IMPACT OF COOPERATIVE SOCIETIES IN NATIONAL DEVELOPMENT AND THE NIGERIAN ECONOMY

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IMPACT OF COOPERATIVE SOCIETIES IN NATIONAL DEVELOPMENT AND THE NIGERIAN ECONOMY

ABSTRACT

The aim of this paper is to examine the social and economic impact of cooperative societies in Nigeria and to investigate into their origin, history, formation and development. Also to be examined is their impact in our rural communities, especially in the grass root, urban and national development. It has been argued that commercial financial institutions such as banks and insurance companies could play greater roles in the advancement of rural development than the cooperative societies. This is so because of the enormous contribution of these financial houses to the rapid, social and economic development of the people, and urbanization. The paper further reviews the various obstacles and challenges confronting the effective performance of cooperative societies in Nigeria, and proffer ways of forestalling these problems. The paper is of the view that as many as these societies may be in form, formation and groups, with their various tags, aims and objectives, government should aid and encourage these organizations to enable them stand and perform effectively since they are all contributive factors in the economic development and growth of Nigeria.

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