THE Director of Cooperative Service, Lagos State Ministry of Commerce, Cooperative Trade and Investment, Zulikha Ibraheem, has described cooperative societies as a blueprint for a more balanced and sustainable future.
She stated this at a three-day joint union retreat with the theme; ‘Cooperatives for sustainable economy.’
According to her, cooperative societies foster economic democracy, which is rooted in their communities, responsive to local needs, and inherently aligned with sustainable practices.
Ibraheem, who was represented by Odedina Segun, noted that cooperatives operate on principles of democratic member control and economic participation.
This structure, she said, naturally leads to more responsive decision-making as members have a direct stake in both the economic and environmental outcomes of their enterprise.
Her words: “Cooperatives tend to have a longer-term outlook. Unlike publicly traded companies that prioritise quarterly earnings, cooperatives can focus on sustainable growth and resilience. This long-term perspective is crucial when addressing complex challenges like resource management. Thirdly, cooperatives often emerge in sectors critical to sustainability.
“From renewable energy cooperatives revolutionising our power systems, we are referring to other sites where cooperative practices are being performed to build on what we are trying to do here.”
Ibraheem therefore called for supportive policies, education, financial mechanisms, and a tailored operating model to unlock the full potential of cooperatives.
On his part, the President of Lagos State Cooperative Federation (LASCOFED), Oladipo Shobule, added that cooperatives are established for members’ upliftment so that they can do those things that they cannot individually do.
In his lecture, leading consultant at Marketwatch, Baba Oyafemi emphasised that cooperatives eradicate poverty, and serve as agents of economic empowerment.
He added that the society is dedicated to the sustainable development goal, which is a goal for multinational and international bodies such as the United Nations, International Labour Organisation, International Monetary Fund and Food and Agriculture Organisation.
“The purpose of the cooperative is to realise the economic, cultural and social needs of the members. It is meant to ensure the economic well-being of the members and upgrade their social status through economic development and programmed growth. This is done through encouraging members to save and watch such savings mounting to become something substantial as a means of wealth.”
Earlier in his opening address, the president, Ikeja Multipurpose Cooperative Union, Lanre Ariyo, said cooperatives are instrumental in strengthening the social fabric and fostering community development.
