ISAAC ASABOR
Consumerism as a concept can be seen and understood from two different perspectives.
When seen from the first perspective, “Consumerism is a social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts”.
Analysed from the second perspective, “Consumerism is a movement towards consumer protection that promotes improvement in safety standards and truthful packaging and advertisement”.
Besides, consumerism also seeks to enforce laws against unfair trade practices and truthful product guarantees.
Against the foregoing backdrop, forming cooperative society to boost consumerism is seen within the context of the fact that consumerism is a social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amount.
In today’s economic climate, where costs are rising and income disparities persist, consumers face challenges in accessing affordable goods and services.
However, one solution that often goes overlooked is joining a cooperative society.
These community-owned enterprises offer unique advantages for consumers, allowing them to navigate pricey markets effectively.
Against the foregoing backdrop, there are many reasons why consumers should consider cooperative membership.
First and foremost is that it enhances collective bargaining power. When anyone joins a cooperative, he or she becomes part of a collective force.
This is as cooperatives pool resources, negotiate better deals with suppliers, and compete in the market on behalf of their members.
As a result, members gain access to high-quality products and services at competitive prices.
Second on the list of the importance of joining cooperative society is that it engenders risk mitigation.
Mr. Chris Efosa, in his view on the importance of joining cooperative society says, “Cooperative societies lessen individual risk. By working together, members share the burden of market fluctuations, reducing vulnerability to price hikes or sudden shortages. Whether it is agricultural produce, consumer goods, or housing, cooperative societies provide stability and security”.
Mrs. Agnes Oluwayomi, a trader, in her views said cooperative societies give their members opportunities to buy goods that ordinarily seem unaffordable to them.
She said, “Cooperatives serve markets and communities that are often considered “higher risk” or underserved. By leveraging their combined purchasing power, cooperatives can offer affordable options even in expensive markets. Whether you are buying organic produce or seeking financial services, cooperative membership ensures access without breaking the bank”.
Mr. Fred Osakwe, said cooperative society is driven by democratic governance, explaining that “Unlike traditional businesses, cooperatives operate democratically. Members have a say in decision-making, ensuring that the cooperative’s priorities align with their needs. This participatory approach fosters transparency and accountability”.
Speaking from the perspective of the impact cooperative leaves on a given community, Mr. Bayo Afolabi, said, “Joining a cooperative is not just about personal benefits; it is about contributing to community vitality. Cooperative societies create local jobs, support sustainable practices, and reinvest profits within the community. By participating, consumers actively shape their neighborhoods”.
Given the foregoing backdrop, Daily Independent gathered that consumers can use cooperative societies as a strategic tool to navigate pricey markets.
By joining forces, they gain affordability, stability, and a voice in shaping their economic environment.
Unarguably emphasising the importance of cooperative society to consumerism as a market concept, the Lagos State Government ahead of the International Day of Cooperatives that was celebrated on July 6, kicked off the celebration of the Year 2024 International Day of Cooperatives, in conjunction with Lagos State Cooperatives Federation (LASCOFED), the umbrella body of all cooperative societies, with a week-long activity that started from Tuesday, 2nd July to Sunday, 7th July, 2024.
Mrs. Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade & Investment, revealed this at a Press Conference organised to formally announce the celebration themed: “Cooperatives: Building A Better Future For All”, held at the Ministry in Alausa.
Represented by the Permanent Secretary, Dr. Olugbemiga Aina, the Commissioner stated that Lagos often makes the celebration of International Day of Cooperatives on 6th July of every year, a springboard for creating awareness and deepening public knowledge on the benefits of cooperatives as it is a natural vehicle for collaborative partnership and fostering prosperity, contributing to economic, social, and environmental sustainability in the State.
Her words, “The administration of Governor Babajide Sanwo-Olu is creating an enabling environment in which Cooperative practice can stand on equal footing with other forms of enterprises and develop an effective partnership to achieve their respective goals because it acknowledged the over 3000 societies in the State as significant enterprises through which citizens can effectively improve their lives while contributing to the economic, social, and cultural advancement of our communities. They are platforms for promoting inclusivity, sustainability and self-reliance”.
“Today, the Cooperative Movement is more relevant than ever in overcoming the developmental challenges and the coming decades. They offer the chances of ending extreme poverty and deprivation, securing social inclusion, and reconciling economic and social objectives. Thus, the Cooperative Movement can create wealth for the poor, generate jobs for millions of unemployed the world over, check poverty and hunger, and above all, achieve global prosperity”, she added.
The Commissioner affirmed that the administration prioritises effective partnership with the Cooperative Movement and is working to establish clear goals, objectives, and accountability mechanisms guided by a shared vision and common understanding of the desired outcomes to maximise the benefits of effective partnership in the interest of members and the State.
According to her, the week-long activity, which commenced with the press briefing, include Visit to Orphanage/Old People’s Home on Wednesday, 3rd July 2024; Jumat Service at Alausa Secretariat Central Mosque on Friday, 5th July 2024; Grand Finale consisting of Lecture, Panel Discussion, Raffle Draw and Merit Awards on Saturday, 6th July 2024 and Thanksgiving Service holding at The Chapel of Christ the Light, Interdenominational, Central Business District, Alausa, Ikeja on Sunday, 7th July 2024.
President, LASCOFED, Oladipo Sobule remarked that cooperatives play vital roles as they serve as effective economic links with the grassroots and contribute massively to the State’s Gross Domestic Product (GDP).
In a similar vein, the Edo State government says it will continue to provide enabling environment for cooperative societies to thrive in order to engender the overall economic growth of the state.
The deputy governor, Marvellous Godwins Omobayo stated this during the 2024 International Day of Cooperatives anniversary, organised by the Ministry of Business, Trade and Cooperative (MBTC) held in Benin City.
He said that cooperative societies are the live wire and catalyst for shared economic prosperity in many households and communities across the country and Edo State in particular.
Omobayo, represented by the Director, Media and Public Relations, Office of the Deputy Governor, Dr. Austin Otas-Osegbe, noted that the theme of the celebration: ‘Cooperative builds a better future for all’ is apt, considering the prospects and benefits enjoyed by cooperators.
According to Omobayo, cooperative societies have provided a platform for individuals to voluntarily pool resources together for their common interest and economic benefits.
He restated the commitment of Governor Godwin Obaseki-led administration to general wellbeing of Edo citizens, especially workers who, he affirmed, as drivers of government policies and programmes.
The chief host and Commissioner, Ministry of Business, Trade and Cooperative, Mr Patrick Iria Uanseru, stated that the International Day of Cooperatives is celebrated every first Saturday of July.
He added: “The International Day of Cooperatives provides a platform to discuss the ongoing role of cooperative societies in building a better world.
“This celebration is to align with government sustainable and developmental goals. A lot has been done under Godwin Obaseki-led government to enhance the smooth and seamless running of cooperatives, especially in the area of digitalization.”
Chairman, Lapo Group, Dr. Godwin Ehigiamusoe, represented by Dr. Kenneth Okakwu, said co-operatives are democratic organisations controlled by their members, who actively participate in setting their policies and making decisions.
Nigerian Tribune learnt that the international Day of Cooperatives celebration attracted members and stakeholders of the cooperative movement from within and outside state.
Highlight of the event was recognition and presentation of awards to deserving cooperatives and individuals, including the deputy governor.