Lagos generates the most revenue through cooperatives- CFN

According to Lagos State’s revenue, the cooperative sector contributes the highest Gross Domestic Product, according to Ayeola Oriyomi, president of the Cooperative Federation of Nigeria.

At the Medicals (Lagos Island) Cooperative Society’s launch of passenger boat services on Friday, he made this revelation.

“I commend LASCOMED for this endeavor,” he stated. The cooperative offers the passenger boat service as a value-added service for the benefit of both its members and the residents of Lagos State.

“Of course, the Lagos State government is trying but they can still do better in terms of aiding and assisting the movement to do more. They are aware that cooperatives manage resources better than any other sector. We are starting with two boats now, if we have a relationship with the government, we will be having 10 to 30 ferries and this is going to have multiple effects on the economy of Lagos State.

“I can tell you that for all sectors in Lagos State, the cooperative sector is providing the highest to the GDP of Lagos and I can confirm that too.”

The government supports cooperatives and has plans for them, according to Abiola Olowu, Special Adviser to the Governor on Commerce, Industry, and Cooperatives, who spoke at the occasion.

He declared, “The Lagos State government is encouraged by this accomplishment today and we hope more cooperatives would follow suit as the investment is certain to return strong results and will contribute significantly to the state’s economy.

“There is a programme on (the) ground, the memo has already been submitted to Mr Governor, and I pray that before the end of the year we get the approval. I decline to mention what it is but it is a supportive memo for cooperative societies.”