Lagos Building Resilient Economy Through Cooperatives

Lagos State government on Saturday disclosed that it is building an inclusive and resilient economy by harnessing the power of cooperatives to foster shared prosperity across communities.

This was emphasised by the state commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose, during her welcome address at the 2025 International Day of Cooperatives, held in collaboration with the Lagos State Cooperative Federation (LASCOFED).

The event, which doubled as an awards ceremony, recognised outstanding contributions by cooperative leaders and institutions in Lagos.

Speaking on the theme, “Cooperatives: Driving Inclusive and Sustainable Solutions for a Better World,” Mrs Ambrose noted that the theme aligns with the Sanwo-Olu administration’s THEMES+ Development Agenda and the Lagos State Development Plan (LSDP 2052), both of which prioritise grassroots empowerment, small business support and economic equity.

“Cooperatives remain a powerful vehicle for economic inclusion and social transformation. From small community-based savings groups to large-scale agribusinesses, the cooperative model continues to reduce poverty, create decent jobs and mobilise grassroots participation,” she said.

In his keynote address, president of LASCOFED, Mr Oladipo Shobule, highlighted the global importance of 2025 being declared the International Year of Cooperatives – the second of such declaration in United Nations’ history.

He described the recognition as a major milestone for the cooperative movement globally and praised the role of cooperatives in advancing sustainable development.

“This theme reminds us that cooperatives are more than just economic entities. They are social transformers. Here in Lagos, our cooperatives have become strong forces for community empowerment – providing access to finance, education, housing, agriculture and entrepreneurship for thousands,” Shobule said.