The Vice Chancellor of Michael Okpara University of Agriculture Umudike (MOUAU), Professor Ursula Ngozi Akanwa, and the institution’s 71st inaugural lecturer, Professor Festus Ugwuoke Agbo, have underscored the critical role of cooperatives and cooperative societies in tackling poverty in Nigeria.
Inaugural Lecture on Cooperatives
Professor Agbo, a Professor of Agricultural Economics at the university, delivered the inaugural lecture titled: “Cooperating Out of Poverty: If We Co, We Can Operate Out of Nigeria’s Poverty Conundrum.” Defining cooperation, the lecturer explained that cooperation exists when two or more people work together to address challenges affecting them either individually or collectively. He also cited the internationally accepted definition of cooperative as adopted by the International Cooperative Alliance during its Centenary Congress in Geneva in 1995. According to the definition, “a cooperative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.”
Key Characteristics of Cooperatives
Professor Agbo explained that cooperative organisations differ from other forms of business because they are associations of persons rather than capital. “It is an association of persons, not of capital, so that the needs of persons supersede those of capital in considering cooperative activity,” he stated. According to him, the central purpose of cooperation is to enable people with similar economic, social, or cultural needs to meet those needs collectively. He added that people voluntarily join cooperatives because they understand the benefits attached to membership.
Understanding Poverty
On poverty, the professor described it as a state of deprivation in which individuals and groups lack access to basic necessities such as food, clothing, housing, education, and healthcare. He said poverty remains a complex issue affecting people’s well-being, opportunities, and overall quality of life. Professor Agbo noted that through the pooling of resources and skills, cooperatives can improve access to financial markets and provide financial inclusion through savings, credit mobilisation, and insurance services. He further stated that cooperatives support entrepreneurship through training, mentorship, and funding for small businesses and start-ups, thereby creating opportunities for individuals and groups to leverage collective strength.
Nigeria's Poverty Situation
Speaking on Nigeria’s poverty situation, Agbo said poverty remains pervasive across the country, with a large percentage of the population struggling to meet daily needs. Referring to the World Bank definition of poverty as earning below 1.90 dollars per day, he noted that many Nigerians currently live under severe economic hardship. According to him, World Bank reports indicate that between 2025 and 2026, about 50 to 60 per cent of Nigerians were living below the poverty line. He identified five dimensions of poverty — economic, health, education, social, and environmental — stressing that they interact and worsen the living conditions of citizens.
Vice Chancellor's Remarks
Earlier, the Vice Chancellor, Professor Ursula Akanwa, who presided over the inaugural lecture, described the topic as timely and remarkable because it addressed poverty, one of the country’s most pressing challenges. She said the lecture strongly aligns with the United Nations Sustainable Development Goal One (SDG 1), which advocates “No Poverty.” Professor Akanwa questioned why Nigeria, despite its vast arable land, favourable ecological conditions, and energetic population, continues to rank among countries with high levels of extreme poverty. According to her, the inaugural lecture confronted the challenge “not with lamentation, but with actionable insights.”
