COOPERATIVE FEDERATION OF NIGERIA (CFN) HOSTS 8TH NATIONAL COOPERATIVE SUMMIT IN LAGOS

COOPERATIVE FEDERATION OF NIGERIA (CFN) HOSTS 8TH NATIONAL COOPERATIVE SUMMIT IN LAGOS

Lagos, Nigeria – The Cooperative Federation of Nigeria (CFN) successfully hosted the 8th National Cooperative Summit in Lagos from August 12th to 14th, 2024, bringing together policymakers, regulators, and cooperative leaders from across the nation. Held at the LASCOFED Multipurpose Hall, the three-days event provided a vital platform for discussing the future of cooperative businesses in Nigeria.

The summit was officially opened by the Honorable Commissioner for Commerce, Cooperatives, Trade, and Investment in Lagos State, Mrs. Folashade Ambrose-Medebem, who highlighted the crucial role cooperatives play in driving economic growth and community development.

Shaping the future of Cooperatives

In his keynote address, CFN President High Chief Oriyomi Ayeola emphasized the pivotal role of cooperatives in advancing sustainable development in Nigeria. Acknowledging the challenging economic climate, he stressed the need for cooperative societies to adapt. “The theme for this year’s summit, Fostering Cooperative Businesses for Future Generations, was carefully chosen to focus on the sustainability of cooperatives in Africa,” Ayeola stated.

The opening address resonated with attendees, including notable dignitaries such as the Permanent Secretary, Dr. Olugbemiga Ayoola Aina, and the Director of Cooperative Services, Alhaja Olufunmilayo Ibrahim. Their presence demonstrated the Lagos State government’s strong support for the cooperative movement, a point emphasized by High Chief Ayeola.

Key issues and youth engagement

Mrs. Ebun Akin-Falaiye, Acting Executive Secretary of CFN, outlined the summit’s key agenda items, which addressed several pressing issues affecting cooperatives. These included leadership in volatile environments, building resilience, leveraging technology for inclusivity, and exploring affordable housing solutions for cooperative members.

Akin-Falaiye also underscored the importance of youth engagement, highlighting the 2nd National Cooperative Youth Training that took place the day before the summit. Themed Empowering Nigerian Youths through the Cooperative Business Model: Leadership and Entrepreneurship Development, the training aimed to equip young Nigerians with essential life skills and leadership capabilities. One of the highlights was a discussion session with Mr. Erick Obongo, ICA-Africa Youth Coordinator, who explored the untapped potential of young cooperators through the theme Cooperative Entrepreneurship: Unblocking the Hidden Potentials in Young Cooperators.

The summit placed considerable emphasis on youth involvement in the cooperative sector. The unveiling of the Nigeria Cooperative Youth Alliance Action Plan set out strategies to integrate young people into the cooperative movement. The plan includes the formation of an interim committee, drafting of by-laws, and organizing the first Nigeria Cooperative Youth Summit.

“Young people are the future of the cooperative movement,” said High Chief Ayeola. “Their active participation is vital in modernizing traditional cooperative models and ensuring their relevance for generations to come.”

Strengthening partnerships

In a significant development, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) addressed the summit, expressing the organization’s readiness to collaborate with cooperative societies. He highlighted the potential for synergies between NACCIMA and the cooperative movement, particularly in areas of economic development, capacity building, and promoting sustainable business practices. “NACCIMA is eager to work with cooperative societies to drive economic growth and build a more inclusive economy,” he affirmed.

Looking ahead

In his closing remarks, High Chief Ayeola encouraged participants to embrace innovation and challenge traditional approaches as they discussed the summit’s key issues. He also shared exciting news from the International Cooperative Alliance (ICA), announcing the forthcoming ICA Global Conference and General Assembly in New Delhi, India, where the United Nations International Year of Cooperatives 2025 will be officially launched.

As the summit concluded, attendees left with a renewed sense of purpose and a commitment to further advancing the cooperative movement in Nigeria. The resolutions and action plans developed during the event are expected to guide the future direction of cooperative societies, ensuring their long-term sustainability and relevance for future generations.