Experts Advocate for Changes to How Cooperative Societies Operate Amid Rising Disruptive Technologies

Experts Advocate for Changes to How Cooperative Societies Operate Amid Rising Disruptive Technologies

  • Technological innovation has been a significant component of cooperatives' competitive advantage in recent years
  • This is why, according to one expert, corporate societies in Nigeria must adjust to the new business practices
  • This call was made during a training session in Lagos attended by managers, trustees, and cooperative society members

The Provost of the Lagos State Cooperative College, Akorede Ojomu has revealed that the failure of cooperators to embrace the disruptive realities of the modern-day business world, could hamper their businesses.

Ojomu spoke on Tuesday, 13 September 2022 at the opening ceremony of a four-day intermediate training programme for managers, trustees and members of cooperative societies in Lagos at the college's premises in Agege.

The theme of the training is "Disruptive Innovations: Survival Strategies for Cooperative Societies," PM news reports.

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Cooperative societies in Nigeria
Group photograph of attendees during the training Credit:LSCC
Source: Facebook

Addressin participants, Ojomu said the theme of the training underscored the need for better management of the business environment, in line with present realities.

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In his words:

""We believe it is necessary to raise the awareness of sector operators to the hazards inherent in their inability to accept the disruptive realities of today's business environment."
"This disruptive environment has been exacerbated by the introduction of Covid-19, which has unambiguously changed the world of work, resulting in shifts in our business models and methods. Here we are with a new type of business process, mostly driven by ICT as a powerful business solution."

Embracing the new technologies

Speaking further Ojomu reiterated the need for Nigerians to embrace the new normal of technological innovations.

He added:

"This is particularly important in our effort to turn disruptive developments around for our continued survival."

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The provost also implored the participants to take advantage of this window of opportunity in refreshing their ideas and re-energizing themselves for greater productivity going forward.

Startups in Nigeria raise over N123.4billion

Meanwhile, in another report revealed that Nigeria is the second African country on the highest startup fundraising list.

The report shows that Flutterwave raised the highest capital among its peers in Nigeria, where the likes of Kwik Delivery, Kuda, Appzone, Termini, and Bankly operate received significant investment.

Startups owned by men still recorded the highest investment compared to women-owned businesses, but female entrepreneurs saw a surge in funding.


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