The Impact Of Co-Operative Society On Capital Formation (A Case Study Of Temidere Co – Operative And Thrift- Society, Ijebu- Ode, Ogun State, Nigeria)
THE IMPACT OF CO-OPERATIVE SOCIETY ON CAPITAL FORMATION (A CASE STUDY OF TEMIDERE CO – OPERATIVE AND THRIFT- SOCIETY, IJEBU- ODE, OGUN STATE, NIGERIA)
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This study is on the impact of co-operative societies Year on capital formation using a case study of Temidere-cooperative and Thrift- societies, Ijebu-ode, Ogun state. The objectives are to: identify the socio-economic characteristics of the cooperators in the study area; identify the uses of funds of co-operative societies; determine to what extent cooperatives have benefited members in financing their investments; identify problems militating against the effectiveness of co-operative societies; and offer suggestions and recommendations on how to improve the cooperative societies towards enhancing the capital formation of members. The study adopted a non parametric method of analysis which involved Chi-Square method, descriptive statistics and correlation analysis to achieve the stated objectives. The study revealed that majority of the respondents are males, still in their active age and married, majority have children ranging from 1-3, practice Islam, fairly educated and majority of the respondents are self employed in their various businesses and they are mostly in the management position of their businesses. The results also show that the total amount deposited enhances the capital available to cooperators, majority of the loan collected by the co-operators ranges from ₦20,000 – ₦100,000. Also, the major way by which cooperative societies increase co-operators capital formation is by granting credit services and the problem mostly faced by co-operative societies is the problem of capital It was concluded that co-operative societies have effect on member’s welfare and the role of co-operative societies in poverty reduction and capital formation cannot be overemphasized in the development process of any country particularly Nigeria. The research therefore recommended that the government should assist co-operative societies to improve their capital base through substantial allocation of money to the co-operative societies like the other sectors of the economy.