CBN, EDC Partner to Strengthen Cooperative Societies as Economic Drivers

CBN, EDC Partner to Strengthen Cooperative Societies as Economic Drivers

The Central Bank of Nigeria (CBN) Staff Multi-Purpose Cooperative Society Limited has entered a strategic partnership with the Enterprise Development Centre (EDC) of Pan-Atlantic University and Pro-Serve Integrated Services Limited to enhance the role of cooperatives as a tool for economic growth in Nigeria.

The partnership, formalised through a Memorandum of Understanding (MoU) at the EDC headquarters in Lagos, aims to institutionalise governance structures, improve business processes, and enhance financial sustainability within cooperative societies.

Transforming Cooperative Societies into Economic Pillars

The CBN Cooperative, which boasts a membership of over 12,000 nationwide, will serve as a pilot case to demonstrate how structured cooperatives can drive economic development. Speaking on the initiative, Kenechukwu Nwankwo, CEO of Pro-Serve Integrated Services, emphasised that the collaboration would bring structure, corporate governance, and strategic long-term planning into the cooperative model.

“This partnership brings to bear the potential of using cooperatives as an economic tool for national development. The CBN Cooperative will serve as a pilot to showcase the potential of a cooperative and what it can achieve for the economy,” Nwankwo said.

Beyond governance, the initiative is expected to introduce Key Performance Indicators (KPIs) to measure progress, ensuring that only competent professionals manage cooperative affairs.

EDC’s Role in Strengthening Cooperatives

Representing EDC, Director Nneka Okekearu described the partnership as a historic milestone in Nigeria’s cooperative sector. She noted that EDC would provide capacity-building support over the next two years, helping the cooperative establish institutional structures, policies, and governance frameworks to ensure long-term sustainability.

“Through these collaborations, we will be helping the cooperative strengthen their capacity, institutionalise structures and policies, and ensure they become very sustainable,” Okekearu stated.

CBN Cooperative: Adapting for the Future

With over 45 years of existence, the CBN Cooperative acknowledges the need to evolve in a changing business environment. Its president, Nkechinyere Ofili, stressed the importance of innovation, saying:

“The business landscape has changed. If we continue to do things the way we used to, we risk becoming obsolete. This partnership ensures that we remain relevant and impactful in today’s economy.” The initiative aligns with broader efforts to position cooperative societies as viable economic engines, providing financial inclusion and business opportunities to a large segment of the Nigerian workforce.

Looking Ahead

With this collaboration, Nigeria’s cooperative sector could serve as a model for financial inclusion, job creation, and grassroots economic empowerment. The focus on corporate governance, structured processes, and strategic planning marks a shift towards making cooperatives sustainable economic institutions rather than informal financial groups.

As implementation begins, stakeholders will be watching to see how this partnership translates into measurable economic impact for cooperative members and the broader Nigerian economy.