Sanwo-Olu promises continuous support to cooperative societies

Gov. Babajide Sanwo-Olu of Lagos State has said that his administration will continue to support the growth of cooperative societies for them to thrive and create more employment opportunities.

Sanwo-Olu made the pledge at the Lagos State Cooperative Federation (LASCOFED) Festival held at the Blue Roof, Agidingbi, Ikeja, on Thursday.

The governor, who was represented by his deputy, Dr Obafemi Hamzat, said the support would also enhance the Socio-Economic status of the members.

He said that it would complement the government efforts aimed at improving the welfare of the people and eradicating poverty.

“The state government recognises the critical roles cooperative societies play in the process of socio-economic transformation and supporting members to be productive and financially self-reliant.

“I am proud of LASCOFED for being the most vibrant, productive and progressive in Nigeria.

“They have played a huge role in sustaining their reputation, especially in the way they manage their cooperative organisations,” he said.

Sanwo-Olu solicited their support in his re-election bid and for all candidates of the All Progressive Congress (APC), particularly, Sen. Bola Tinubu, the party’s presidential candidate.

He urged them to come out in large numbers to cast their vote, noting that the emergence of Tinubu as president and his re-election would be the only way to guarantee abundant dividends of democracy and prosperity for Nigerians.

Earlier, the Commissioner for Commerce, Industry and Cooperatives, Dr Lola Akande, stated that LASCOFED festival had significantly contributed to the economic landscape of the state.

Akande said that Cooperatives had great relevance in modern day society, with significant contributions to societal and economic values.

“They identify economic opportunities available to their members, empower them by sustaining and boosting, in real terms, the value of funds held in trust.

“Cooperative societies also provide financial security needed which in turn increases the financial capability to generate income and sustain economic activities,” she said.

The commissioner sought more support to cooperative activities in the state by instituting a lending fund for the Cooperatives Movement to further strengthen the practice in Lagos.

Similarly, the Special Adviser to the Governor on Commerce, Industry, & Cooperatives, Abiola Olowu, stated that the current socio-economic challenges demanded the government to strengthen the Cooperative Movement now more than ever before.

He highlighted the need for a strong movement that would ensure the interests of the cooperative movements were safeguarded.

According to him, it will bring all relevant stakeholders together, thereby using their respective resources to tap into various investment opportunities in agro-processing, leather and textiles, which are currently the ministry’s priority sectors.

In his remarks, Mr Oladipo Shobule, LASCOFED Festival President, said that the event was organised to highlight the activities and positive impacts cooperative societies make on individuals and the economy of the state.

He requested for low interest N5 billion Revolving Fund for lending to members through their cooperative societies.

It was reported that the highlight of the event was the cooperators’ endorsement of the bids of Tinubu and Sanwo-Olu in the coming elections.