FG Launches ₦200bn Cooperative Bank Initiative in Nigeria

The Federal Government of Nigeria, represented by the Ministry of Agriculture and Food Security and the Ministry of Cooperative Affairs, launched a ₦200 billion share capital mobilization campaign on Thursday in Kaduna. This initiative aims to establish a proposed cooperative bank as part of the Cooperative Reform Revamp Programme (CRRP).

Minister of State for Agriculture and Food Security, Dr. Aliyu Sabi Abdullahi, stated that the campaign seeks to mobilize investments from 10,000 cooperative societies across Nigeria's 36 states and the Federal Capital Territory.

The plan includes contributions from 1,000 societies expected to contribute ₦21 million to ₦50 million, 3,000 societies contributing ₦16 million to ₦20 million, and 6,000 societies contributing ₦1 million to ₦15 million. The initiative is designed to create a sustainable national financial institution capable of supporting agricultural development and enterprise growth.

The cooperative bank will have a structure where 65% of its equity will be owned by cooperative societies, with provisions for employee share ownership and a national cooperative digital architecture platform to address data management challenges.