Stakeholders in Nigeria’s cooperative sector have called on the federal government to provide a stable and enabling environment for the newly revived Cooperative Bank to succeed.
They expressed concerns over public skepticism toward cooperative banking, noting that many Nigerians still remember the collapse of previous cooperative banking initiatives.
The concerns were raised during the commissioning of the renewed Cooperative Bank for the Western Zonal chapter in Lagos on Monday.
President of Mojola Oluwa Cooperative Multiple Society, Badagry, Agemo Matthew Iwalere, urged the government to provide necessary infrastructure, including reliable digital networks, to ensure smooth operations of the bank nationwide.
According to him, many cooperative members remain uncertain about the credibility of the revived institution because of past disappointments associated with cooperative banking in the country.
Similarly, leader of Grace Springs Cooperative Multiple Society in Lagos, Seun Olawoyin, expressed optimism that the new Cooperative Bank would succeed due to the foundation being laid under the current initiative.
He said the success of the bank would allow members to contribute more effectively to national economic growth.
Another stakeholder, Adediran Fatimo Temidire, appealed to the government to create a conducive working environment that would support the sustainability of the bank.
She noted that earlier attempts at cooperative banking failed due to weak operational structures and poor management systems.
Also speaking, Olalekan Kassim from Ijebu Ode in Ogun State urged authorities to remain committed to the policies guiding the revived bank.
Kassim said many cooperative members were hopeful that the new initiative under President Bola Ahmed Tinubu’s Renewed Hope agenda would avoid the mistakes that affected previous cooperative banking structures.
Meanwhile, the Minister of State for Agriculture and Food Security, Dr Aliyu Sabi Abdullahi, said the government was committed to repositioning cooperative societies as a major pillar of economic development.
Speaking during the Western Zonal Ministerial Advocacy Tour in Lagos, the minister disclosed plans to establish a professional cooperative body to enhance efficiency and sustainability in the sector.
He explained that the digitalisation of the cooperative banking system, alongside the integration of National Identification Number (NIN) verification, would help reduce fraud, improve loan recovery, and expand access for Nigerians both within and outside the country.
According to him, the revived Cooperative Bank would be owned entirely by its members, while the government’s role would be limited to providing an enabling environment for its operations.
The minister added that cooperative banking remains a strong economic model globally and could play a significant role in poverty reduction and economic inclusion in Nigeria if properly managed.
