Laments poor financing, weak governance in the sector
By Cynthia Alo
The Cooperative Federation of Anambra State Limited, COFAS, has called on the State Government to establish a Cooperative Development Fund, CDF, and integrate cooperatives into the state’s economic planning.
COFAS also disclosed that poor access to finance, weak governance structures, and low digital literacy among member societies are threatening the growth of cooperatives across the state.
President of COFAS, Dr. Ogochukwu Soludo, who spoke at the 2026 International Day of Cooperatives in Awka, Anambra State capital, said the proposed fund would help unlock affordable, tailored financing for the state’s many micro and small cooperative enterprises.
Representing cooperatives drawn from 179 communities across the state’s 21 local government areas, Soludo added that fragmented market access, regulatory bottlenecks, youth disengagement, and barriers facing persons with disabilities pose as challenges limiting the sector’s impact.
He warned that these constraints, if left unresolved, would prevent cooperatives from contributing meaningfully to the state’s Gross Domestic Product (GDP).
According to him, to close the gaps, COFAS had drawn up a three-year roadmap built around six priority areas, including governance and capacity building, inclusive access to finance, market linkages, youth and women inclusion, digital transformation, and advocacy for stronger partnerships.
He noted that the federation was already in talks with microfinance banks, community finance institutions and impact investors to design cooperative-friendly loan products with flexible collateral terms, particularly for women, youth and persons with disabilities.
Soludo, also disclosed plans to pilot affordable digital tools for member registration, accounting and mobile-based savings tracking in selected local government areas before a statewide rollout.
He urged financial institutions, development partners, and the private sector to design flexible credit products, support governance training, and open up supply chains to cooperative-produced goods.
He stated further: “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.”
