The Cooperative Federation of Anambra State (COFAS) is urging the state government to create a dedicated Cooperative Development Fund (CDF) to better integrate local cooperatives into broader economic policy. During the 2026 International Day of Cooperatives held in Awka, COFAS President Dr. Ogochukwu Soludo highlighted that the sector is currently hampered by insufficient funding, inadequate governance, and limited digital skills among its members.
Soludo, who speaks for cooperatives spanning 179 communities across 21 local government areas, emphasized that systemic obstacles such as regulatory hurdles and poor market access threaten the sector’s potential to boost the state’s GDP. To address these issues, COFAS has developed a three-year strategic plan focused on digital adoption, financial inclusion, and improved governance.
The federation is actively engaging with financial institutions and impact investors to develop loan products with accessible collateral requirements, specifically targeting youth, women, and individuals with disabilities. Additionally, COFAS intends to introduce digital solutions for accounting and member management in pilot programs before expanding them throughout the state. Soludo called on private sector partners and financial institutions to support these initiatives, noting that cooperatives serve as vital tools for achieving community prosperity and inclusive economic growth.
