The Cooperative Federation of Anambra State (COFAS) has urged the Anambra State Government to establish a Cooperative Development Fund (CDF) to improve access to finance and strengthen the role of cooperatives in the state’s economic development.
Speaking during the 2026 International Day of Cooperatives in Awka, COFAS President, Dr. Ogochukwu Soludo, said inadequate financing, weak governance structures, low digital literacy, and poor market access continue to hinder the growth of cooperative societies across the state.
Representing cooperatives from all 21 local government areas, Soludo warned that unless these challenges are addressed, the sector’s contribution to Anambra’s economy and GDP would remain limited.
He disclosed that COFAS has developed a three-year strategic roadmap focused on governance, access to finance, digital transformation, market expansion, and greater inclusion of women, youths, and persons with disabilities.
The federation is also partnering with microfinance institutions and investors to develop cooperative-friendly loan products with flexible collateral requirements, while planning to introduce digital tools for member registration, accounting, and savings management.
Soludo called on government, financial institutions, development partners, and the private sector to support the cooperative movement, describing cooperatives as critical drivers of grassroots economic growth, job creation, and inclusive development.
