COVID-19: How we rescued SMES from going under – Sanwo-Olu

Lagos State governor, Babajide Sanwo-Olu says but for the intervention by his administration through various palliatives, several Medium Enterprises (SMEs) in the state would have gone under from the effects of the COVID-19 pandemic.

Sanwo-Olu spoke at the International Day of Cooperative Society, held weekend, at the Lagos State Cooperative Federation (LASCOFED) Complex, Ogba, Lagos.

The theme for the 2021 international cooperative day was “rebuilding better together”.

According to Sanwo-Olu, the economic lockdowns occasioned by the pandemic, took a toll on the SMEs, many of which already had difficulties even before the outbreak of COVID-19.

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“This is most applicable to us in Lagos State as the epicentre of the pandemic in Nigeria. Although, the impact of the pandemic is widespread and cut across all sectors in the economy, there’s no doubt that SMEs, within which most cooperative businesses fall, are among the most affected, especially as a result of the long weeks of lockdown.”

The governor explained that in order to ameliorate the devastating effects of the pandemic, his administration rolled out series of palliative measures to support SMEs in the state.

“These are measures to improve businesses and facilitate the recovery process. These measures are being implemented through relevant government agencies, especially the Lagos State Employment Trust Fund.

“In recognition of the active roles played by cooperative societies in our economy, particularly in the areas of promoting brotherhood, good neighbourliness, economic freedom and realisation, our government has facilitated series of programmes.

“These programmes are aimed at encouraging more people to imbibe the spirit of cooperation and be active participants in both formal and informal sectors of our economy.

“I enjoin residents of the state to embrace best practices in the management of cooperatives and deepen their collaboration with the state government in order to take full advantage of opportunities being provided in critical sectors, including agriculture,” he said.

On her part, Lola Akande, the commissioner for commerce, industry and cooperatives, listed part of the achievements of the ministry to include the consolidation of the asset base of cooperative societies in Lagos to over N33 billion.

Highlighting the strides of the government in the cooperative movement, Akande said support for the movement would continue.

“Some of the achievements of the cooperative movement in the state worthy of mention include the fact that the asset base of cooperatives in the state has surpassed the N33 billion.

“Another fact is that the cooperative department is now completely digitised in its operations, leading to greater efficiency and effectiveness of services rendered. “Registration of cooperative societies can now be done online and the process can be tracked,” she said.