Undoubtedly, cooperative societies ( CS) worldwide contributes greatly to the Gross Domestic Product ( GDP ) of every nation. In Nigeria, CS, particularly workers Cooperative Societies, have contributed immensely to the economy of this nation.
However, this big segment of our economy has been surprisingly neglected or given little attention by successive governments.
As the world and Nigeria marks the International Day of Cooperatives on July 1, there is a clarion call on the Tinubu administration to establish the COOPERATIVE COMMISSION OF NIGERIA ( CCN ) to give CS in Nigeria the desired attention. Such Commission, if established, will not only generate huge employment for our teeming youths but will also be self regulatory & self-funded.
Like the Corporate Affairs Commission ( CAC ) of Nigeria, the proposed CCN shall be responsible for the regulation and management of CS in Nigeria. Even though a cash cow, the cooperative societies/ business is the most unharnessed, unregulated and unmanaged segment of the Nigeria economy today.
It’s a testament today that before the establishment of CAC, business activities of companies and other related matters were unregulated-they were unmitigated fraudulent activities of fraudulent persons. However, with the coming into being of the Commission, all such fraudulent activities of companies are being properly checked and regulated. Therefore, what happened to Companies in Nigeria can also be applied to cooperative societies in Nigeria; the Federal government will have nothing to lose but gain.
The United Nations’ (UN) International Day of Cooperatives is observed on the first Saturday of July each year. Some of the day’s goals are to increase awareness on cooperatives, as well as strengthen and extend partnerships between the international cooperative movement and other supporting organizations.
Onjefu Obe
( President, FEDCOOP) Federal Civil service Cooperative Union of Nigeria
