According to the Commissioner for Agriculture and Cooperatives in Nigeria, the aggregate capital base of cooperative societies in Nigeria’s Lagos state has reached NGN 500 billion (USD 3 billion).
The Commissioner, Mr Enock Ajiboso, said that over 15,000 cooperative societies were currently registered in Lagos and that these cooperatives include a million families who are involved in economic enterprises such as farming, fishing, processing, trading, transportation, housing and microcredit. Mr Ajiboso also noted that the cooperative movement in Lagos has resulted in the growth of individual homeownership, thereby assisting individuals in recovering from the effects of the financial crisis [1].
By Jennifer Shevock, Research Associate
Sources and Additional Resources:
[1] “Lagos Cooperative Societies Hit N500b Capital Base”
July 19, 2010. http://pmnewsnigeria.com/2010/07/19/lagos-cooperative-societies-hit-n500b-capital-base/
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