The Cooperative Federation of Anambra State Limited (COFAS) has appealed to the Anambra State Government to establish a Cooperative Development Fund (CDF) and formally incorporate cooperatives into the state’s broader economic development strategy.

The federation said several longstanding challenges, including limited access to finance, weak governance systems and low digital literacy among cooperative societies, continue to hinder the growth and effectiveness of the sector across the state.

Speaking during the 2026 International Day of Cooperatives celebration in Awka, the Anambra State capital, COFAS President, Dr. Ogochukwu Soludo, said the proposed Cooperative Development Fund would provide affordable and tailored financing solutions for the state’s numerous micro and small cooperative enterprises.

Representing cooperatives from 179 communities across Anambra’s 21 local government areas, Soludo also identified fragmented market access, regulatory bottlenecks, youth disengagement and barriers affecting persons with disabilities as additional obstacles reducing the sector’s contribution to economic development.

He warned that unless these issues are addressed, cooperatives would be unable to make meaningful contributions to the state’s Gross Domestic Product (GDP).

To address the identified challenges, Soludo disclosed that COFAS has developed a three-year strategic roadmap centred on six priority areas: governance and capacity building, inclusive access to finance, market linkages, youth and women inclusion, digital transformation, and advocacy for stronger partnerships.

He further revealed that the federation is already engaging microfinance banks, community finance institutions and impact investors to develop cooperative-friendly loan products featuring flexible collateral requirements, particularly for women, young people and persons with disabilities.

According to him, COFAS also plans to pilot affordable digital solutions for member registration, accounting and mobile-based savings tracking in selected local government areas before extending the initiative across the state.

The COFAS president called on financial institutions, development partners and private sector stakeholders to introduce flexible credit facilities, strengthen governance training initiatives and create greater market opportunities for goods produced by cooperative societies.

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.”

Source: Vanguard