Economy

Stakeholders seek establishment of Cooperatives Development Commission to regulate sector

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The National Cooperative Financing Agency of Nigeria (CFAN), has called for the establishment of Cooperatives Development Commission to regulate and ensure proper coordination of cooperative societies in the country.

Mr Emmanuel Atama, the Executive Director of CFAN, made the call on Saturday in Abuja at an event to mark the 2019 International Day of Cooperatives.

The theme of the 2019 International Cooperative Day is “COOPS 4 Decent Work” to emphasise human and social development in the workplace.

“We believex that cooperatives should have a commission both at the national and state levels for proper regulation of their activities.

“During the 8th National Assembly, we attempted reviewing the Cooperative Act to provide room for the establishment of the commission.

“So, we are looking up to the 9th National Assembly, and will ensure that we follow due process to get the Act reviewed.

“Like the Corporate Affairs Commission that becomes more vibrant when it was made a commission, we believe that when that is done in cooperative, we will have better regulations for better practice,” Atama said.

According to him, cooperatives deserve special attention in view of their key role in socio-economic development, especially at the grassroots.

Atama called on stakeholders to join hands to build a virile economy in Nigeria using the cooperative instrument as was done in Kenya, Tanzania, Canada and Germany.

Dr Edache Adigwu, President of the Ministry of Defence Staff Cooperative Society, said the celebration was timely considering the contributions of cooperatives to national development.

He commended all partners in the cooperative sector for their support in ensuring that the aims and objectives of cooperatives were realised for the benefits of members.

“This occasion is an opportunity for us to review our work, progress achieved so far throughout the year and appreciate those who have supported the movement over time.”

Mrs Oluwakemi Makanju of the World Bank Group commended the role of cooperative societies in various agencies, ministries and parastatals in making lives of citizens better.

“We believe that financial inclusiveness is very important for people to improve their living standard, that is what informed our collaboration with CFAN,” she said

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