The Cooperative Federation of Anambra State (COFAS) has called on the Anambra State Government to establish a Cooperative Development Fund (CDF) and fully integrate cooperative societies into the state’s economic planning, arguing that the move would unlock affordable financing and accelerate grassroots economic development.
Speaking during the 2026 International Day of Cooperatives in Awka, COFAS President Dr. Ogochukwu Soludo said poor access to finance, weak governance structures, low digital literacy, fragmented markets, regulatory bottlenecks, youth disengagement, and barriers affecting persons with disabilities continue to hinder the growth of cooperative societies across the state.
Dr. Soludo explained that the proposed fund would provide tailored financial support for micro and small cooperative enterprises, enabling them to expand operations, create jobs, and contribute more meaningfully to Anambra’s economy. He warned that unless the existing challenges are addressed, cooperatives would struggle to realise their full potential as drivers of inclusive economic growth.
He also unveiled a three-year strategic roadmap focusing on governance reforms, capacity building, improved access to finance, digital transformation, stronger market linkages, and greater inclusion of women, youth, and persons with disabilities. COFAS disclosed that it is already engaging microfinance banks, development finance institutions, and impact investors to design cooperative-friendly loan products with flexible collateral requirements.
The federation urged the state government, financial institutions, development partners, and the private sector to strengthen collaboration with cooperative societies, insisting that well-supported cooperatives can play a major role in job creation, poverty reduction, financial inclusion, and sustainable economic development across Anambra State.
