Experts call for changes in how co-operative societies operate in the face of the rise of disruptive technologies

  • Technological innovation has been an important component of cooperatives’ competitive advantage in recent years
  • This is why, according to an expert, entrepreneurial companies in Nigeria must adapt to new business practices
  • This call was made during a training session in Lagos attended by managers, administrators and members of the cooperative society

The Provost of Lagos State Cooperative College, Akorede Ojomu, revealed that the inability of cooperators to embrace the disruptive realities of the modern business world could hamper their activities.

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

The theme of the training is “Disruptive Innovations: Survival Strategies for Cooperative Societies,” reports PM News.

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Group photo of participants during the training Credit: LSCC
Source: Facebook

Addressing the participants, Ojomu said the theme of the training highlights the need for better management of the business environment in line with current realities.

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In his words:

“We believe there is a need to educate industry operators about the inherent hazards of their inability to embrace 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, driving changes to our business models and methods. Here we are with a new type of business process, mainly driven by ICT as a powerful business solution.”

Embrace 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 efforts to reverse disruptive developments for our continued survival.”

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The Provost also implored attendees to take advantage of this window of opportunity to refresh their ideas and re-energize for greater productivity in the future.

Startups in Nigeria raise over N123.4 billion

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

The report shows that Flutterwave has raised the highest capital among its peers in Nigeria, where companies like Kwik Delivery, Kuda, Appzone, Termini and Bankly operate have received significant investments.

Male-owned startups have historically seen the highest investments compared to female-owned businesses, but female entrepreneurs have seen their funding increase.

Source: Legit.ng

Virginia S. Braud