By Ginika Okoye

The World Bank has urged cooperative societies and regulators to address issues around technology and regulations in the country to meet with global cooperative trends.

World Bank Lead Speaker, Dave Grace, said this at a two-day conference organised by the National Cooperative Financing Agency of Nigeria (CFAN) in collaboration with the Abuja Cooperative Federation.

Grace, who spoke online in Abuja, said that cooperatives in the country could drive the economy and thrive with technology.

The Executive Secretary of CFAN, Mr Emmanuel Atama, said the conference was to discuss ways of making cooperatives in the country to conform with global best practices.

Atama added that the conference was also a platform to work out ways to ensure that cooperatives rendered financial inclusion services to the grassroots.

According to him, participants would discuss the serious gaps like information, technology, regulatory gaps as stated in the World Bank survey.

The President of CFAN, Alhaji Muhammed Zakari, said the conference was to institutionalise regulation and accountability in all cooperatives across the landscape.

Muhammad said that without accountability, cooperatives would not achieve their objectives and were bound to fail.

“So, accountability is very crucial, and there is also the need to comply with the regulation that is in place for cooperatives.

“When there is accountability, it will attract more people into cooperatives.

“We expect the Cooperative Development Fund (CDF) to replace the previous tendency for cooperatives to be expecting some stipend from government, because we can borrow from the fund,” he said.

The Federal Director of Cooperatives, Alhaji Idris Sani, said the conference was a reaffirmation of collective commitment to the growth, sustainability and integrity of the cooperative sector in the country.

Sani, represented by Patricia Dara, an official of the department, said the conference was to provide a timely opportunity to reflect on the regulatory environment that shaped cooperative ecosystem.

He said the conference was also to assess progress, identify gaps and chart a way forward for enhanced compliance innovation and sectorial growth.

“Through stakeholder engagements, policy reviews and targeted capacity building initiatives, we have worked to foster a culture of accountability, financial discipline and good governance within the cooperative movement.

“However, we recognise that challenges persist.

“Issues such as weak internal controls, limited access to finance, governance lapses and regulatory non-compliance continue to impede the sectors’ full potential.

“Conferences like this are crucial, they provide a platform for dialogue, knowledge exchange and partnership building,” he said.

Mr Emmanuel Noah, the President of the Non-Governmental Association for Literacy Support Services (NOGALSS), commended CFAN for the conference.

The President, Akilaah National Cooperative Society Limited, Ms Amandine Kouakou, urged the country to adopt the CDF as a way forward to boosting cooperative businesses in the country.

The News Agency of Nigeria (NAN) reports that the conference attracted cooperative officials from different states of the country.

The theme of the conference is, ‘Repositioning Cooperatives to Deliver on Inclusive Growth and Development. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa