Why LASG prioritises partnership with cooperative societies – Official

Lagos has listed the drive for inclusivity, economic empowerment, self-reliance, poverty alleviation, sustainable development, job and wealth creation, as factors behind its continued partnership and support for registered cooperative societies in the state.

Folashade Ambrose-Medebem, commissioner for commerce, cooperatives, trade & investment, stated this during a session with newsmen alongside the leadership of Lagos State Cooperative Federation (LASCOFED), on Tuesday, to kick-start the 2024 International Day of Cooperatives celebration.

There are over 3,615 registered cooperative societies in Lagos, and they play in various sectors of the economy, including agriculture, housing, trade, investment, among others.

“Cooperatives being natural vehicles for collaborative partnership and prosperity for all, contribute to economic, social, and environmental sustainability across regions and economic sectors. It is inherent among cooperatives to safeguard community relations, enhance local resources, advocate social responsibility, and adopt sustainable and long-term business practices.

“The government can partner with cooperative societies by providing grants for their operations, facilitating collaboration with development partners to provide mass housing, and enhancing cooperative laws for effective operations of the societies. Providing grants to cooperative societies is particularly beneficial as it enables them to expand their operations, improve infrastructure, and invest in community development projects. These grants can also help cooperatives in initiating innovative projects that can drive local economies, generate employment, and enhance the overall quality of life for their members,” said Ambrose-Medebem, represented by Olugbemiga Aina, the permanent secretary of her ministry.

According to Ambrose-Medebem, between 2023 and the present, an additional 615 cooperatives have been registered in Lagos, comprising 435 cooperative multipurpose societies, 115 cooperative thrift and credit societies, and 65 cooperative agricultural multipurpose societies.

She noted the government’s efforts to verify capabilities and expand the scope of cooperatives beyond workplaces to attract more grants for the state’s development.

“We have over three thousand cooperatives, which is quite small for a megacity of almost 24 million people. We need to increase the numbers.

“We are proactive in thinking that we need to inject more funds into these cooperative societies, she added.

The commissioner noted that the theme for the 2024 International Cooperatives Day, “Cooperatives: building a better future for all,” was apt for celebrating the contributions of cooperatives to socio-economic development.

She outlined the schedule for this year’s celebration, saying it will involve visits to orphanages and old people’s homes on Wednesday, July 3; a Jumat service at Alausa Central Mosque on Friday, July 5, the grand finale on Saturday, July 6, featuring lectures, panel discussions, raffle draws, and merit awards, and a thanksgiving service on Sunday, July 7, at The Chapel of Christ the Light, Alausa.