Cooperatives play a strategic role in implementing government’s social investment and interventions programmes and ensuring that a large number of people have access to the programmes.
This was the submission of Vice President Yemi Osinbajo on Monday when he received a delegation from the Cooperative Federation of Nigeria, CFN, led by the President, Chief Tajudeen Oriyomi Ayeola.
Osinbajo said cooperatives are “ important part of our strategy in ensuring that the largest number of Nigerians have access to government programmes.
“The partnership of cooperatives with government is possibly the only way of doing so in an efficient manner that ensures that government services and programmes get to the right people.
“Cooperatives give their memberships the leverage to be able to take facilities and make sure those facilities are returned. They also have more knowledge of their individual members,” he noted.
The VP observed that “the case for cooperatives is very well made, and what we must do as a government is look for ways of cooperating with the Cooperative Associations in ensuring that we are able to get this moving.”
In his remarks, the Managing Director of Family Homes Fund, FHF, which is implementing the Social Housing element of the ESP, Mr Femi Adewole gave an update on the work done so far concerning the National Social Housing Programme.
He said, “as at year-end 2021, 17,281 homes are at various stages of construction, either completed or in progress across 15 States.”
While awaiting disbursements from the Central Bank of Nigeria, FHF MD disclosed that the agency was able to mobilize other resources such as N10billion from the Ministry of Finance, $60million from the African Development Bank, 20million Euros from Agence Française De Développement, and about N20billion recycled capital from sales of completed property to execute the Social Housing programme for last year.
While addressing the Vice President, Chief Ayeola noted that the CFN would want the intervention of the Federal Government in reviewing the Nigerian Cooperative Societies Act which has become obsolete in the face of operations of modern cooperatives.
He added that such a review would ensure more effective collaboration with FG’s strategy to ensure a larger number of Nigerians benefit from the many intervention schemes of the Administration.