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THE EFFECT OF CO-OPERATIVE SOCIETIES ACTIVITIES IN THE DEVELOPMENT OF NIGERIA ECONOMY

(A CASE STUDY OF AGRICULTURAL CO-OPERATIVE BANK LTD)

 

TABLE OF CONTENTS

CHAPTER ONE:

Introduction                                                                                      1

1. Background of the Study                                                                  1
2. Statement of Problem                                                              5
3. The Purpose of the Study                                                                 6
4. Scope of the Study                                                                            6
5. Research Questions                                                                 7
6. Significance                                                                             8

CHAPTER TWO:       

Literature Review                                                                              9

1. Brief History of Co-operative Societies in Nigeria                            9
2. Concept of Economic Development                                        12
3. Co-operative and Economic Development                              16
4. Economic Background of Agricultural Bank Plc                     23

 

CHAPTER THREE:                      

Research Methodology                                                                     24

1. Research Design                                                                      24
2. Area for the Study                                                                            24
3. Study Population                                                                    25
4. Sample and Sampling                                                             25
5. Instrument of Data Collection                                                 26
6. Validity of the Instrument                                                       27
7. Reliability of the Instrument                                                    27
8. Method of data collection                                                        27
9. Method of Data Analysis                                                                  28

 

CHAPTER FOUR:      

Data Presentation and Results                                                          29

1. Research Question One                                                           29
2. Research Question Two                                                          31
3. Research Question Three                                                                  33
4. Research Question Four                                                          34

 

CHAPTER FIVE:       

Summary of Findings, Recommendation and Conclusion                          37

1. Summary of Finding                                                               37
2. Conclusion                                                                              38
3. Recommendations                                                                             39
4. Suggestion for Further Study                                                  40
5. Limitation of the Study                                                           41

References                                                                               42

Questionnaire                                                                          44

 

ABSTRACT

          The researcher investigated the effect of co-operative society’s activities in the development of Nigeria economy in the country.          The purpose of the study included among others to find out to what extent the chances of fraud and embezzlement of funds among co-operative members affect development in Nigeria economy.  Also to ascertain the extent to which co-operative bank had not been able to immerse assistance to co-operative societies resulting in their inability to meet their financial needs.  To also find out the extent co-operative societies rely basically on financial contributions from members for their capital.  And finally to find out the extent to which storage facilities for Agric produce had her problem of co-operative societies because of lack of funds particularly from Agric Banks.        Related literature to the topic of the study were reviewed.  The researcher collected the necessary data through structural questionnaire and oral interview. In analysis the data collected, the data was grouped and arranged into tables for easy references.  Descriptive method were use din the analysis of the data collected in this study.

 

          The finding revealed among other things that chances of fraud and embezzlement of funds among co-operative members will grossly encourage under development in Nigeria economy.

          Also that inability of co-operative bank to assist co-operative societies resulting in their inability to meet their financial need will affect the development of Nigeria economy in the sense that the co-operative society can carry out its financial responsibility slightly.

          The finding also revealed that the financial performance of the co-operative society will be low to carry out its responsibilities in the development of Nigeria economy if the co-operative societies continues to rely basically on financial contribution from members for their capital.

          Finally there will be no fund to assist the co-operative society for the development of Nigeria economy if there are inadequate storage facilities for Agric produce.

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF STUDY

          Since the existence of Federal Republic of Nigeria both the colonial and the past independence government, they have different means of developing the nations economy.

          The then colonial government introduced the concept of co-operative movement in Nigeria after studying its concepts in Europe: as a strategy for developing the country’s economy.

          A co-operative, according to Dr. E. Onuoha is an enterprise whose owners are at the same time, the customers and users of the facilitating goods and services provides.  The word co-operative has now become a household word.  This is because of the importance which co-operative movement has assured in this country in recent year.  The importance emanates from the ever increasing emphasis which the government s has been placing on co-operatives.  Firstly, as a means of combating the perennial galloping inflation and secondly, as a means of potential instrument for rapid economic development in this country.

 

          Co-operative has also been defined as an association of persons who have voluntarily joined together to achieve a common and through the formation of democratically controlled business organization, making equitable contribution to the capital required and accepting a fair share of the risks and benefits of undertaking in which the members actively participate.

          Furthermore, a co-operative society can be said to be voluntary association of free and independent individuals for the betterment of their economic conditions, this definition contains these essential points.

a.       VOLUNTARY ASSOCIATION:    This means that there is no coercion whatever. Voluntarism is therefore an essential ingredient in co-operation.

b.       FREE AND INDEPENDENT INDIVIDUALS:  The co-operative society’s members are left free to decide whether or not to be members.

c.       BETTERMENT OF ECONOMIC CONDITIONS

         

The co-operative society must aim at the betterment of economic conditions of members.  It is to point out that co-operative societies are first and foremost business organization.

          Co-operative is not a cultural organization such the village or town meeting.  Neither is it a philanthropic organization such as Red Cross Society.  The co-operative society establishes a positive control that might bring up in future.

          Rochdale friendly co-operative enunciated eight principles, which are as follow

1. Open membership
2. Democratic control
3. Limited interest on capitals
4. Patronage Refund
5. Cash  trading as market prices
6. Sales of pure and unadulle rated goods political and religious neutrality
7. Continuous education of members.

 

Following its enormous role in Great Britain, some other countries borrowed the ideas of co-operative in developing their economics.  As a result of these positive development, the government of Nigeria under British Colony appointed Mr. C.T Strickland in 1933 to study and report on the feasibility of forming co-operative societies in Nigeria, as a way of solving her economic problems. Mr. Strickland recommended the introduction of co-operative movement in Nigeria, in his report he submitted in 1934.  According to Mr. Okonkwo 1986, his report was accepted by government, and so in 1953 the Nigerian co-operative society ordinance enacted and the following year 1936, regulations were drawn up to guide the running of co-operative societies.

The cocoa marketing society in Gbedum was the first registered co-operative movement in Nigeria still in 1936, there was a regionalisation of co-operative in western Nigeria, co-operative movement, in 1966 the regional concept was abolished such as the east central state emerge among others.  Apex organization were established such as the East Central State Co-Operative Development Association (ECSDA), which came into existence in 1973 to monitor and land funds to the primary societies.

 

In 1976, Anambra State was created out of the old Anambra State, and the functions of the ACFA was taken from (E.C.O.A) in 1978, the name of Nigeria Agricultural bank (NAB) was changed to Nigeria Agriculture and Co-operative Bank (NACB).  The major objective of this action is to finance the operational schemes of the primary society through ACFA.

The agricultural co-operative bank societies has such as the farmers co-operative, marketing co-operatives, thrift and credit cooperative societies in the economic development in Nigeria.