Business
Co-Operatives Do Better In Business – Director

The Director of Co-operatives, Ministry of Commerce and Industry, Rivers State, Mrs. Elizabeth Chidi-Wike, has said that Co-operatives do better in every aspect of business than individuals.
The Director, who stated this in an interview shortly after the recent 2022 International Day of Co-operatives organised by the Ministry in Port Harcourt, said the programme is expected to challenge Co-operative members on the achievements of other groups, adding that agricultural businesses has great opportunities to grow.
“Agricultural Co-operatives should take advantage of the opportunities and information provided by the grogramme to better their businesses.
“I get worried when entrepreneurs, both in other businesses and agric sectors, access loans and use it to marry more wives and take tittles instead of building their businesses.
“Co-operatives play a major role in agriculture, production, retail, wholesale, finance, housing, employment, education and social services”, she said.
Earlier, a resource person from the Central Bank of Nigeria (CBN), Mr. Oruveigha Stanley, who lectured on the topic, “Intervention and the abounding opportunities for wealth creation and poverty reduction through Co-operative Societies”, said CBN has mandated for intervention and development of businesses.
Stanley noted that the apex bank has over 50 financial intervention programmes that would benefit the society, adding that three out of the 50 have become very relevant.
“These are, Anchor Borrower Programme (ABP), Agricultural Credit Guarantee Scheme and Fertilizer initiative”, he added, stating that co-operatives can come together and take loans for their members.
He expressed disatisfaction that Rivers farmers have not shown interest in Anchor Borrowers and Fertiliser Initiative Fund, which can only be given to agriculturists that have cleared farm lands.
He called on farmers in the state to come up and partner with CBN in agricultural development, adding that communities can approach the bank with cleared lands for cassava, maize, rice and other crops.
He reiterated that farmers and other co-operatives can access millions of naira to grow and develop their businesses to achieve food security for economic growth.
By: Lilian Peters