Examine The Impact Of Cooperative Society On Economic Development Of Rural Community (A Case Study Of Ejigbo Karowosaye Coperative Finance And Credit Union Ltd Ejibgo Osun State.)
An alternative form of marketing organization for entrepreneurs and trading company in which has played a major role in most of local areas in Nigeria involving Ejigbo and it environment in the co-operative societies.
Co-operative societies have played a vita role on the economic development and upliftment of people in rural communities due to the fact that society regarded it as heir economics saviors. co-operative has a basic survival value; the is because it constitutes a vital aspect of both individual and group behaviour. The individual co-operative with each other as a means of survival and security.
More so, individual group relationship on only be achieved through working together otherwise referred to as the spirit of togetherness.
In a general sense, co-operation is not new phenomenon, parents and children cooperate, tenants and lord co-operation, teacher and pupils cooperate in communities and states in other to achieve their aims, objectives, using mission and aspiration.
In a specific sense, co-operative society refers to association of people coming together for their economic boost and social interest of their members.
Acquiring of shares in viable going concerns
Establishment of viable projects, for instance, setting up of industries, catering services and consumers shop aims towards bringing grassroots people closer to the government. according to international labour in a book titled co-operative management and administration published in gebeva, 1968.
“The modern co-operative institution originate among the common people and still remains a mechanization for defense, betterment and emancipation to combat the condition brought about by he evolution of the market economy industrial reduction in the early nineteenth century”
1.1 Statement of the Problem
This project is designed to highlight the impact of co-operative societies on economic development of rural community.
The main purpose of this research study is to investigate he need for a formation of co-operative societies as only source of securing economic development of a rural community with a particular reference to Ejigbo Karowoseye co-operative finance and credit union limited, ejigbo.
Henceforth, one cannot but mention the factor that have hampered their firm achieving their main objectives rendering the needful services to its members.
Therefore, the problems are stated as follows:
- Evaluating the impacts of education provided for members
- Difficulty in collecting members dues
- Poor methods of retrieving loans back
1.2 Objective of the Study
One of the most important objectives of any organization is community in business in business in this regard an adequate reaction of four to be learnt on member for necessary of production purpose be made available from time to time.
This research work also has the following objective
- To clarify likely problems facing cooperative securities
- To commend the possible solution to the problem associated to cooperative
- To serve as guide for other cooperative in implementation of their policies and programmes
- To improve the proper administration or management in formation implementation and execution of strategies needed
1.3 Scope of the Study
The research work is narnomed to the course study in references to Ejigbo co-operative finances and credit union ltd Ejigbo Osun state
This emphasis on a relevant concept in relationship to the case study.
1.4 Limitation of the Study
The main limitation of the study included the following
1. Lack of Fund:
Lack of fund can easily affect any cooperative societies upgrading and affect their good and service. Money is very essential in any cooperative structure it help the groups to growth move forwards.
2. Lack of Banks in Cooperative Societies:
This simply tells the distance to the particular cooperative societies every cooperative societies should locate in place where individual member will able to attend. Locate in place where individual member will able to attend. When it is far. It can cause lowest term out of the number. It can calls cost the entire member lost of transportation
3. Lack of Adequate Materials:-
Material is very essential in any co-operative society.
Every cooperative organization must set up many materials for individual member. Material in essence is one of key roles that make cooperative to wax stronger. Material is one of concept in cooperative societies it helps the member to access to their upbringing.
So in any organization like this there should more adequate of materials.
1.5 Significance of the Study
One of the significance of the study is that it will bring benefit is to union and management; both the management and the union often disagree on what the employees wants. This research worth will help them to find out what types of welfare services are needed by the workers.
Again, this study is capable of encouraging worker in ejigbo knowledge co-operative finances and credit union limited to improve their level of productivity if they were adequate staff management policy, this will allow for creating an organization which place each member of staff in a coverable situation conducive for further development at the end of this study will serve as a guide to he management of not only Ejigbo Karawoseye operative finance and credit union but to all cooperative as well as other public and private enterprises as a whole.
Co-operative, generally speaking stated as a means of bottling against the economic exploitation of the poor, masses and to that people came together in order to improve their economic position within the society.
One school of though said co-operative is unscientific the school sited the case of a trader who would not sell goods due to her inability to hold enough.
Another school of though believe it is scientific in view of the facts that it arises as a result of poverty, deprivation, penury, frustration, unemployment, etc
1.6 Research Questions
- What is cooperative society?
- Does it’s cooperative society have the impact of economic?
