The Lagos State Cooperative Societies Federation (LASCOFED) has sounded the alarm: Cooperatives must digitalize or risk being left behind. The 2025 LASCOFED Cooperative Leaders’ Conference was a clarion call to action, and it’s imperative that stakeholders heed the call.
With over 2 million cooperative members in Lagos State, the potential for economic growth is staggering. These members, if properly harnessed, can drive inclusive economic growth, create jobs, and contribute significantly to the state’s GDP. However, this can only be achieved if the government and relevant stakeholders provide the necessary support and partnership.
On the drive to digitised the operations of Cooperative in the state, government must also support the movement just as government supports other vital sectors to achieve the overall interest of socioeconomic growth, government needs to partner with cooperative to impact in the society.
It is stupefying to note that at this age of technology, only a few cooperatives in Lagos currently operate digitally. This glaring gap must be addressed urgently. Digitalization is not a luxury, it’s a necessity. It’s time for cooperatives to shed their traditional skin and embrace modernity, for growth, inclusiveness and transparency.
The government must play its part by providing enabling policies, infrastructure, and resources. The private sector must also join hands to support this critical sector. We need a collaborative effort to drive digital transformation, build capacity, and foster partnerships.
The benefits are clear: increased efficiency, revenue growth, and improved member satisfaction. The risks of inaction are dire: irrelevance, loss of competitiveness, and economic stagnation.
We urge the government to:
– Develop policies supporting digitalization and fintech adoption
– Provide infrastructure and resources for cooperative growth
– Foster partnerships with stakeholders to drive economic growth
To cooperative leaders, we say: the time for action is now. Digitalize, innovate, and transform. The future of your members and the economy depends on it.
The people demand action. The economy demands growth. The time is now. Cooperative Digital operation is now.!
