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Full Project – Evaluation of the contribution of cooperative societies to the Nigeria economy

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CHAPTER ONE

INTRODUCTION

Co-operatives in Nigeria have their origins in the efforts of the colonial government that sought to create institutions for implementing policies. This use of co-operatives continued at independence, when the new government also embraced co-operatives as mechanisms for implementing policies and development plans. In particular, the independent government viewed co-operatives not as economic entities, but as institutions for producing subsistence needs of its members. This subjected co-operative members to state control which hampered the development of co-operatives as economic enterprises that meet members needs and interest.

According to Levi (2005) co-operative societies have always been view as instruments of charge in terms of economic development. They have viable tools for government accessible to government to embark on development projects especially in the rural areas.

Co-operatives contributes a lot to economic development in the sense that individuals are empowered to carryout projects that they would not have accomplished individually hence creating an avenue for capacity buildings and self improvement.

1.1 BACKGROUND OF THE STUDY

Today, in an area when many people felt powerless to charge their lives, Co-operatives represent a strong, vibrant, and viable economic alternative. Co- operatives are formed to meet Peoples mutual needs. They based on the powerful idea that together, a group of people can achieve goals that none of them could achieve alone.

For over years now, co-operatives have an effective way for people to exert control over their economic live hoods. They provides a unique tool for achieving one or more economic goals in increasingly competition global economy. As governments around the world cut services and with draw from regulating markets, co-operatives are being considered useful mechanisms to manage risk for members in Agricultural or other similar co-operative help salary/wage earns save for the future through a soft felt monthly contribution that is deducted from source own what might be difficult for individuals to own by their efforts, strengthen the communities in which they operate through job provision and payment of local taxes. Co-operatives generally provide an economic boost to the community as well.

Incidentally, co-operative despite its old age is not elatives started gaining ground among working class citizens, mot of who find it difficult to save part of their salaries (wages for the rainy day).

Hitherto, co-operatives societies were thought to be associations meant only for farmers small trades and other very low- income earners. This explains why quite a member of co-operatives farmers are found, particularly in southern Nigeria. The problem is that many people do not know much about co-operatives, its mechanisms and role in economic development, and how it is considered in the world as a third force, an alternative and counter veiling power to both big governments. Against this background, this research examines the contributions of co-operative societies in economic development with a view to throwing some light on the nature and features of co-operatives, the benefits and the formation and management of co-operative societies. The research investigates the ways in which co-operatives can act as agents towards sustainable community development. The justification of the study precipitates from the fact that although investigating the role of co-operatives on the international scale is not a few phenomenon, in Nigeria, results of such research are still scantly and incomprehensive.

BRIEF OVERVIEW OF THE SELECTED CO-OPERATIVES UKPOR STONE MERCHANTS CO-OPERATIVE LTD

Ukpor is a hilly land blessed with abundant natural minerals and resources. Out of these resources is the cop ion of building stones and granite.

Ukpor stone merchants co-operative Ltd has been in existence since early 60s. The co-operative society has helped organize and sanitized the building and construction materials sector in Nnewi and Anambra in general. It can boast of over 60 members and provides incentives and benefits to its members.

AMECHI AMALGAMATION TRADERS THRIFT AND CO-OPERATIVE SOCIETY LTD

The Amechi amalgamated traders’ thrift and co-operative society Ltd in one of the indigenous co-operative societies in Amichi area of Nnewi South L.G.A. The co-operative society started as little traders union in constituent markets in Amechi before it decided to unite the traders union into a formidable co-operative society in the late 80s.

The society has always acted as an intermediary between the traders and the local state government in terms of policy implantation and provision of amenities to traders as well as that collection administration.

STATEMENT OF THE PROBLEM

It has been proven that co-operative societies are viable tools for economic development. The importance of the co-operative sector to the socio-economic development of Nigeria cannot be overemphasized yet many past and present government administrations has always neglected this very important sector. Hence the researcher is bothered to Pinpoint the contribution of co-operative societies to the Nigeria economy.

OBJECTIVE OF THE STUDY

The objectives of the study are:

To evaluate the contribution of co-operative societies to the Nigeria economy.
To assess the hindrances impending co-operative from enforcing this contributions.
To present the Mitigation measures put in place and recommend future mitigation plans to improve the viability of the co-operatives.
To examine the role of government in providing supportive facilities to co-operative.

RESEARCH QUESTION

The following are a few of the questions which were asked in the questionnaire in the carrying out of this research work.

In what ways does a co-operative society contribute to the Nigeria economy?
Are co-operative societies will promoted by the Nigeria government?
What are the things militating against co-operatives in contributing to the Nigeria economy?

SIGNIFICANCE OF THE STUDY

This study is significant for the following reasons:

It will act as an eye-opener to various tiers of government on policy making regarding co-operative advancement.
This will evaluate the contribution of co-operative societies to the Nigeria economy.

The study will also help co-operatives champion the cause of its advancement and development.

The study could also act as a future reference material to students and academicians who intend to carryout a research in the area of study.

SCOPE OF THE STUDY

The research is based on the evaluation of the contribution of co-operative societies to the Nigeria economy. The study is therefore limited to the ministry and also to the selected co-operative societies in Nnewi south L.G.A.

LIMITATION OF THE STUDY

This research work was limited to some extent unavailability of materials; resources and finance were key deterrents to the full undertaking of this research also the issue of time factor as i had to combine my academic work with research.

DEFINITION OF TERMS

The terms used in this study which has unique meaning that could be subjected to different interpretation by different readers of the project report are defined as follows:

CO-OPERATIVE: A co-operative is an autonomous association of persons who voluntarily co-operate for their mutual social, economic and cultural benefit.
CONTRIBUTION: An action or service that helps to increase something.
POLICY: A policy is typically described as a principle or rule to guide decisions and achieve rational outcomes.
DEVELOPMENT: This is the gradual growth so that it becomes more advanced and stronger.
ECONOMY: Any specified collections of interrelated marketed and non-marked productive activities.
ECONOMY DEVELOPMENT: This is when the real per capital income of a country increase over time.

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