Prof. Fayomi Abimbola Olugbenga of the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, Ile Ife has emphasized the importance of partnerships and collaborations in driving the growth and sustainability of cooperative businesses.
Prof Olugbenga who was one of the speakers at the Lagos State Cooperative Federation (LASCOFED) Leaders’ Conference, themed “Cooperative for Sustainable Economy,” held at the Orchid Hotel, Lagos, explained that cooperative businesses can achieve success by forming strategic alliances, leveraging each other’s strengths, and sharing resources.
The Director of Cooperative Services, Ministry of Commerce, Industry, Cooperative and Investment, Mrs. Olufunmilayo Z.
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Ibraheem, represented by Mr. Omotayo Kazeem, emphasized the need for cooperative societies to implement the outcomes of past conferences.
He also stressed the importance of youth inclusion and succession planning for the sustainability of cooperative societies.
In the same vein, High Chief Oriyomi Aiyeola, President of the Cooperative Federation of Nigeria (CFN) and President of ICA-Africa, congratulated LASCOFED on conducting a successful election and wished the President a successful second term tenure.
He praised the movement for keeping the tradition of the annual conference and urged LASCOFED to expedite action on the construction of Mojoda Land, which is long overdue.
High Chief Aiyeola also emphasized the need for cooperative societies to showcase their achievements to attract government support and policy backing.
He encouraged LASCOFED to continue promoting cooperative development in Lagos State and to support the growth of cooperative businesses in Nigeria.
Earlier, in his opening remarks, LASCOFED President, Barrister Oladipo Shobule, emphasized the need to build on past achievements and explore innovative ways to strengthen the cooperative sector.
“The contributions of cooperative societies in Lagos State have been remarkable, estimating their impact in billions of naira,” Shobule said.
The conference featured other presentations, including a lecture on “Mitigating Potential Risks Using Technology” as well as a breakout sessions on strategies for the development of cooperative resort centers, leadership and crisis management, partnerships, and LASCOFED Travels and Tours Ltd.
In a communique at the end of the conference, the gathering agreed to prioritize youth inclusion and partnership, and explore opportunities for policy support and advocacy to promote the cooperative sector.