Effective Administration Of Credit In Co-Operative Credit Enterprises (A Case Study Of Selected Co-Operative Societies In Enugu North L.G.A)
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This project is dedicated to the Almighty God who gave me knowledge, wisdom and strength to achieve this aim.
It is also dedicated to my beloved Mother Mrs. Joyce Ogwu.
I express my immense gratitude to the Almighty God for His special mercy throughout the days of my life.
I appreciate the efforts made by my mother Mr. Joyce Ogwu and my elder brother Mr. Nelson Chukwutem Ogwu for their moral and financial support. I will not forget to say Adieu to the memory of my Late Daddy Mr. Goddy Ogwu. I equally wish to use this medium to thank God for the life of Mr. & Mrs. Omenogor Ejechi Kester and Mr. & Mrs. Goddy Onyedi for their financial support through out my schooling days. My regards to Beauty Ogwu, Chukwuka Ogwu, Stella Ogwu, Blessing Ogwu, Peace Ogwu, my little cousin Chinedu Ojieh and a wonderful friend Ukadilonu Adeline Akunna (Sun Shine).
I greatly express my thanks, gratitude and appreciation to my project supervisor who is also my Head of Department (HOD) Lilian Ugwuanyi for her patient and motherly love towards my project research and report. And special thanks to all my lecturers in the department of Cooperative Economics and Management for their words of encouragement and knowledge imparted into me.
I will extend my gratitude to my friends and well-wishers, the staff, management and students of Federal Polytechnic, Nekede.
Thanks for your love and God bless you all.
Ogwu Azuka Romeo
This research is an attempt to bring to light the effectiveness of credit administration in cooperative credit society in various cooperative societies based in Enugu North Local Government Area of Enugu State.
This research has five chapters with introduction. It tells about the meaning of cooperative credit society, credit administration, the statement of problem, objectives of study, significance, scope and limitations as well as definition of some cooperative and general terms.
Chapter two, took a look at related literature review of authors about credit cooperative and credit administration, its weakness, effect of credit administration and its importance as well as problems associated with it.
Chapter three, talked about method use by the researcher in gathering information i.e. the main the research questionnaires was carried out and investigation method.
Chapter four, was about the presentation of data, the interpretation and analysis of the data obtained. It also talked about responses of respondent.
Chapter five, conclusion, pinpoints the major problem, which inhabit the full success of credit administration and same suggested solution which are necessary to convert some of these problem.
Table Of Contents
- Title page i
- Certification ii
- Dedication iii
- Acknowledgement iv
- Abstract v
- Table of contents vi
- 1.0 Introduction 1
- 1.1 Background of study 1
- 1.2 Statement of problem 2
- 1.3 Objective of study 3
- 1.4 Significance of the study 4
- 1.5 Hypothesis 4
- 1.6 Scope and limitations 5
- 1.7 Definition of terms 6
- 2.0 Literature Review 8
- 2.1 The nature of cooperatives 8
- 2.2 Credit Cooperative and their problems 11
- 2.3 Source of Cooperative Finance 13
- 2.3.1 Internal source 14
- 2.3.2 External Source 22
- 2.4 The process of credit administration 26
- 2.5 The loan committee 29
- 2.6 Assessment of loan application 30
- 2.7 Terms of credit 32
- 2.8 Supervision of Credit 34
- 2.9 Loan recovery 37
- 2.10 Credit cooperative in Enugu North LGA 41
- 2.11 Factors militating against efficient credit administration 41
- 3.0 Research Methodology and Research Design 45
- 3.1 Area of Study 45
- 3.2 Population Studied 45
- 3.3 Sample size 46
- 3.4 Method of data collection 47
- 3.4 Method of data analysis 47
- 3.5 Source of data 47
- 3.6 Method of data 48
- 4.0 Data Presentation, Analysis and Interpretation 50
- 4.1 Data Presentation 50
- 4.2 Data Analysis 50
- 4.3 Data Interpretation 50
- 5.0 Summary, Recommendation and Conclusion 62
- 5.1 Summary 62
- 5.2 Conclusion 63
- 5.3 Recommendation 65
- Bibliography 67
- Appendix 70
1.1 Background Of Study
Agricultural credit in Nigeria dates back to the 1930s but organized credit to farmers did not start until 1972 when the Nigeria Agricultural and Cooperative Bank (NACB) was established.
The awareness of the serious decline in agricultural production was probably partly responsible for the establishment of the bank.
The NACB is not the only financial institution which provides agricultural credit. Prior to the establishment of NACB, agricultural credit scheme was operated by some agencies such as the Ministry of Agriculture’s Supervised Credit Scheme, Agricultural Credit Cooperative, cooperative thrift and loan scheme, farmer’s multi-purpose cooperative societies. Most of these institutions were not effective sources for strictly agricultural credit. There was a lot of evidence that creditors borrowed money for agriculture but diverted it to other ventures.
