The Lagos State Government says it plans to inject additional funds into Cooperative Societies across the state to accelerate development.

Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Ambrose-Medebem, made this known at a news conference in Alausa in Ikeja, Lagos.

The event was organised by the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment in collaboration with the Lagos State Cooperative Federation (LASCOFED) to kick-start the 2024 International Day of Cooperatives celebration.

Ambrose-Medebem, who was represented by the Permanent Secretary of the ministry, Mr Olugbemiga Aina, said that the government had also registered 615 new cooperatives from 2023 to date and had mechanisms to register several more.

She explained that this would be an addition to the over 3,000 existing associations, to meet Sustainable Development Goals (SDGs).

Ambrose-Medebem stated that between 2023 and the present, 615 cooperatives were registered, comprising 435 Cooperative Multipurpose Societies, 115 Cooperative Thrift and Credit Societies, and 65 Cooperative Agricultural Multipurpose Societies.

She noted the government’s efforts to verify capabilities and expand the scope of cooperatives beyond workplaces to attract more grants for the state’s development.

“We have over three thousand cooperatives, which is quite small for a Mega City of almost 24 million people. We need to increase the numbers.

“We are proactive in thinking that we need to inject more funds into these cooperative societies.

“That is why this amount has been put in the budget, but we must ensure the proper application of grants based on the technical capabilities of those receiving funds,” she said.

Ambrose-Medebem mentioned that several experts had approached the ministry for capacity building to equip cooperatives for higher funding, benefiting Lagos residents.

She explained that the theme for the 2024 International Cooperatives Day was apt for celebrating the contributions of cooperatives to socio-economic development.

The commissioner outlined the schedule for this year’s International Day of Cooperatives, starting with a news conference.

The event will continue with visits to orphanages and old people’s homes on Wednesday, July 3, at 10:00 a.m., a Jumat Service at Alausa Secretariat Central Mosque on Friday.

Also, there will be Grand Finale on Saturday, July 6, featuring lectures, panel discussions, raffle draws, and merit awards.

The celebration will be concluded on Sunday with a Thanksgiving Service at The Chapel of Christ the Light, Alausa, at 10:00 a.m.

She emphasised that Lagos State uses this annual event to raise awareness and deepen public knowledge about the benefits of cooperatives.

“The theme for the 2024 International Day of Cooperatives is ‘Cooperatives: Building A Better Future For All,” she stated.

Ambrose-Medebem enumerated the benefits and contributions of cooperatives to wealth creation, social integration, prosperity and economic development.

She highlighted areas of partnership and grants that had helped Cooperative Societies in Lagos State expand their operations, creating wealth and reducing poverty.

She noted that the state government provides an enabling environment for businesses to thrive through cooperatives, promoting economic growth and attracting investors.

“Governor Babajide Sanwo-Olu has acknowledged the significant role of over three thousand cooperative societies in the state.

It is would be recalled that associations and enterprises had in times past help citizens improve their lives while contributing to the economic, social and cultural advancement of their communities, the state, and the nation.

The administration recognises the Cooperative Movement as highly democratic, locally autonomous, but internationally integrated,” she concluded.

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