…..,…….Lagos Governor leads commemoration, commissions LASCOFED Online CoopRadio, as over 16,000 cooperative societies celebrate theme "Cooperatives for a Peaceful World"
By Kayode Olopade
The Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, on Saturday July 4th , led the commemoration of the 2026 International Day of Cooperatives with a landmark announcement of the full rollout of the N10 billion Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) scheme, describing the Association as indispensable Partners in building a peaceful, prosperous and inclusive Lagos.
Governor Sanwo-Olu, speaking at the LASCOFED Multipurpose Hall in Ikeja, reaffirmed his Administration's unwavering commitment to strengthening the Cooperative movement as a vehicle for Economic Empowerment, Social Inclusion and Sustainable Peace.
He averred that the theme, "Cooperatives for a Peaceful World," resonates deeply with the administration's T.H.E.M.E.S+ Development Agenda and the Lagos State Development Plan (LSDP 2052).
"Peace is not merely the absence of conflict; it is the presence of Opportunity, Equity, Social Justice, Economic Security and shared Prosperity," the Governor said. "Cooperatives have, over the years, demonstrated a unique ability to promote these ideals by bringing people together around shared goals, irrespective of social, ethnic, religious or economic differences."
While recounting the numerous successful Policies which the State had adopted, Governor Sanwo-Olu announced the LASMECO scheme, delivered in Partnership with the Bank of Industry and Sterling Bank, as one which enables qualified Cooperative-based MSMEs to access loans of up to N10 million without traditional collateral, at a single-digit interest rate of nine percent per annum, with a six-month moratorium and a 36-month repayment period, with the first N5 billion tranche released last month, indicating 19 accelerator Partners formally onboarded to ensure transparent disbursement.
He noted with pride that LASMECO has been unanimously adopted by the National Council on Industry, Trade and Investment as a model framework for MSME financing reform across Nigeria, describing it as a testament to Lagos's leadership in cooperative-driven Economic Development.
Mr Sanwo- Olu also highlighted the implementation of the Lagos State Industrial Policy (2025–2030), the expansion of the Lagos State Cooperative College (LASCOCO) under its new five-year strategic plan, and strengthened regulatory oversight through collaboration with the Police Special Fraud Unit to safeguard Members' investments.
He implored Cooperative Leaders to uphold the highest standards of Integrity , accountability and transparency, emphasizing that "a successful Cooperative is measured not by the size of its assets, but by the number of Members it has helped grow a Business, acquire a Home, educate a Child or achieve greater Economic Security."
In her welcome address, the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Hon. Folashade Bada Ambrose-Medebem, represented by the Director Cooperatives Services MCCTI; Dr. Adeyemi Adeyinka, who described Cooperatives as powerful instruments for Inclusive Economic Growth, Poverty reduction and Community Development.
She reaffirmed the Ministry's Commitment to strengthening the Cooperative Ecosystem through improved Regulation, Financial Inclusion and Strategic Partnerships, noting that the Ministry has continued to strengthen monitoring and regulatory frameworks to promote transparency, accountability and prudent management.
According to the President of the Lagos State Cooperative Federation (LASCOFED), Barrister Oladipo Shobule, who announced the Official commissioning of the LASCOFED Online CoopRadio, a historic platform that has been successfully test-running for four months to broadcast cooperative education, news and vital information across the State, he urged all Cooperative societies and Members to remit contributions towards the N1,000 Development Levy per member for the LASCOFED Cooperative Centre at Mojoda, Epe, even as he implored for patronage of LASCOFED Travels and Tours Ltd, the Federation's Cooperative Travel Agency.
Moving the Vote of Thanks, the Deputy Director of Cooperatives Services ; Mrs. Ayo Abiodun, expressed profound gratitude to Governor Sanwo-Olu and Deputy Governor Dr. Kadri Obafemi Hamzat for their unwavering support.
She applauded the Lagos State House of Assembly, particularly the Chairman, House Committee on Commerce, Cooperatives, Trade and Investment, Hon. Mustainu Abiodun Tobun, for continued legislative support, and extended special appreciation to financial partners including the Bank of Industry, Wema Bank Plc and Sterling Bank.
The highlights of the celebration were the presentation of 2026 Merit Awards to 18 recipients across categories including Cooperative Leader of the Year (Male and Female), Promptness Award, Most Outstanding Cooperative Society, Star Project Award and Best Host Organisation, honouring exceptional contributions to the Cooperative movement in Lagos State
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