THE ROLE OF CO-OPERATIVE SOCIETY AS A VALUABLE INSTRUMENT FOR POVERTY ALLEVIATION AND DEVELOPMENT OF NIGERIA ECONOMY
(A CASE STUDY OF AGUATA LOCAL GOVERNMENT AREA OF ANAMBRA STATE)
ABSTRACT
Poverty; state of being poor, is ripping deep inside South Africa, some part of Asia and Africa which Nigerian is not an exception. This is reflected in the countries low level of her per capital income when about seventy percent of Nigerians are living in a rural areas, there is an urgent need to introduce co-operative societies as a valuable instrument for our economic development as well as to alleviate the high level of poverty in the country. Co-operative which involves coming together of persons pulling their resources together because they have the same common felt need and to form a business enterprise which will help in solving their socio-economic problems and as well as the owner of the society. These may be inform of consumer co-operative society, agricultural, credit, marketing, industrial, housing, production, promotion, co-operatives, etc. Co-operative societies differ from other business in the manner in which surplus earning are distributed to numbers. The surpluses are shared equitably to the customers or owners of the co-operative society ie. in proportion to their patronage and not in proportion to their capital involvements. Co-operatives are owned and controlled by members on a democratic basis which make them to be self-employed and have something for investment? These help the social and economic well being their by reducing the poverty rate and helps in developing Nigeria economy.
CHAPTER ONE
Co-operative provides vehicle for brooding and enriching people’s lives. It is a known fact co-operative is playing leading roles in some of the largest and most important social and economic development of our time. This points out that co-operative are vital element in some country in the world today and that they are flexible instruments that can be adapted to serve their members in the future.
Co-operatives all over the world are managed democratically both in principle and structure. The present political democracy and economic liberalization present in Nigeria is creating a new environment and offer new opportunities that are favorable to the development of co-operative in Nigeria. These new condition offers themselves to both co-operatives, national and international private companies.
Furthermore, to justify its prince role in social economic and political development particularly in developed countries like England, France and Germany. It has developed four single traditional terms of mutual institution to a formal organization institution. This institution has gained world-wide acceptance because of the great role it has been playing in the economic development of various countries particularly in the developing countries.
The economic success of co-operative inevitably has social effects. Co-operative management brings better yields which in turn yields better income and which in a sense means better living standards, better housing, better education for numbers and their families.
No factor underline the tragedy of Nigeria present political and economic stagnation than the phenomenon of poverty with its attendant under development. Perhaps a better picture can be given by looking at the conditions of the children who suffer permanent damage because of poor education, inadequate diet and dilapidate hosing. The health problem of the children of the rural poor are particularly serious as indicated by the medical doctors who examined children in the country during the last house to house immunization. The presents of these children are unemployed where they are employed some of them are underemployed.
Also, one of the economic problems that has continue to eat deep into the system, resulting to poverty is inflation. This is persistent upward movement in the general price level for goods and services. This is an increase in the general level of purchasing power of the naira. As the price level goes up, the purchasing power of the naira decline as well as when the price level goes down, the purchasing power of the naira rises. The little money the hands of the rural poor masses cannot buy anything as a result of the inflation in the country.
Development and its importance especially rural development cannot be over emphasized in Nigeria. In a country where more than 70 percent of the populations are rural dwellers, it become more crucial why emphasis should be placed on the rural peasants. Without them, the lay to sustainable and grass development cannot be realize in the country, so rural dwellers must involve ways of making them part and parcel of the development programs through proper sensitization, mobilization and empowerment.
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