Lagos cooperatives investment hits N152 billion

Ahead of the 2018 United Nations International Day of Cooperatives, the Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs. Olayinka Oladunjoye, has disclosed that Cooperatives investment has risen to N152billion

Addressing journalists in Lagos yesterday, she said the importance of Cooperatives to the growth and development of the economy cannot be over emphasized.

She noted that the decision of Governor Akinwunmi Ambode’s decision to realign the Cooperatives Department, hitherto domiciled in the Ministry of Agriculture, was to fully unleash the economic potentials of the Cooperative sub-sector for increased contributions to the state’s economy.

She said: “The general objective of this realignment is to deploy cooperative principles towards the establishment of viable and profitable enterprises.”

She added that concerted effort to turn the Cooperative Movement into an instrument of economic growth and business prosperity is already yielding bountiful harvest, as Cooperative investment in Lagos State economy had risen to N152billion in the last three years.

“Against the backdrop of success and positive yields recorded, there has been an appreciable growth in the number of registered Cooperative Societies in the state.

During the period under review, a further 371 societies were registered, bringing registered societies since the Department of Cooperatives was absorbed into the Ministry of Commerce, Industry and Cooperatives to 1,045.”

Speaking further, she noted that the theme for the 2018 International Day of Cooperatives: “Sustainable Consumption and Production,” is strategic as it aligns with the United Nations Sustainable Development Goal (SDG) Number 12.

“Hence with the slogan of the day: ‘Sustainable Societies through cooperation,’ co-operators in Lagos State are very happy to join their counterparts all over the world to showcase how they are helping to transform societies into more sustainable and resilient habitats through the adoption of best practices towards the development of viable, profitable but environmentally-friendly enterprises.”

Conclusively, she noted that the commemoration, which was held in conjunction with Lagos State Cooperative Federation (LASCOFED), had other programmes like: Cooperative Awareness Walk, Quiz Competition, visit to Orphanages, Jumat Service, Novelty football match, among other programmes.