By Wilson Adekumola
The Cooperative Societies in Nigeria are has urged the President Bola Tinubu administration to establish the Cooperative Commission of Nigeria to help provide solution to some current economic challenges.
The President of the Federal Civil Service Cooperative Union of Nigeria, Onjefu Obe, mad this disclosure in a statement, stresdibg that the significant roles of the Cooperative societies in Nigeria ahead of the upcoming International Day of Cooperatives on July
While noting that it will tackle the long-standing neglect and lack of attention given to this vital sector of the economy, they explained that these societies, especially workers’ cooperative societies, have made significant contributions to Nigeria’s Gross Domestic Product over the years.
They stated further that the proposed CCN would serve as a regulatory body similar to the Corporate Affairs Commission and would be responsible for the regulation and management of cooperative societies across the country.
They argued that by providing focused attention and effective oversight, the establishment of the CCN would help unlock the immense potential of this sector and ensure its sustainable growth.
According to the statement, “Cooperative societies in Nigeria have long been overlooked and under- regulated.
“The establishment of the Cooperative Commission of Nigeria would be a significant step towards rectifying this situation. It will not only create numerous employment opportunities for our youth but also allow for self-regulation and self-sustainability.”
While citing the achievements model of the CAC, Obe drew parallels between the unregulated business environment before the commission’s establishment and the current state of cooperative societies in Nigeria.
He said, “Just like how the CAC transformed the business landscape by curbing fraudulent activities, the proposed CCN can bring the same level of regulation and control to cooperative societies.”
The International Day of Cooperatives, recognised by the United Nations, aims to raise awareness about the significance of cooperative enterprises worldwide.
It was gathered that it will serve as a platform to strengthen stronger partnerships between the international cooperative movement and supporting organizations, thereby promoting the cooperative sector’s global impact.
As Nigeria prepares to mark this international event, stakeholders within the cooperative sector eagerly anticipate the government’s response to their call for the establishment of the CCN.
According to them, if implemented, the commission would not only elevate the status of cooperative societies but also contribute to Nigeria’s overall economic growth and development.
The cooperative societies of Nigeria are hopeful that the government will take advantage of this opportunity to empower and regulate this untapped segment of the economy, allowing it to thrive and contribute even more substantially to the nation’s prosperity.