AN ASSESSMENT OF PROBLEMS AND PROSPECTIVE OF COOPERATIVE SOCIETIES IN NIGERIA
ABSTRACT
In this research work, the researcher empirically unveil the problems and prospects of cooperative society in Oyi LG in Anambra State. In the course the research, it was discovered that: Cooperative provides ready markets for members produce. Members are encouraged to engage in economic production and services that enhance gross domestic product and national income.
Retail goods are made available for the consumption of the cooperators as well as the public at affordable prices.
Bonuses are given to members on patronage which enhance their personal income.
Cooperative members readily benefited from government and nongovernment organizations of expert advisory services in various ways.
Cooperative enjoys soft loan benefits from the governments, banks and other similar institutions for the operation of their joint or individual businesses.
Functional cooperatives education and training imparted on the members enable them to do well in their businesses.
Standard of living of the cooperators has been raised thus guaranteeing quality of members’ lives.
Cooperative is a major vehicle for a nation’s industrial development.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Cooperative society is as old as man. As man and societies are not static but change with social, economic cultured and political happenings. Cooperative society is also dynamic both in practical and theory. In the traditional societies, cooperation is reduced to custom and enforced by the authority of the elders. People join hands to do their domestic and community works. People also contribute money at a given period given it to their members in turn as a form of credit that is Isusu. In the traditional societies, cooperation is informal not permanent, not registered, no by-law etc. On the other hand, modern cooperatives are formal organizations, registered, based on sound principles and written records, etc. The world’s first successful and authentic cooperative shop known as the Rochdale Society of Equitable Pioneers which was established in Rochdale in 1844 was registered under the friendly societies AC on 28th October, 1844 but the shop did not open for business until 21st December 1844.
The idea was introduced due to harsh time and depressed economic condition for people to from themselves into cooperative societies so as to work jointly to improve their standard of living. The genesis of cooperative societies present day Nigeria can be traced to (1992) when the first producer of cooperative society was formed to provide cocoa farmers are common in Nigeria, the societies have not been successful due to some problems peculiar to them. This concern by the country as a whole, it was resolved to conduct a research on problems and prospects of cooperative societies in Nigeria.
1.2 STATEMENT OF THE PROBLEM
In considering the statement of the problem the following issue readily come to mind: Firstly, can any competent person become a member of a society at any time? is the viability of the members is unlimited Secondly, does the government encourages and supports the formation of cooperative society at any time? Is the liability of the members unlimited Thirdly, does the government encourages and supports the formation of cooperative societies by providing subsidies and exemptions? Fourthly, can it exist for long due to a legal entity separate from its members? Lastly, can it be managed by one person only?
1.3 OBJECTIVES OF THE STUDY
As earlier stated in the background of the study that cooperative societies in Nigeria have not recorded success due to problems peculiar to the societies, it is therefore the main aim of this study to identify problems and prospects of cooperative society in Nigeria.
The study attempts to identify problems faced by cooperative societies in Abuja and possible ways of solving the problems or ameliorate them.
The work also intend to find out ways cooperative societies can be managed in order to have positive effect on the economy.
The work also find ways and manner members of cooperative movement can be properly educated about membership for onward development of the society.
It is also helped to find ways of survival for the falling cooperative societies in Nigeria.
It is hoped that the problems and prospects of cooperative societies in Nigeria will be highlighted as the study unfold.
1.4 SIGNIFICANCE OF THE STUDY
The finding will improve one’s’ understanding on an assessment of problems and prospects of cooperative societies in Nigeria with a view of making recommendation to improve the situation. This study will also serve as reference point for managers and students in improving performance of their societies.
1.5 RESEARCH METHODOLOGY
These procedures for accomplishing the research problem which was gotten from the theoretical and practical prospective of cooperative society in Nigeria.
1.6 RESEARCH QUESTION
In order to provide solution to the problems under investigation the following questions are to be solved in the study.
Would lack of capital prevent the growth and development of cooperative society?
Is it difficult to recover loans granted to members of cooperative society?
Doe government regulation affect the growth of cooperative movement?
To what extent does adverse economic conditions in the country affect cooperative movement?
To what extent members benefit from government financial assistance?
Does cooperative movement boost production in the economy?
1.7 STATEMENT OF HYPOTHESIS
The statement of hypothesis is just the related problem in research. They a guess statement of relationship between variables.
Hi: Cooperative movement has significant effect on economic in Nigeria.
Ho: cooperative movement has no significant effect on economic in Nigeria.
1.8 SCOPE OF THE STUDY
The research study is to provide us with the basic concept of problems and prospects of cooperative societies in Nigerian and what is limited Gwagwalada area council Abuja.
1.9 LIMITATION OF THE STUDY
The constrain of this study can be seen below:
Money: There is no adequate and sufficient fund as at when needed for the researcher to meet the set objectives.
Time: Is another factors that is against earlier completion of this research work. The time set for the research work compiled with other assignment to be executed simultaneously was adequate.
Insufficient library and book facilities in the school
Some people are not ready to give useful information and assistance for the accomplishment of the study.