Again, credit was often extended to only favouries and scarcely to genuine small –scale farmers. Besides they could not meet the collateral and equity contribution requirement, a situation that compelled a significant proportion of the farmers to seek for other sources of credit.
According to Dachaba quoted from Cardoso, (1987) a survey carried out should that 58% of farming related borrowing was from family and friends, 24% from private money lenders, 15% from merchants and only 3% from financial institutional sources. However, while family and friends charged little or no interest. Organized credit facilities for Nigeria’s rural farming population would reduce the dependence on sources other than the formal financial houses.
It is against this background that the researcher is to investigate how credit will be effectively administered in cooperative enterprises. This will enable us to identify the major problem associated with credit administration and seek for solution to these problems to ensure continued existence of the cooperative.
1.2 Statement Of Problem
Cooperative society mobilizes credit to their members through the savings of members. It has been observed that they are inefficient in mobilizing and utilization of credit. Many problem lead to this ineffective mobilization of credit. They are as follows:
- Inadequate fund for loan purpose
- Inefficient management of loan
- Faulty loan policy which may sometimes emphasize on credit worthiness of borrowers and not viability of project.
- Credit operations are mere money activities without proper organization procedure and planed systematic arrangement.
- Absence of regular monitoring and supervision of loans.
The above problems need to be solved for effective performance of cooperatives.
1.3 Objective Of Study
The situation of cooperative is nothing to write home about, if cooperative should continue at this rate, they will wind up.
In view of the above, solution have to be designed for these problems:
- Therefore, the objective of the study is to find out the various societies existing in the area under review.
- To find out various problems being encountered by these cooperative which led to hindrance of their effective and efficient performance as agents of credit.
- Finally, to make recommendation and suggest probable solution that will enable these societies overcome these problems.
1.4 Significance Of The Study
This study will assist the loan committee managers in their decision making as a concern credit policy and management to credit in form of proper assessment of loan application. Proper supervision of credit, and evaluation of project proposals, it will help the management to see the need to employ professional staff and lastly this study or findings will be of educational importance to the various universities, polytechnic and students of cooperative department in the various schools.
1.5 Research Hypothesis
- H0: Credit administration is not necessary in cooperative societies in Enugu North L.G.A.
HA: Credit administration is necessary in cooperative societies in Enugu North L.G.A.
- HO: Poor Funding do not constitute a major constraint to effective administration of credit in cooperative societies.
HA: Poor Funding constitute a major constraint to effective administration of credit in cooperative societies.
- H0: Effective administrations of credit do not create positive impact on cooperative organization.
HA: Effective administration of credit create positive impact on cooperative organization.
1.6 Scope And Limitation
The researcher will limit this study to effective administration of credit in cooperative enterprise in Enugu North Local Government Area. The researcher intends to find out the available source of fund to cooperative as well as the financial problem of cooperative. The researcher will also find out the process of credit administration and some factors militating against credit administration.
In the course of accomplishing this study, the researcher were faced with the following problems.
Due to financial constraint as a result of the present economic conditions of the students in the country, the researcher was able to select those registered cooperative societies, simple random sampling is uses and types of societies used in this study included farmers multipurpose cooperatives society, consumer cooperatives and others; which were decentralized in Enugu state; these and more constitute a large sum of money both for transport and for stationeries.
The time given for the study was rather too short coupled with short semester period and the researcher being a full time or regular student had to read and take lectures in other courses during the period of this study. Moreover, a research of this type requires total concentration and effort to enable the researcher come up with a comprehensive result.
Lack of Data:
Due to finance and time constraints, the researcher limited his literature review to what was taught in the class and what was obtainable is some journals and textbooks, likewise seminar papers concerning cooperatives in Enugu State and other parts of the country.
The inadequate transport system in Enugu state as a result of that, the transportation fare is high, which made it extremely difficult for the researcher to visit all the cooperative societies in Enugu State.
1.7 Definition Of Terms
For clarity of purpose, elimination of confusion of any kind and the proper understanding of this study. The following definitions of terms are necessary.
Administration or management is the art of attempting to achieve staked objectives by directing human activities in the production of goods and services.
This is an economic system in which individual are free, single or collectively, to own capital and undertake economic activity within a framework of social legislation designed to protect the interest of individual (Hanson 1974:218).
Credit is financing directly or indirectly, the expenditure of other against future, repayment, such landing or financing is direct when say, a bank extends an overdraft facility to a customer who then uses it. It is indirect when a trader or producer supplies goods on credit (David, W. Pearil).
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How to nail it on the head during your project / seminar defence
You are through with writing that project / seminar. Now what?
You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.
- How am I going to start?
- I hope I will do well enough to get an A.
You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.
I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.
Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.
Watch Your Body Language And Keep It Confident:
Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.
Dress In Your Most Comfortable And Impressive:
Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.
Speak With Authority:
Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.
Use, Your Gestures:
I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.
