The Honourable Minister of State, Federal Ministry of Agriculture and Food Security, Senator Dr. Aliyu Sabi Abdullahi, has inaugurated a Technical Working Group on the reform and revamping of the cooperative sector of the economy.
The Minister performed the inauguration recently after delivering the keynote address at a virtual roundtable of multi-stakeholders in cooperatives drawn from different parts of the country and the Diaspora.
"We want to have the Co-operative Movement breathing more life and taking pride of place in our national economy," the Minister said during the inauguration.
According to him, "It is true that if cooperatives work, the economy will not just be robust, but the economy will be equitable, because cooperatives have the capacity for proper redistribution of wealth through the activities of cooperatives in society."
Senator Aliyu Abdullahi reminded members of the Technical Working Group of the direct linkage between a revamped cooperative sector and the eight-point agenda encapsulated in the renewed hope agenda of President Bola Ahmed Tinubu. "When cooperatives are working, they can guarantee a shared value of prosperity because the co-operator is good at sharing, and that is why he co-operates."
The Minister explained that repositioning cooperatives will support livelihoods and contribute to the realisation of President Tinubu's eight-point agenda. "This is because under Co-operatives, it is possible for us to support food security, economic growth, and job creation; contribute to inclusivity, where we are able to bring in women, youth, and even the elderly into the Co-operatives fold; and above all, guarantee access to capital, because the mobilising capacity of Co-operatives is definitely deep and wide," the Minister stated.
The Technical Working Group is tasked with, among other roles, reviewing existing laws and regulations governing cooperatives in Nigeria and making recommendations for repeal or reenactment where appropriate.
The Technical Working Group will equally examine international best practices in cooperative development and governance, scrutinise the structure and management capacity of cooperative institutions in the country, and recommend sustainable access to finance, technology, and markets for cooperatives. Rebuilding trust and promoting youth integration and participation in cooperatives are also part of the group's task.
Under the coordination of the Special Assistant on Cooperatives and Farmers Welfare in the Office of the Honourable Minister of State, Victor Oyegoke, membership in the Technical Working Group is drawn from federal and state establishments as well as interest groups in the Co-operatives Sector. The group has 45 working days to submit its report.