Cooperatives Play Vital Role in the Socio-Economic Dynamics of Lagos State – Folasade Ambrose-Medebem

At the recently held Business Day Africa Trade & Investment Submit, our reporter engaged Mrs. Folashade Ambrose-Medebem, Hon. Comm. for Commerce, Cooperatives Trade & Investment, Lagos State in a brief interview.

A communications and sustainability expert with board management level multifaceted experience in Strategy, Finance and Change. With a proven track record of delivering world-class strategic business transformation solutions, leading award winning communication and crisis management business strategies coupled with a skilled ability to build trust, connect culture with the business objective and significantly enhance the bottom-line, reputation and influence of many FTSE 100 companies.

What would you describe as the greatest passion that has brought you this far in your career?

I will describe the greatest passion that has brought me this far as the determination to excel in whatever responsibility or role that is given to me because I know such comes with a lot of trust and I would not want to fail or betray the confidence reposed in me. I am also of the convinced opinion that every position I have held and now holding has corresponding value to deliver and lives to impact. I therefore strive for excellence in all I do to ensure that, with the support of the Team, values are delivered and lives are transformed. Above all, I am very passionate about transformation and sustainability, challenging the status quo, thinking out of the box and exploring new but challenging strategies that foster refreshing perspectives and solution to diverse issues.

Can you share with us some of the programmes the Ministry has for year 2024?

I am really excited to let you know that our Ministry has a lot to deliver in relation to our ministerial mandate as given to us by Mr. Governor, Mr. Babajide Olusola Sanwo-Olu and these we have grouped into quarterly deliverable for ease of tracking and performance measurement. For instance, we shall be having another Corporate Assembly as revealed by Mr. Governor at the 8th edition held in December last year. This edition is expected to be highly impactful as Mr. Governor shall be inviting many Federal regulatory agencies to discuss issues surrounding the ease of doing business and improved environment for businesses.

We are already doing a lot in the area of investment promotion by engaging with Embassies, High Commissions, Chambers of Commerce along with State and Non-State Actors towards facilitating Foreign Direct Investment, FDI and Direct Domestic Investment, DDI in the State. We are hosting our flagship programme for the MSMEs; Lagos State MSMEs Exclusive Trade Fair and we will still support their participation in other Fairs such as the Lagos International Trade Fair all in the bid to expand their market access, network and gain more exposure and sales.

We are also committed to completing and delivering the Light Industrial Park, Imota for use by industrialists, commence and sustain robust engagement with industrialists through the Manufacturers Association of Nigeria, MAN and other Business Membership Organisations, BMOs while we are working to strengthen the cooperative societies so that they can continue to empower their members in diverse productive activities. Overall, we are redefining Government to Business engagements to provide critical after-care support and ensure value addition.

How is the Ministry collaborating with the various Cooperatives societies in the State to promote growth and development?

Cooperatives no doubt play a vital role in the socio-economic dynamics of the State and as such, this administration places great premium on the Cooperative Societies as partners in progress and driver of dividends of democracy for the populace but we need to start on the right footing.

In our quest to ensure that the Cooperative Movement continues to lead by example and deliver quality services to Cooperators based on international best practices, my Team and I met with the Leaders and Trustees where I highlighted our area of priorities to include timely rendition of Annual Accounts for audit such that the Annual General Meeting is held latest by the 2nd quarter of the following year; strict compliance with tenure of Executive Committees as stipulated in the Bye-Laws; zero tolerance to abuse of credit limits and fund misappropriation; employment of standard processes when undertaking investments and employment of technology to deepen their operations, among others.

It is our hope that the leadership of Cooperatives Societies in the State will ensure adherence to all the different aspects of the Law as it will engender good progress and development. The Ministry on its part, as the Regulator of the Cooperative Movement, will ensure prompt and efficient service delivery. It will no longer be business as usual.