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Cooperatives contribute N1.2 trillion to GDP yearly

By Ernest Nzor, Abuja
11 November 2021   |   2:38 am
The Cooperative Rating and Award Society of Nigeria (CRASON), yesterday, said cooperative societies contribute N1.2 trillion yearly to Nigeria’s Gross Domestic Product (GDP).

The Cooperative Rating and Award Society of Nigeria (CRASON), yesterday, said cooperative societies contribute N1.2 trillion yearly to Nigeria’s Gross Domestic Product (GDP).

It added that the organisations also create 600,000 new direct jobs for Nigerians nationwide. CRASON President, Victor Oyegoke, at a press briefing in Abuja, ahead of the third National Cooperative Awards and Symposium, holding from November 19 to 21, hinted that over 300,000 cooperatives were existing, with over 31 million membership.

He said award would appreciate cooperatives’ efforts in boosting the country’s economy and showcasing them to the world.

Oyegoke said: “We have over 300,000 cooperative societies today. We are able to generate with individual members of over 31 million yearly turnover of about N1.2 trillion.  

“With excess of N950 billion in their services and share capital, and trillion in naira granted as loans to members, we are creating more than 600,000 jobs – directly and indirectly – to citizens of this nation.

“We are contributing so much to the GDP. But the truth is that the government is yet to see the need to support the sector. When they talk about key decision at the national level, cooperatives should be represented at that platform.”

He called on the National Assembly to enact a new law to meet the current realities in the country.

The awards, being organised in collaboration with the Federal Ministry of Agriculture and Rural Development and the federal department of cooperatives, are to be graced by Governor Babajide Sanwo-Olu of Lagos State, his Osun, counterpart, Gboyega Oyetola, Minister of Agriculture, Dr. Mohammed Abubakar and others.

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