Renowned cooperative and business development consultant, Dr. Olusegun Dada, has called for a bold embrace of cooperative management principles to drive the transformation of nano enterprises across Lagos State and beyond.
Delivering the keynote lecture at the 2nd Convocation Ceremony of the Lagos State Cooperative College (LASCOCO) in Agege on Monday, Dr. Dada spoke on the topic “Cooperative Management: The Development and Transformation of Nano Enterprises in Lagos State.”
He identified cooperative societies as the most effective tool to unlock the potential of the over 32.9 million nano enterprises currently operating in Nigeria.
“Nano businesses represent 85.55% of Nigeria’s informal sector, yet fewer than 14% ever experience meaningful growth,” Dada revealed, adding that “Lagos alone is home to over 50 million nano enterprises, many of which are owned in multiples by single individuals, reflecting the scale and fragmentation of this business category.”
He explained that nano enterprises — typically one-person or family-run businesses — dominate the agricultural, wholesale and retail trade, and service sectors.
Despite their vast numbers, he said they remain vulnerable due to limited access to finance, poor business management skills, market access challenges, and a lack of structural governance.
To address these issues, Dada outlined a cooperative-driven solution anchored on financial empowerment, structural transparency, and community-based accountability.
“Through sustainable loan schemes and revolving fund models, cooperatives can provide critical capital while promoting a savings culture that encourages investment. In cooperatives, savings are not just stored — they are re-invested into business growth,” he said.
He further emphasised the importance of sound governance in cooperatives.
“Democratic participation, clearly defined policies and standard operating procedures, along with regular audits, are essential in ensuring transparency, accountability, and the long-term success of cooperative-run businesses,” he said.
Dada urged participants, including students, members of the organised private sector, the civil service, and the broader cooperative movement, to “rise to the challenge” and lead the charge in transforming nano businesses through cooperative frameworks.
“Cooperatives are not just financial institutions; they are engines for community development. Empowering nano enterprises through cooperative management will not only transform individual livelihoods but uplift entire communities,” he concluded.
The Provost of LASCOCO, Akorede Ojomu, has lauded the progress and achievements of the institution as it marked its second convocation ceremony with a special lecture on Monday.
“This special lecture is not just part of our convocation activities—it is a celebration of resilience, intellectual growth, and the promising future of our students,” the Provost stated.
He expressed confidence that the lecture would benefit the diverse audience comprising members of the organised private sector, cooperative movement, civil service, academic, and students, as it aimed to provide practical insights into the role of cooperative management in empowering small-scale and nano enterprises in Lagos State.
Ojomu urged participants to make the most of the event, describing the lecture as a valuable opportunity to gain strategies for development through cooperative enterprise, especially in a state like Lagos with a thriving informal sector.
The Chairman of the Governing Council, LASCOCO, Oyebowale Rafiu Raji, charged the institution’s latest graduates to become visionaries and architects of Nigeria’s cooperative and enterprise future.
Raji described the event as both a celebration of academic achievement and a reaffirmation of the College’s relevance to Nigeria’s inclusive economic development and social transformation.
“This convocation is not just a celebration of academic achievement, but a celebration of relevance — of cooperative education as a catalyst for inclusive growth and institutional resilience,” Raji told the gathering of students, government officials, faculty, and industry leaders.
To the graduating students, Raji offered more than congratulations; he delivered a call to action. “You must see yourselves not just as graduates of LASCOCO, but as builders of Nigeria’s cooperative economy. The world you are entering demands more than certificates; it demands clarity of purpose, adaptability, and vision,” he said.
He urged the graduands to embrace innovation, continuous learning, and entrepreneurial thinking as they navigate an economy anchored on the productivity of nano and micro enterprises.
Raji highlighted two key features of the convocation ceremony: the recognition of academic excellence through the award of prizes to best graduating students, and the conferment of Honorary Fellowships on distinguished individuals for their exceptional contributions to cooperative development and social transformation.
“These recognitions are not just ceremonial; they are meant to inspire and raise the standards of aspiration within and beyond our institution,” he added.
The Governing Council, Raji noted, remains focused on repositioning LASCOCO as a global model of cooperative education through reforms in curriculum, infrastructure, and institutional partnerships. He announced ongoing strategic collaborations, including a growing relationship with the Cooperative University of Kenya and the development of a 2025–2029 Strategic Plan targeting digital cooperative education, policy advocacy, and enterprise incubation.
“As we celebrate today, we must also rededicate ourselves to the next phase of our journey — one that demands bold ideas, strategic alliances, and an unwavering commitment to excellence,” he stated.
