Ahead of the 2018 United Nations International Day of Co-operatives, the Lagos State Commissioner for Commerce, Industry and Co-operatives, Mrs. Olayinka Oladunjoye, has disclosed that Co-operatives investment has risen to N152billion.

Addressing journalists in Lagos, South-Western Nigeria, she said the importance of Co-operatives in the growth and development of the economy cannot be over-emphasized.

She noted that the decision of Governor Akinwunmi Ambode to realign the Co-operatives Department, hitherto domiciled in the Ministry of Agriculture, was to fully unleash the economic potentials of the Co-operative sub-sector for increased contributions to the state’s economy.

She said: “The general objective of this realignment is to deploy co-operative principles towards the establishment of viable and profitable enterprises.”

She added that concerted effort to turn the Co-operative Movement into an instrument of economic growth and business prosperity is already yielding bountiful harvest, as Co-operatives’ investment in Lagos State economy had risen to N152billion in the last three years.

“Against the backdrop of success and positive yields recorded, there has been an appreciable growth in the number of registered Co-operative Societies in the state.

During the period under review, a further 371 societies were registered, bringing registered societies since the Department of Co-operatives was absorbed into the Ministry of Commerce, Industry and Co-operatives to 1,045.”

Speaking further, she noted that the theme for the 2018 International Day of Co-operatives: “Sustainable Consumption and Production,” is strategic as it aligns with the United Nations Sustainable Development Goal (SDG) Number 12.

“Hence with the slogan of the day: ‘Sustainable Societies through co-operation,’ co-operators in Lagos State are very happy to join their counterparts all over the world to showcase how they are helping to transform societies into more sustainable and resilient habitats through the adoption of best practices towards the development of viable, profitable but environmentally-friendly enterprises.”

Conclusively, she noted that the commemoration, which was held in conjunction with Lagos State Cooperative Federation (LASCOFED), had other programmes like: Co-operative Awareness Walk, Quiz Competition, visit to Orphanages, Jumat Service, Novelty football match, among other programmes.

The United Nations’ (UN) International Day of Co-operatives is observed on the first Saturday of July each year. It will be observed on the 7th of July this year.