Lagos State to Partner Cooperatives to Stimulate Investments and Develop a More Inclusive and Sustainable Economy

…advocated for multi-sectoral partnerships as an essential synergy for accelerated sustainable development

Lagos State Governor, Babajide Sanwo-Olu, has promised that his government will continue to partner with cooperative societies to stimulate investments, harness local talents, and develop a more inclusive and sustainable economy.

The Governor, ably represented by Secretary to the State Government (SSG), Mrs. Abimbola Salu-Hundeyin, spoke at the climax of the 2023 International Cooperative Day Celebrations, themed ‘Cooperatives: Partners for Accelerated Sustainable Development’ held last Saturday at the LASCOFED Multipurpose Hall, Isaacstan Close, Off Wemco Road, Ogba Industrial Scheme, Ikeja – Lagos

According to him, collaborating with diverse partners, and leveraging the strength and resources of all actors, will help cooperative societies access a broader range of knowledge and expertise. ‘This exchange of ideas would foster innovation and enable the development of more effective solutions to complex sustainability challenges,’ he said.

He said: “With multi-stakeholder partnerships, we can facilitate better coordination and coherence among different actors working towards sustainable development. This will help to align policies, strategies, and actions across sectors and levels of governance of the Cooperative Movement.

“Our administration is working to create an enabling environment for cooperatives to thrive. With cooperatives as our partners, we aim to stimulate investments, harness local talents, and develop a more inclusive and sustainable economy. We are also ready to support cooperatives with training, financial assistance, and technical expertise to strengthen their operations.”

The Permanent Secretary in the Ministry of Commerce, Industry and Cooperatives (MCIC), Mrs. Oluremi Ososanya, noted that bringing together various stakeholders to work collectively towards common objectives and leveraging their expertise, resources, and networks, can drive innovation, foster knowledge sharing, and mobilize action on a scale that would be otherwise unattainable.

She added: “On the part of the government, partnerships could come through the provision of grants, collaboration with development partners to provide mass housing, and enhanced Cooperative Laws for the effective operation of cooperative societies. Thus, we can accelerate sustainable development, which is essential in solving the urgent challenges – poverty, inequality, environmental degradation, among other pressing issues – that we face as a society.

“Cooperatives are vital players in the socio-economic landscape of Lagos, Nigeria, and the world. They are the embodiment of the spirit of cooperation, mutual benefit, and shared progress. With about 3 million cooperatives and 1.2 billion members worldwide, cooperatives are crucial in promoting sustainable development. Their unique structure fosters an inclusive approach, ensuring that the benefits of growth are distributed equitably among members and the broader community.”

President of the Lagos State Cooperative Federation (LASCOFED) Oladipo Shobule described the day as one to celebrate the principles and achievements of the Cooperative Movement, ‘and to reaffirm our commitment to fostering sustainable development through collaborative efforts’.

He said: “Cooperatives have a rich history, deeply rooted in the values of self-help, democracy, equality, solidarity, and social responsibility. Over the years, these values have guided us in building organisations that prioritise the well-being of our members, uplift communities, and contribute significantly to economic growth and stability. As we gather here today, we recognise that cooperatives are not just businesses; they are powerful instruments for positive change, enabling us to address societal challenges collectively.

“As we celebrate our accomplishments today, let us also acknowledge the challenges that lie ahead. The rapid pace of technological advancement, evolving market dynamics, and shifting demographics require us to adapt and innovate.