Have A Good Opening And Closing Line:
Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.
Make Sure You Know Your Work:
Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.
Prepare For The Questions:
Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.
These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.
The structure of a good project work
Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.
A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are
The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.
Below are the contents in chapter one of an undergraduate research project which includes;
- Background of the study,
- Statement of the problem,
- Objectives or aims of the study,
- The research questions,
- Research hypothesis,
- Significance of the study,
- Scope of the study,
- Limitations of the study and
- Operational definition of terms.
2. Literature review
Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.
3. Research Methodology
This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected. This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.
4. Results & Discussion
This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question. Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported. In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.
5. Summary, Conclusions And Recommendations
This section summarizes the findings of the study in an easy to understand manner. It also explains the practical implications of those findings, and points to recommended directions for future research in that area.
This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.
Structure of a Seminar Paper
I feel like there is a lot of stress out there among grad students about writing seminar papers, especially when we’re told that our goal should be to make an original contribution to the field. That idea can be quite intimidating when we’re just starting out. It feels like you’ve asked us to jump off the deep end of the pool and we don’t know how to swim.
I think part of the problem is that we’re still working out how to structure seminar papers.** Each paper we write is another step closer to a successful, effective, and effective paper; however, we’re still flailing our arms (and other miscellaneous body parts) around because we’re uncertain of exactly how to go about it. I realize, of course, that there is no one right answer. However, below is my suggestion at sticking your toes in the water.
Section #1 — Introduction
Provide a little bit (or a lot) of motivation for the reader to read your entire paper. Failing that, your reader should know what the paper is going to be about by reading your introduction.
Paragraph #1 — Get some attention.
- Provide a context by citing a recent text in the field — the point that is cited may or may not be the main point of the text — it is what jumped out at you.
- Set-up broader context of what you’re going to do
Paragraph #2-?? — Define issue and the gap.
- Define issue and any key terms
- Limit scope as necessary
- Establish significance of issue
- State problem by defining the gap
- Explain how present research attempts to fill the gap
- Outline contributions (readers will see lit review for more detail.)
- End with thesis and preview organization of the rest of the paper
Section #2 — Literature Review
Give some credit where credit is due.
- Indicate the current state of the issue/problem/topic
- Define or qualify terms
- Engage sources in conversation with each other (don’t just copy in annotated bib)
Section #3 — Argument / Discussion
As stated in the Allyn & Bacon Guide to Writing:wallow in those complexities!!
- Examine issue
- Argue how issue can be mitigated, mediated, or mashed
- Provide evidence and support
- Make some lively commentary along the way
Section #4 — Conclusion
We’re almost done. Don’t quit now.
- Summarize research question
- Qualify argument/discussion if you need to
- Explain where we go now
- End well
Section #5 — Works Cited
Is everything listed on the works cited?
Tips: it’s ok to use sub-headings to keep yourself organized.
Tips On How To Know What Your Supervisor Is Looking Out For In Your Project
Apparently all schools/colleges ask their undergraduates especially the final students to write their final year project before they are certified to be graduates. These projects are mostly discovery activities geared towards problems solving or basically to make new discoveries or better still have a better understanding of a problem with the aim of proffering better solutions.
With this assigned task an undergraduate will need an advisor, a counselor or a supervisor to guide and direct this activity for a desired result and a successful ending and of course, in return the supervisor have factors to look out for in a student project, so that the aim of the project writing will not be defeated.
As a final year student planning to write your final year project, there are some factors you need to consider when trying to have a good working relationship with your supervisor and you must have the below tips at your fingertips to know what your supervisor look at for in your project.
Selecting the right topic or title:
The supervisor would want to know how knowledgeable one is, in a chosen topic and how far one can go with the topic by asking one diverse questions which could be simple or a bit tough. So one thing is to choose a right topic and another thing is to be knowledgeable about the said topic.
The relevancy of the project topic to the degree course:
This is one of the important things a supervisor looks out for in a project. A final year project must have a purpose and objectives and most importantly be problem solving and must be related to the course of study. So a project topic should be relevant and interesting.
The realistic plan for the project:
A project supervisor will always look at how realistic a project topic is. Will the project aims be achieved and at the specified time. If it will outlived the specified time such topic might be dropped and a new topic adopted to run the set time and fulfill its purpose.
Quality of research materials available:
Another factor a supervisor will consider in project writing by a student is the quality of the materials available for research on the chosen project topic, can materials and information be readily available and are those materials of high standard and convincing not just bogus and fictitious analysis but materials that research has be carried out by scholars related to course of study. So a source of materials used for a project is very important and most supervisors look out for this.
The funding channels:
Almost all project writing needs a good amount of funding to achieved the desired aim, A supervisor would always want to find out how the project will be funded, so as not to have hitches when the project is on. So to have a smooth working relationship with ones project supervisor, the funding of the project must be considered and revisited from time to time. Because a supervisor will look out for this aspect too.