Aliyu Sabi Abdullahi, Minister of State for Agriculture and Food Security, has emphasized the need to revitalize Nigeria's co-operative sector to tap into the $19.6 trillion global market.
Speaking at a technical strategy session in Abuja, he highlighted the sector's potential to drive economic growth, foster social cohesion, and reduce poverty.
Abdullahi noted that co-operatives worldwide generate an annual revenue of $2.98 trillion, underscoring their economic significance. However, he identified weak governance, outdated laws, and inadequate funding as major challenges limiting growth in Nigeria.
Read also:
"Our mission is to create an enabling environment that fosters innovation, entrepreneurship, and job creation," he stated.
The technical team has outlined key areas for reform, including restructuring the Federal Department of Cooperatives, repositioning Federal Cooperative Colleges, and aligning implementation strategies with the Renewed Hope Agenda.
Idris Sanni, Director of the Federal Department of Co-operatives, stressed the need for improved collaboration with industries, emphasizing that now is the time to rejuvenate the sector for economic expansion.
