Abuja: The Cooperative Federation of Nigeria (CFN) on Thursday reaffirmed its commitment to support the Federal Government in repositioning the cooperative sector for global competitiveness. Mrs. Hannatu Mershak, President of CFN, made the pledge at the 8th Regular Meeting of the National Council of Cooperative Affairs (NCCA) in Abuja. The meeting was convened by the Federal Department of Cooperatives (FDC) under the Federal Ministry of Agriculture and Food Security (FMAFS).
According to News Agency of Nigeria, the meeting is themed: ‘Revitalising Nigeria’s Cooperative Sector: A Catalyst for Inclusive Growth and Sustainable National Development under the Renewed Hope Agenda.’ Mershak stated that the federation was encouraged by the Federal Government’s commitment to making the sector a key driver of the national economy. She noted that this initiative aligns with the aspirations of the Renewed Hope Agenda, which focuses on inclusivity, food security, job creation, and sustainable development.
Mershak emphasized that the cooperative movement serves as a powerful tool for grassroots mobilisation, poverty reduction, and economic empowerment. She explained that cooperative societies provide access to finance, enhance agricultural productivity, create employment opportunities, and strengthen community resilience across the country. ‘In many rural and underserved communities, cooperatives are not just economic entities; they are lifelines,’ she said.
While acknowledging the progress made in repositioning the sector, Mershak pointed out key challenges, such as governance issues, limited access to affordable finance, inadequate digital integration, weak regulatory frameworks, and low awareness among potential members. She stressed that addressing these challenges requires bold reforms, innovative approaches, and sustained collaboration among stakeholders.
Mershak mentioned that the meeting offered an opportunity to review existing policies and frameworks, strengthen institutional capacity and leadership, and promote transparency, accountability, and good governance in the sector. She also highlighted the importance of leveraging technology for improved efficiency and expansion, as well as enhancing partnerships among government, the private sector, and development partners.