COFAS Advocates Establishment of Cooperative Growth Initiative in Anambra

The Cooperative Federation of Anambra State Limited, COFAS, is urging the State Government to create a Cooperative Development Fund, CDF, and incorporate cooperatives into the state's economic planning framework.

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COFAS has identified poor financing, weak governance, and low digital literacy among its member societies as significant obstacles hindering the growth of cooperatives across the state.

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Dr. Ogochukwu Soludo, President of COFAS, emphasized that the proposed fund would provide micro and small cooperative enterprises with access to affordable and tailored financing, speaking at the 2026 International Day of Cooperatives in Awka, Anambra State capital.

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Soludo, representing cooperatives from 179 communities across the state's 21 local government areas, highlighted fragmented market access, regulatory bottlenecks, youth disengagement, and barriers facing persons with disabilities as challenges limiting the sector's impact.

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He cautioned that if these constraints are not addressed, cooperatives will be unable to contribute meaningfully to the state's Gross Domestic Product (GDP), emphasizing the need for urgent action.

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To address these gaps, COFAS has developed a three-year roadmap focusing on six key areas, including governance and capacity building, inclusive access to finance, market linkages, youth and women inclusion, digital transformation, and advocacy for stronger partnerships.

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The federation is currently in discussions 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.

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Plans are also underway to pilot affordable digital tools for member registration, accounting, and mobile-based savings tracking in selected local government areas, with a statewide rollout to follow.

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Soludo appealed to financial institutions, development partners, and the private sector to develop flexible credit products, support governance training, and open up supply chains to cooperative-produced goods.

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He stated that the success of COFAS will be measured by increased incomes, jobs created, businesses formalized, and communities transformed, emphasizing the importance of cooperatives in achieving inclusive growth.

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Soludo emphasized that cooperatives are instruments of social cohesion and shared prosperity, and with urgency, discipline, and imagination, they can play a central role in Anambra's inclusive growth strategy, delivering development from the grassroots upward.