisans, small business owners, women, youths and persons living with disabilities.
He explained that the initiative is expected to address long-standing challenges faced by cooperative societies, many of which have operated for years without a dedicated financial institution tailored to their needs.
“For too long, cooperative societies in Nigeria have functioned without a structured banking system that truly understands their realities. This initiative is expected to change that,” Abdullahi said.
He revealed that cooperative societies and unions would own 65 per cent equity in the proposed bank, while private investors would hold 30 per cent and employees five per cent.
The minister stressed that the project would not be directly funded by government but would instead receive policy support and regulatory backing from the Federal Government.
As part of the reforms, Abdullahi also announced plans for a nationwide digitalisation programme that would introduce a Cooperative Verification Number (CVN) for registered societies and a Cooperative Members Identification Number (CoopID) for individuals.
According to him, the digital identity system would improve transparency, eliminate fake cooperative groups and strengthen confidence among investors and financial institutions.
He added that the digital framework would also be linked with Nigeria’s National Identity Number database to improve coordination and data integrity.
Meanwhile, the Group Managing Director of Xtralarge Farms & Resorts, Moji Davids, called for a major shift in Nigeria’s agricultural mindset, insisting that the country needs more agripreneurs rather than just more farmers.
Speaking at the Xtralarge Agriwealth Revolution Summit in Lagos, Davids said many Nigerians involved in farming remain poor because agriculture is often approached without proper business structures.
She noted that the future of the sector lies in processing, branding, logistics, value addition and market expansion rather than basic farming alone.
According to her, agriculture should be repositioned as a wealth-creating industry capable of generating jobs and sustainable economic growth.
