FG inaugurates committee to review existing co-operative laws

The federal government has inaugurated a technical working group to reform and revamp the co-operative sector of the economy.

According to a statement on Monday, Aliyu Abdullahi, minister of state for agriculture and food security, inaugurated the committee after delivering a keynote address at a virtual roundtable of stakeholders in co-operatives drawn from different parts of the country and the diaspora.

“We want to have the co-operative movement breathing more life and taking its pride of place in our national economy,” the minister said.

“It is trite that if co-operatives work, the economy will not just be robust but the economy will be equitable, because co-operatives have the capacity for proper redistribution of wealth through the activities of co-operators in the society.

“When co-operatives 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.”

Abdullahi also said the repositioning of the co-operatives will support livelihoods and contribute to the realisation of President Bola Tinubu’s eight-point agenda. 

“This is because under co-operatives, it is possible for us to support food security, economic growth and job creation; contribute to inclusivity, where we are able to bring in the women, youth, and even the elderly into the co-operatives fold, and above all guarantee access to capital, because the mobilising capacity of co-operatives is definitely deep and wide,” he added.

The minister said the group is tasked with, among other roles, reviewing existing laws and regulations governing co-operatives in Nigeria, and to make recommendations for repeal or reenactment where appropriate. 

“The technical working group will equally examine international best practices in co-operatives development and governance, scrutinise the structure and management capacity of co-operatives institutions in the country, as well as recommend sustainable access to finance, technology, and markets for co-operatives,” he said.

“Rebuilding trust and promoting youth integration and participation in co-operatives are also part of the group’s task.”

According to the statement, the technical working group membership was drawn from federal and state establishments as well as interest groups in the co-operatives sector.

Abdullahi gave the committee 45 working days to submit its report.