Government Urged to Support Cooperative Societies for MSMEs Growth – Lambo
Naija CooperativeNews…Advocated for Capacity Building to enhance Growth
Given the importance of cooperative societies as robust grassroots platforms for rapid national development through the Micro, Small, and Medium Enterprises (MSMEs), the president of the Institute of Chartered Accountants of Nigeria (ICAN) Ota Cooperative Society Ltd, Mr. Adebukola Lambo, FCA has urged the federal government on the need to empower these societies.
According to him, one of many ways the government can lend its support is through capacity building that would enhance the speedy growth of micro and small businesses across all sectors of the economy.
Lambo, who spoke during the 5th Annual General Meeting of the Society in Ota Ogun State recently, said looking at the contribution of cooperative societies at the macro level of the nation’s economy, it has become an agent of mobilizing resources, creating employment opportunities and contributing to the nation’s Gross Domestic Product (GDP) annually.
The financial expert who described the parlous state of the economy lamented that the worst hit is the micro and small businesses whose survival is being threatened by unfriendly loan interest rates charged by some loan apps in Nigeria including the conventional banks.
He noted that credit facilities provided by cooperative societies under affordable conditions have made it possible for many businesses to grow and thrive in Nigeria.
Lambo who was returned unopposed for a second term as a president of ICAN Ota Cooperatives Society Ltd implored the members to take a critical review of the Society’s activities in the past few years and come up with ideas that can take it beyond where it is presently.
“Cooperative Society no doubt has come a long way and has definitely come to stay, therefore our gathering today is not just about celebrating our Society’s 5th AGM but also an opportunity to celebrate Cooperative Society as an institution. “There is no doubt about many impacts and contributions this Cooperative Society has made with respect to our individual lives either as in business/professional or family. In my own personal experience, I’m proud to attribute the modest success in my life to the support given by Cooperative Societies that I was once a member and even the present one,” he stated.
Citing a report by the Cooperative Rating and Award Society of Nigeria (CRASON) released in 2021 Lambo stated matter-of-factly that cooperative societies contribute a whooping N1.2 trillion yearly to Nigeria’s Gross Domestic Product (GDP), a development, he said, was heartening and a source of joy, hence he prevailed on the government to continue to support such initiatives for the socioeconomic growth and development of the country as a whole.
