Cooperatives
By Aderonke Ojediran
Lagos State Gov. Babajide Sanwo-Olu has reaffirmed his administration’s commitment to strengthening cooperative societies through financing, digital innovation and institutional reforms aimed at promoting inclusive economic growth and peaceful communities.
Sanwo-Olu made the reaffirmation at the 2026 International Day of Cooperatives held at the Lagos State Cooperative Federation (LASCOFED) Multipurpose Hall, Ikeja, with the theme, “Cooperatives for a Peaceful World’’.
The governor was represented by the Permanent Secretary, Ministry of Commerce, Cooperatives, Trade and Investment, Mr Babatunde Onigbanjo.
He described cooperatives as enduring vehicles for economic empowerment, social inclusion and community development, noting that they had continued to unite people across social, religious and economic divides.
“Peace is not merely the absence of conflict; it is the presence of opportunity, equity, social justice, economic security and shared prosperity.
“Cooperatives have consistently demonstrated their capacity to build trust, strengthen communities and create opportunities that promote lasting peace,” he said.
Sanwo-Olu said Lagos had registered over 16,000 cooperative societies operating through 24 area offices under the Cooperative Societies Law of Lagos State, 2022.
He said the state’s N10 billion Lagos State Access to Finance for SMEs Through Cooperatives initiative would enable qualified cooperative-based MSMEs to access affordable financing.
According to him, the first five-billion-naira tranche has already been released, while 19 accelerator partners have been engaged to ensure transparent disbursement.
The governor urged cooperative leaders to uphold transparency, accountability and sound financial management while embracing innovation and digital transformation.
Earlier, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, said cooperative societies remained critical partners in achieving inclusive development across Lagos State.
The commissioner, represented by Dr Adeyemi Adeyinka, described this year’s theme as a reminder that cooperatives remained effective platforms for promoting social cohesion, economic resilience and sustainable development.
“Cooperatives encourage collective ownership, democratic participation and mutual support, making them powerful tools for reducing poverty, empowering citizens and fostering peaceful societies.
“The Lagos State Government will continue to strengthen regulatory frameworks, expand financial inclusion, promote youth participation and build strategic partnerships that will enable cooperative societies to thrive,” Adeyinka said.
Also speaking, the President of LASCOFED, Mr Oladipo Sobule, said the theme of the celebration reflected the vital role of cooperative societies in building peaceful, resilient and inclusive communities.
Sobule said cooperatives had remained dependable instruments for promoting economic empowerment, social justice and shared prosperity through democratic participation and collective ownership.
“Cooperatives are more than financial institutions; they are social and economic stabilisers that restore hope, reduce inequality and strengthen communities.
“When people have access to affordable credit, business opportunities and shared resources, crime reduces, livelihoods improve and peaceful coexistence is strengthened,” he said.
Sobule said the federation had continued to evolve to meet the needs of members through innovation and digital transformation.
He announced the official launch of the LASCOFED Online Radio, describing it as a landmark initiative aimed at promoting cooperative education, advocacy and information dissemination.
“The online radio will serve as a powerful platform for cooperative education, member engagement and advocacy.
“It will amplify our collective voice and strengthen the bond among cooperative societies across Lagos State,” he said.
LASCOFED’s president also unveiled a cooperative travel initiative designed to provide affordable travel services for cooperative societies attending conferences, training programmes, pilgrimages and other official engagements.
He appealed to members and affiliate societies to sustain contributions toward the federation’s multipurpose cooperative centre project, describing it as a legacy investment for future generations.
“This project belongs to all of us. By supporting it today, we are investing in a future that guarantees greater growth, stability and prosperity for the cooperative movement,” he said.
Sobule commended the state government and Ministry of Commerce, Cooperatives, Trade and Investment for their consistent support toward the growth of cooperative societies.
He urged cooperative leaders and members to remain committed to virtues of integrity, unity and innovation in advancing the movement.
“Let us continue to choose cooperation over division; prosperity over poverty and peace over conflict. Together, we will build a stronger cooperative movement, a stronger Lagos and a more peaceful world,” Sobule said.
The event attracted cooperative leaders, government officials, development partners, financial institutions and stakeholders from across Lagos State. (NAN)
