The entire development of a business enterprise in a particular country required difference institutional frame work.
One of such institutional frame work is the co-operative business enterprise. The word co-operative can have different interpretation. In a lay man’s language, it means working together or working mutually. Another interpretation which is where our emphasis lies, means a unique type of business organization. The co-operative has been defined by different school of thought but the variation lies in the degree of emphasis on one aspect or the other.
One school of thought describes co-operative as business undertaking owned and operated by voluntary associations in order to provide members with work and wages or with goods and services. But the International co-operative alliance (ICA) defined co-operative as “An autonomous association of persons, united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.
The role of economic of co-operative in business is indispensable to the growth and development of the economy. This vital role has been justified by co-operators in the socio-economic and political development particularly in developed countries like England, known for consumer co-operative and Germany known for Credit co-operative. Likewise in the developing countries like Nigeria.
Co-operative movement is a world wide phenomena from which countries have developed from simple traditional form (8) of mutual institution to a modern formally organized institution.
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