The Federal Government said it has drafted a roadmap for the implementation of the “Cooperative Bank” initiative to boost agriculture.
The Minister of State for Agriculture and Food Security, Dr Aliyu Sabi Abdullahi disclosed this in Abuja at the 8th National Council on Cooperative Affairs (NCCA).
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The minister said that “if Nigeria must feed itself, empower its citizens, reduce poverty, and expand prosperity, then revamping and modernizing the cooperative sector is not optional, it is urgent and non-negotiable.”
Dr Abdullahi said the ministry in response to these challenges, has developed the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), a comprehensive national agenda designed to reposition the cooperative sector for the 21st century.
He said the ministry was facilitating the formation of Cooperative Bank of Nigeria, and promoting Financial Cooperative systems (SACCOs) with the Renewed Hope Cooperative Relief Fund Enterprise Development & Value Chain Integration.
He added that this would promote access to ‘affordable credit, cooperative financing’ and expanding funding opportunities for cooperative businesses across agricultural farms and key sectors.
Other programmes include the development of Digital Smart Registries with introduction of Cooperative Verification Number (CVN & CoopID) System and establishment of Comparative Cooperative Farms (CCFs) and localized processing hubs and farm equipment schemes.
Daily Trust reports that the minister said a lot has been done and put in place in preparation for this NCCA by the Federal Department of Cooperatives (FDC) for adoption and approvals of the policy direction for the sector.
