COOPERATIVE MODEL: POWERFUL TOOL FOR INCLUSIVE DEVELOPMENT – COMMISSIONER
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Lagos State Commissioner for Commerce, Cooperatives, Trade & Investment, Folashade Ambrose-Medebem has described cooperative movement as a strong tool for empowering the people, alleviating poverty and achieving inclusive governance.
The Commissioner made the remark at the 8th National Cooperative Summit, Exhibition & Awards organised by the Cooperative Federation of Nigeria (CFN) held at LASCOFED Secretariat, Ogba, on Tuesday with the theme: “Fostering Cooperative Businesses for Future Generations”.
Speaking further at the event, Ambrose-Medebem stated that the administration of Governor Babajide Sanwo-Olu placed a high premium on fostering an enabling environment for cooperative societies to flourish as they make invaluable contributions to the socio-economic development of our State.
She said: “We have been working with the Lagos State Cooperative Federation, the umbrella body of the State’s Cooperative Movement, to facilitate resources to strengthen the cooperative sector. We have initiated various strategies that have allowed them to expand their businesses and improve the livelihoods of members.
“We have enhanced cooperative legislation governance by working diligently to review and update the Cooperative Societies Law, ensuring it reflects current realities and global best practices. There is a Mediation Committee established, which has carried out resolution of crises within and between Cooperative Societies and conducted a special investigative audit in the case of allegations of fraud.
“We are also working in conjunction with a consortium of Insurance companies, LASACO Assurance Plc serving as the lead underwriter, to mitigate losses resulting from sudden death and accidents in the workplace that could arise in the operations of the Cooperative Societies, in addition to tailor-made products that can be domesticated to meet the needs of each Cooperative Societies”.
The Commissioner emphasised that these efforts and more have streamlined operations, improved transparency, and enhanced the governance structures within cooperative societies, charging cooperatives to evolve, innovate, and thrive while retaining its foundational principles of mutual aid and solidarity.
President, Cooperative Federation of Nigeria, Oriyomi Ayeola appreciated the Lagos State Government for “providing an enabling environment for cooperatives to thrive and continue to grow in the State, and for which Lagos State Cooperative Movement remains the pacesetter in cooperative matters in Nigeria and beyond”.
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