The Federal Government, through the Federal Ministry of Agriculture and Food Security, has finalized plans to establish the Cooperative Bank of Nigeria. This specialized financial institution will be substantially owned by cooperatives and cooperators and will focus on financing housing projects. The bank aims to provide accessible financing support to cooperative societies and underserved sectors, including cooperative housing initiatives. It will operate as a modern, digitally-driven, transparent, inclusive, and economically viable ecosystem.
Government-Enabled, Not Funded
Speaking at the Cooperative Housing Summit Africa (CHOSA) in Abuja, the Minister of State for Agriculture and Food Security (Supervising Minister of Cooperative Affairs), Dr. Aliyu S. Abdullahi, explained that the initiative is government-enabled but not government-funded. It will be built on cooperative ownership principles and strategic partnerships. The proposed ownership structure allocates 65 percent controlling equity to cooperative societies, 30 percent non-controlling equity to strategic investors and development finance institutions, and 5 percent equity to employees.
Sustainability and Transparency
According to the Minister, this model ensures sustainability, accountability, transparency, and long-term institutional stability. He highlighted the potential of cooperatives as engines for socio-economic transformation in the built ecosystem. Under the reform initiative, strategic interventions will strengthen cooperative institutions and unlock their development potential.
- Affordable cooperative housing finance
- Long-term housing development support
- Access to cooperative mortgages
- Financing for housing estates and community development
- Financial inclusion for informal sector workers
- Cooperative infrastructure financing
- Women and youth housing empowerment schemes
- Inclusive access for Persons with Disabilities (PWDs)
Strategic Movement
Dr. Abdullahi emphasized that CHOSA Africa 2026 is not merely a conference but a strategic movement to reposition cooperative housing as a sustainable, inclusive, and people-centered solution to Africa’s growing housing deficit. Housing financing will provide a practical pathway toward this goal. The Ministry continues to champion the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP), aimed at repositioning the cooperative sector in Nigeria.
As Africa urbanizes rapidly, the demand for affordable housing will increase exponentially. Therefore, scalable and sustainable housing models that are inclusive, affordable, community-driven, and technologically enabled must be adopted.