- Does the cooperative society have impact on social development?
- Does economic development wake profitable to the cooperative society?
- What is economic development?
1.7 Research Hypothesis
These are the following research hypothesis namely:
- Ha = Null Hypothesis
- Hi = Atternative Hypothesis
1. Hypothesis one
- Ho there is no significance relationship between the cooperative society and rural community.
Hi there is no significance relationship between the cooperative society and economic development of the community
- H2 : cooperative society has positive impact on economic development
Ho2: cooperative society has negative impaction.
1.7 Definition of Terms
Strong impression of effect or role.
Working together for a common purpose
The will to cooperate. As in cooperative society which is an association of person usually with limited means which voluntarily done together to achieve a common goal
A group of person lives within a specific environment
Comprise of a group of people living in a remote place. It also include people at grassroots level of government within a local government
An act of doing things willingly without being forced. It implies that any association that springs from compulsion as against a free will cannot be genuinely said to be cooperative in the sense of the term.
Rochalde Equitable Pioneers:
An association of modern cooperative society in Manchester England.
This is an indivisible fund and no member is entitled to chain a specified share in it except with the written permission of registrar, it shall not be utilized in the business of the society.
Summary of Findings, Conclusion, Recommendations and Suggestion for Further Studies
5.1 Summary of Findings
The research study is centered on the impact of co-operative society on economic development of a rural area community of ejigbo in the course of my study certain issues was discussed which was summarizes in this chapter as fellows.
The purpose of the study was discussed the historical background of my case study was also discussed. The various type of co-operative society and both advantages and disadvantages were highlight. Above all three hypotheses were formulated in chapter four of the research work and tested and the following results were obtained.
From the result of finding at was evident that ejigbo karowosaye co-operative finance and credit union limited have influenced tremendously the social and economic life of the people of Ejigbo local government.
The impact of Ejigbo karowaseye CFOU limited could be traced to the major reason.
- Prompt granting of credit facility to qualified members to prosecute their various business activities and subsequently passing the benefits indirectly to other people in the rural community.
- People are gainfully employed when small scale industrialist and entrepreneurs were able to secure credit facility to finance their respective project.
To evaluate the performance or effectiveness of any program its necessary to take a close observation at the objective o the programme and make it a frame work for performance evaluate on. The Ejigbo Karowoseye co-operative finance and credit union limited have embarked upon with the following objective in agenda.
- To imbibe the spirit of oneness through co-operative
- To encourage savings and avoid extravagancy.
It is concluded that co – operative society has contributed to both social and economic development of Ejigbo community in many ways like agriculture, education, employment opportunity, wholesales and retail trade, manufacturing.
Transportation, provision of social amenities.
It is however interesting to note that CFOU limited have been help in supplying of funds to farmers, traders, small scale investment civil servant and host of others.
Therefore in an effort to appreciate vearning of people at grassroots level and to live with peace co-existence in Ejigbo karowosaye co- operative finance and credit union limited have made a great deal of impact on the economic development of the rural community.
There was gain saying the fact that co-operative development is indispensable in view of the present economic predicament at local level of the state.
However, the following factors have been hinderance to the access of farmer trader’s civil servant and small scale industrialist to mention the least to external financing
- The saving institutions that can provide less costly capital to them are very few.
- Some farmer’s entrepreneur’s civil savant and others are ignorant of how to obtain credit facility from external sources at cheaper and convenient rate.
- The capital base of CFOU limited is not enough to meet all requirements hence credit facility have to be done in a rotational basis.
In this light of the finding of this study in order to boast the development of small scale industries and improvement in the standard of living of the entered people in Ejigbo and its environment an access to less costly capital.
5.4 Suggestions for Further Studies
I suggest the following recommendation
- People should limible spirit – de- crops base on co-operation which means in unity. There is power. This will help them to promote that standard of living and work hand in hand towards greater achievement.
- High saving among member should be encouraged so as to increase the capital base of the society.
- The society should try to train up the staff and co-operative members the art of modern co- operation through seminal, workshop, lectures and conferences.
- Governments can provide facilities to enhance performance of co-operative field staff i.e mobility such as motors, vehicle, cycle. This would enable the officer to reach the hither to unireached people in the village
- The source of finance of CFOU limited should be increased from normal contribution from members to aids from federal government since its resources are limited.
- Finally the federal government is hereby called upon to set up the necessary machinery in motion to effect recommendation of CFOU limited to ward achieving economic and social development of common people at grassroots government in Ejigbo.
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