Babajide Sanwo-Olu, the governor of Lagos State, has reaffirmed that his administration is ready to pursue the expansion and development of the Lagos State Cooperative Federation (LASCOFED) in order to increase socioeconomic activity in the state.
He gave a speech during the inaugural Lagos Cooperative Festival, which LASCOFED and the Lagos Ministry of Commerce, Industry, and Cooperatives jointly organized.
The governor, who was represented by his Deputy, Dr. Obafemi Hamzat, said: “We, as government, recognise the role cooperative play in the socio economic development of the state and its role in empowering and catering for members welfare, hence, we will continue to support the growth of cooperative to eradicate poverty and create more employment opportunities in the state.”
In order to maintain continuity and promote further prosperity in the state, he urged Nigerians to support the All Progressives Congress (APC) in the upcoming elections.
In an earlier speech, LASCOFED President Shogbule Oladipo pleaded with the government to support the organization by providing a N5 billion low interest revolving fund for on-lending to members through their cooperative societies.
The president remarked: “The role of government in boosting operations of cooperative societies remains sacrosanct,” stressing that the body is well structured, organised and regulated to utilise the fund judiciously when released for the benefit of members and the state in general.
“Over 16,000 cooperative societies have been registered since the creation of Lagos State in 1967 with over 3,000 of such societies still very active. Lagos Cooperative has a cumulative turnover in excess of N40 billion in various economic enterprises in Lagos state.”
“Cooperatives are involved in diverse economic activities such as granting of affordable loans to members, engaging in various aspects of the agricultural value chain, transportation and hospitality business, among others, with many employees.”
Shogbule praised the administration for its security, noting that it had made it possible for cooperative businesses to flourish in the state.
The festival, according to the president, was needed to recognize outstanding individuals who had made significant contributions to the expansion and development of the cooperative movement in Lagos State as well as to highlight the activities of cooperative societies and their positive effects on people and the state’s economy.
The success of any cooperative society depends on the type and caliber of development that occurs inside it, according to Dr. Lola Akande, commissioner of commerce, industry, and cooperatives, who urged cooperative leadership to be proactive in demonstrating their accomplishment.
