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PROBLEM OF CO-OPERATIVE FINANCING IN ENUGU STATE (A CASE STUDY OF SELECTED COOPERATIVE SOCIETY IN NSUKKA L.G.A, ENUGU STATE)

 

TABLE OF CONTENTS

CHAPTER ONE

1.0    INTRODUCTION -       -       -       -       -       -       -       -

1. Background of the Study     -       -       -       -       -       -
2. Statement of the Problem    -       -       -       -       -       -
3. Objective of the Study -       -       -       -       -       -       -
4. Significance of the Study     -       -       -       -       -       -
5. Basic Assumption / Hypothesis     -       -       -       -       -

CHAPTER TWO

2.0    LITERATURE REVIEW  -       -       -       -       -       -       -

1. Definition and Meaning of Co-operative -       -       -       -
2. Sources of Capital for Co-operative Business  -       -       -
3. Internal Financing       -       -       -       -       -       -       -
4. External Financing      -       -       -       -       -       -       -
5. Management Problem in Cooperative Organization and

its Effect---------

1. Management Problems        -       -       -       -       -       -       -
2. Enugu State Co-operative Societies /it’s Financing  -       -
3. Ways of Improving the Capital Base of

Cooperative Enterprises------

1. Suitable Management Techniques -       -       -       -       -
2. Meeting Capital Needs -       -       -       -       -       -       -
3. The Needs for Cooperative Education    -       -       -       -
4. The Needs for a Solid Cooperative Research  -       -       -
5. Other Sources of External Financing for

Cooperative Organizations------

1. Government Financing        -       -       -       -       -       -       -
2. Foreign or International Sources of Finance and

Technical Assistance-------

1. United Nation and the Specialized Agencies   -       -       -
2. Voluntary Agencies     -       -       -       -       -       -       -

 

CHAPTER THREE

3.0   SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS

1. Summary of Findings
2. Conclusion
3. Recommendations
4. References

Appendix

 

ABSTRACT

This project research examined the problems associated with co-operative financing in Enugu State (A Case Study of Selected Co-operative Societies for Improvement) the study looked into problems and strategies for improvement. The information gathered for this study was both from primary and secondary sources. In selecting respondents, the stratified random sampling method was used. The respondent were the official and worker in Enugu State Questionnaire and oral interview were used to obtain the required response from the respondent. The data gathered were systematically analysed the business activities of the societies include wood and carving and selling of the products and credit and savings the major sources of finance for eh society include contribution form members profit. It was also noted that the major problem hindering the co-operative societies in Enugu State was mismanagement of funds macro and micro factors affecting the economy poor cooperate spirit among the members, poor government support etc. the study made the following recommendations which include. Constant education of both the management and members of the society. Effectively monitoring of loans gotten form financial institutions, grants. Banks credit loans should be made available in and off seas or to co-operative and all proved cases of corrupt enrichment should be dealt with.

 

CHAPTER ONE

1.0   INTRODUCTION

1.1   BACKGROUND OF THE STUDY

Co-operative societies as a firm or type of business organization comes about when people with common interest unit themselves into a groups financed and controlled by them for the purpose of achieving their goals.

Many authors believed that co-operative societies started in Nigeria in the early 20th century, but it should be noted that life patterns of many communities / states example Enugu state show some trust of co-operative societies. This is understandable because most communities in Nigeria and Africa in generally had (and other still have) series of associations, youth associations etc. These organization among other things have the following objectives.

• Communal farming through collective power
• Construction of rural roads
• Extension of credit facilities to members
• Operating retails outlets for consumers product

In Enugu state, co-operatives have strived to remain and grow both in membership and income but it is a sad thing to not.

• Limited capital
• Difficult in obtaining loans from bank / financial institution
• Mismanagement of the little fund owned by the co-operative business enterprise.

In conclusion it can be seen that in the state nowadays, co-operative business are opening outlets where they can reach the consumers. Many of them engage in running shops which sell consumer items in retails quantities, some sell durable house hold items and such other consumer products, because enterprise in Enugu state with a study of it’s problems and strategies for improvement.

 

1.2   STATEMENT OF THE PROBLEM

It has been noticed among co-operative which operates business enterprises in Enugu state that in as much they made profit from sales, they are still not at its optimum.

It is then appealing to see a consumer co-operative shop with little or no goods to sell to buyers. How then will a consumer want to patronize such a shop that does not have anything to offer.

So co-operative business enterprises are faced with various constraints that militates against the capital base of co-operative business thereby affecting the rate of economic growth, these factors include:-

1. Poor management and control from inexperienced managers and committee members. This is because most co-operative are very fraudulent and embezzles the limited and available capital.
2. Difficulty in obtaining loan from banks / financing institutions. Banks financial institution and credit organization always find it difficult to give out loans to co-operative enterprises. This is due mainly to the fact that these co-operative enterprises have little or financial banking / collateral which will give them footing to backup the request for a loan. Moreover lack assets to present a collateral, this therefore creates an image of unseriousness on the minds of the management of these banks or credit institutions or lenders.
3. Co-operative themselves are lacking confidence in themselves and participate half heartedly in the enterprises by investing small amount of money in their co-operative business.
4. Lack of co-operative research – co-operative business lack new ideas and new methods skills in scientific method. Some of them are poor to conduct a research on the product. They want to be product before going into production and this cause low performance aid poor future prospects of the movement.
5. Lack of government encouragement on co-operative business enterprises and supervision by government officials.
6. Smallness of share capital co-operative is mostly found among the economic middle / lower classes of the society. They are thus of ten owned by relatively poor sections of the society. An application of the concept of especially the marginal member. This implies that the value of the minimum shareholding is based on the poorest of the poor amongst the prospective members. It’s valued can therefore not be high.

 

1.3   OBJECTIVE OF THE STUDY

In view of the current drive for higher efficiency by the co-operative and the consequent effort being put in by the Enugu state government in the state. The main purpose of this study is to map out strategies or ways for improving capital base of co-operative because enterprises in the state especially this study will seek.

1. To determine the level of involvement of co-operations and co-operative as a business outfit put in the overall management of their own co-operative enterprises.
2. To find out ways / other ways of improving the capital base of co-operative business and the effectiveness of co-operative in meeting the needs (capital –raw material and managerial wise) of the business establishment they operate.
3. To explore other possible ways in which co-operative business can be assisted apart form co-operative funds.
4. To find out the level of involvement of government in the affair of co-operative business establishment.
5. To identify the recruitment problems that always confront co-operative societies which retard them from meeting financial obligations.

 

1.4   SIGNIFICANCE OF THE STUDY

The intention of this research is to examine the problems involved in the financing the co-operative business and finding the strategies for improving capital base of co-operative business enterprise in Enugu state.

1. Provide an adequate information about the techniques abilities and strategies involved in the improving capital base of a co-operative business enterprises that can serve as guide to those person who might wish to get included in this type of business and those already in it.
2. Provide the government with the knowledge of the effectiveness of the co-operative financing effort and reveal areas that require them.
3. It stands as a source of help to student of co-operative economic and management and other person who might be interested in undertaking further research in this area of study.

 

1.5   BASIC ASSUMPTION / HYPOTHESIS

1. Co-operative society members were unable to make enough capita to finance their business and because of this they both need internal and external sources of funds.
2. The government is discriminating on it’s final aid to the rations types of co-operative.
3. Banks and other creditors undermine co-operative ability and willingness to comply with credit terms.
4. That lack of finance makes a lot of co-operative business enterprises to close down.

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