Sanwo-Olu commits to growth, devt of LASCOFED at festival

Lagos State Governor, Babajide Sanwo-Olu, has reiterated his administration’s readiness to advance the growth and development of the Lagos state Cooperative Federation (LASCOFED) to boost socio-economic activities in the state.

He spoke at the maiden edition of the Lagos Cooperative Festival organised by LASCOFED in collaboration with the Ministry of Commerce, Industry and Cooperatives in Lagos.

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.”

He called on Nigerians to support the All Progressives Congress (APC) in the coming elections to sustain continuity and spur more growth in the state.

Earlier, the President of LASCOFED, Shogbule Oladipo, during his address, appealed to the government to assist the body with N5 billion low interest revolving fund for on-lending to members through their cooperative societies.

The president said: “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 commended the government on security, saying it had enabled cooperative enterprises to strive in the state.

Speaking on the need for the festival, the president said it became necessary to highlight the activities and positive impacts of cooperative societies on individuals and the economy of the state and to reward outstanding personalities, who had played significant roles in the growth and development of cooperative movement in Lagos State.

In her welcome address, the Commissioner of Commerce, Industry and Cooperatives, Dr. Lola Akande, said the success of any cooperative society rests on the nature and quality of development that takes place among it and called on the leadership of cooperatives to be proactive in showcasing their achievement.