Poverty has been a phenomenon on which researches are carried out from time to time, especially in Nigeria and the developing countries. It has also been confirmed that the cooperative is the best financial institution useful for the eradication of poverty in any given society. But despite the flourish and involvement of the conventional cooperatives in the poverty alleviation programmes organized by various governments, there is still persistence in the increase of poverty incidence in Nigeria. The hope is that the advent of Islamic cooperatives (ICs) in Nigeria will make a change in poverty problem because of the availability of Islamic Financial Products (IFPs) like mushārakah mutanāqiṣah (MM), among others. The concern of this paper therefore is to examine the poverty instance in Nigeria and how mushārakah mutanāqiṣah (MM) can be used by numerous Islamic Cooperative Societies (ICSs) can be used to alleviate poverty among the members of ICSs and or generality of the people in the country.