Lagos State Governor Babajide Sanwo-Olu has said the state’s N10 billion cooperative financing initiative is strengthening micro, small and medium enterprises (MSMEs) and expanding economic opportunities across Lagos.
Speaking at the 2026 International Day of Cooperatives celebration held at the LASCOFED Multipurpose Hall in Ogba, Ikeja, the governor described cooperative societies as key partners in driving inclusive growth, poverty reduction and economic resilience.
Sanwo-Olu, who was represented by the Permanent Secretary in the Ministry of Commerce, Cooperatives, Trade and Investment, Babatunde Onigbanjo, said this year’s theme, “Cooperatives for a Peaceful World,” highlights the role of cooperatives in promoting peace through economic empowerment and shared prosperity.
He noted that peace goes beyond the absence of conflict, adding that it also includes access to opportunities, equity, social justice and economic security.
According to him, cooperative societies have continued to bridge ethnic, religious and social divides while creating jobs and improving livelihoods across the state.
The governor disclosed that more than 16,000 cooperative societies are currently registered in Lagos, operating through 24 area offices and contributing significantly to grassroots economic development.
He also said qualified cooperative-based MSMEs can access loans of up to N10 million without conventional collateral under the scheme.
Sanwo-Olu added that the state recently disbursed the first N5 billion tranche of the N10 billion fund, describing it as the largest cooperative-led MSME financing intervention ever implemented by the ministry.
According to him, the LASMECO model has been adopted by the National Council on Industry, Trade and Investment as a framework for MSME financing reform across the country.
