Anambra Cooperatives Call for Development Fund to Boost Sector

The Cooperative Federation of Anambra State Limited (COFAS) is calling for the establishment of a dedicated Cooperative Development Fund (CDF) and the integration of cooperatives into the state's economic planning. COFAS President Dr. Ogochukwu Soludo emphasized that inadequate access to finance, weak governance structures, and insufficient digital literacy among member societies are significantly hindering the growth of cooperatives across Anambra.

Speaking at the 2026 International Day of Cooperatives in Awka, Soludo, who represents cooperatives from 179 communities, stated that the proposed fund would provide affordable, tailored financing for the state's numerous micro and small cooperative enterprises. He also pointed to fragmented market access, regulatory hurdles, youth disengagement, and barriers for persons with disabilities as critical challenges limiting the sector's impact and its potential contribution to the state's Gross Domestic Product (GDP).

To address these constraints, COFAS has outlined a comprehensive three-year roadmap. This plan prioritizes six key areas: governance and capacity building, inclusive access to finance, market linkages, youth and women inclusion, digital transformation, and advocacy for stronger partnerships. The federation is actively engaging with microfinance banks, community finance institutions, and impact investors to develop cooperative-friendly loan products with flexible collateral terms, particularly benefiting women, youth, and individuals with disabilities.

Furthermore, COFAS plans to pilot affordable digital tools for member registration, accounting, and mobile savings tracking in select local government areas before a statewide rollout. Soludo urged financial institutions, development partners, and the private sector to collaborate by designing flexible credit products, supporting governance training, and opening supply chains for cooperative-produced goods. COFAS aims to measure success through increased incomes, job creation, business formalization, and community transformation, viewing cooperatives as vital instruments for social cohesion and shared prosperity.

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We will measure our success by increased incomes, jobs created, businesses formalized, and communities transformed. “Cooperatives are instruments of social cohesion and shared prosperity. With urgency, discipline, and imagination, they can be central to Anambra’s inclusive growth strategy delivering development from the grassroots upward.”