Cooperative stakeholders laud Tinubu’s financial inclusion drive
Stakeholders in the cooperative sector in Abuja on Wednesday, commended President Bola Tinubu’s administration for his financial inclusion drive.
They gave the commendation in a communiqué signed by the Executive Secretary, National Cooperatives Financing Agency of Nigeria, Emmanuel Atama, at the end of a summit.
Mr Atama said the summit resolved that Mr Tinubu had demonstrated the interest to assist cooperatives to grow and flourish by appointing a technical adviser on financial inclusion.
He said the President had also elevated financial inclusion subject to the agenda of the National Economic Council.
He appealed to the government to activate the National Cooperative Advisory Board and establish the National Council on Cooperative Affairs as contained in the National Cooperative Development Policy of Nigeria (2002).
Mr Atama stressed the need for ministries, departments and agencies and Integrated Personnel and Payroll Information System to ensure that contributions from cooperators to their cooperative societies and the Federal Mortgage Bank of Nigeria were sent on monthly basis
He said the move would facilitate processing of cooperative loans and mortgages to beneficiaries.
“The Cooperative Development Fund as advocated by the CFAN should be established now considering its key objective of fighting poverty in the sector. The government should adopt the cooperative inclusive strategy as part of its effort to fight poverty and graciously provide the needed financial support in order to reform/reposition the sector. Cooperatives are strongly advised to diversify their investments to maximise their earnings, such as in money and capital market instruments,” Mr Atama said.
He urged cooperatives to deliberately create credit facilities as a survival strategy and explore alternative tools along the economic link.
(NAN)
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