Monday , January 17 2022

Cooperative societies contribute N850 billion to Nigeria GDP, seeks FG recognition

……Societies grants N950 billion loan, creates 600,000 jobs – CRASoN

Following the huge contribution of cooperative societies in Nigeria to the nation’s economy, Cooperative Rating and Award Society of Nigeria, (CRASON) has called on the federal government for recognition.

This, according to them is an honour well deserved. CRASoN is a value based organisation that focuses on monitoring, tracking cooperative performance, capabilities and its economic impacts in Nigeria.

The organisation stressed that their study and research have shown that cooperative societies has contributed over N850 billion as its share to Nigeria Gross Domestic Product (GDP) while granting a total loan of N950 billion to Small and Medium sized entrepreneurs in the country.

Among its other contribution to Nigeria economy, the societies has successfully help reduce unemployment significantly.



Speaking at a press conference in Lagos, the President of CRASON, Mr. Victor Oyegoke said the 2017 survey carried out disclosed that there are over 300,000 primary cooperative societies in Nigeria with over 30 million individual members.

Oyegoke announced that the societies has employed over 600,000 Nigerians as staffs.

“Cooperative societies have the capabilities to turn around the economy of Nigeria for better. Some of our member body grant loans at 5% per annum aside carrying out other Corporate Social Responsibilities such as feeding the motherless, free health cares to the communities among many others”.

He stressed that government should take cooperative business very serious because the sector elevates poverty in the world in line with the Sustainable Development Goals (SDGs).

Oyegoke decried the absence of members in the Federal Economic Council team.

“It is regrettably that among the announced economic team by President Mohammadu Buhari, there is no representative from the Cooperative.

“If half of the attention given to Micro Finance Banks (MFBs) can be given to cooperatives, the result will be so glaring positively considering our present achievements in Nigeria”, Oyegoke addressed.

This is part of reason CRASoN has risen up to say there is high time we begin to showcase what cooperative is doing to affect the economy and maybe the government will now begin to see the reason to pay more attention and count us into the fold.

According to him, he said “Since the modern cooperative was established in Nigeria in 1935, the cooperative has made a lot of landmark success. When you talk of any sector today, you will find coorpotive there, either housing sector, trade and investment, transportation, finance, consumer or agriculture sector, adding that cooperative is a vital tool that could really take people out of poverty.


Speaking further, Oyegoke said that CRASON has been able to research on and we discovered that there are three keys major issues affecting the cooperative society.

He said, “there is no any relevant or comprehensive data of cooperative in Nigeria at the national level. This is why the government is not freely having any attention to it because we’ve not been able to gather data together, showcase and prove the extent of which cooperative is impacting the economy.

Highlighting on the solutions, to all these issues, CRASON boss said we’ve been able to critically look into all these issues and we begin to resolve all these issues.

“The first thing we have done is to develop the COOP Count Solution which is the portal developed for the cooperators and cooperative society in Nigeria whereby you can log on to our website and click on COOP count portals, and you can easily input your data and we cross-check with the cooperative in your state and with that we will be able to gather enough data.
For the issue of recognition and relevant from the government, is the cooperative award which is the COOP Award.

The COOP award is to help benchmark across the nation all cooperative societies in order for CRASON to begin to see how they can spread development across board. Winners are going to be showcase to the world come November 16th at Abuja.

“At that level we are going to be award the best and the most outstanding based on the criteria of the founding and the report of the college juror”, Oyegoke added.

ALSO READ: World Bank urges FG to eliminate bottlenecks against enterprenuers

Speaking about the COOP Award, the chairman, CRASON College of Juror, Mr. Mohammed Bello, said, “the major focus of the award is to recognize the contribution in this sector.

“The cooperative sector is expected to be the third sector of the economy coming after the public and the private sector, but what level of recognition are giving ourselves, this is one of the reason that are behind generally”

The award has been broken down into four major categories, and 40 award in all. The categories includes; the regulators and the institution teaching cooperatives categories,  movements, the most outstanding sector based award, and cooperative choice award category.

“The use of domain .coop has been projected and promoted by the international cooperative alliance. We are going to award any cooperative that has made effective use of this”, he added


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