Since the formal establishment of Co-operatives in Nigeria and the passing of the Co-operative Ordinance by the Colonial administration in 1935, the Co-operative Movement has made significant contributions to various sectors of the national economy. These contributions include areas such as Agriculture, Micro-savings, Micro-credit, Housing, Health, Hospitality, Education, Insurance, Finance, Transportation, Exports, Trade, and Investments. The National Policy on Co-operative recognizes co-operatives as a major socio-economic force, placing them after the public and private sectors. Co-operative enterprises are a sustainable business model that is not listed on the Nigeria Stock Exchange (NSE) due to their strong social mandate. As a result, they are not always recognized as an important economic entity that deserves attention, despite their significant contribution to the nation’s GDP and their impact in alleviating poverty in rural, semi-urban, and urban areas.

The cooperative movement in Nigeria spans all 36 states and the Federal Capital Territory, boasting a large membership base that significantly contributes to the Nigerian economy. For instance, Lagos state alone has over twenty thousand registered cooperative societies with more than two million individual cooperative members, generating an annual turnover of over 434 billion naira. This sector provides direct and indirect employment opportunities for tens of thousands of residents. Moreover, hundreds of thousands of students are pursuing cooperative courses in various tertiary institutions in Nigeria, while many others are members of youth cooperative societies nationwide. These figures are substantial and should be leveraged for a brighter and more sustainable future for Nigeria. It is unfortunate that we lack accurate databases and statistics for a comprehensive analysis of the economic performance and socio-cultural impact of cooperatives in the country. This underscores the need for initiatives such as Project CoopCOUNT® and the Nigerian National Cooperative Awards (CoopAWARDS®) to address this gap.