Minister inaugurates Technical Working Committee on revamping cooperative sector

 

The Honourable Minister of State, Federal Ministry of Agriculture and Food Security, Senator Dr. Aliyu Sabi Abdullahi (Baraden Borgu) who is the Minister in charge of Cooperatives in Nigeria, has inaugurated a Technical Working Group (TWG) on the reform and revamping of the Cooperative Sector of the economy.

The Minister performed the inauguration of the TWG after delivering the keynote address at a virtual roundtable of multi-stakeholders in Cooperatives drawn from different parts of the country and the Diaspora., held recently, with a theme; “Reforming and Revitalising Cooperatives for Sustainable Development: Unlocking Cooperative Potentials for Renewed Hope Agenda.”

“We want to have the Cooperative Movement breathing more life and taking its pride of place in our national economy,” the Minister said during the inauguration.

According to him, “It is time 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 Cooperators in the society.”

Senator Aliyu Abdullahi reminded members of the Technical Working Group of the direct linkage between a revamped Cooperatives 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 realization of President Tinubu’s Eight-Point Agenda. “This is because, under Cooperatives, we can support food security, economic growth, and job creation; contribute to inclusivity, where we can bring in the women, youth, and even the elderly into the Cooperatives fold, and above all guaranteed access to capital, because the mobilizing capacity of Cooperatives 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 examine international best practices in cooperative development and governance, scrutinize the structure and management capacity of cooperative institutions in the country, and recommend sustainable access to finance, technology, and markets for cooperatives. The group’s task is to rebuild trust in the movement and promote youth integration and participation in cooperatives.

 

Under the coordination of the Special Assistant on Cooperatives and Farmers Welfare in the Office of the Honourable Minister of State, Hon. Victor Oyegoke, membership of the Technical Working Group is drawn from the Federal and State government establishments, as well as various interest groups in the Cooperative Sector.

 

The Group has 45 working days to submit its report and recommendations on the reforms and revitalization of the sub-sector in Nigeria.