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FORMATION AND OPERATION OF COOPERATIVE CREDIT SOCIETY IN NIGERIA (A CASE STUDY OF ENUGU AND CROSS RIVER STATE)

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 52 ::   Attributes: Questionnaire, Data Analysis ::   2,484 people found this useful

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1.0 INTRODUCTION

1.1 BACKGROUND OF STUDY

The activities of the cooperative credit societies in Nigeria have increased overtime. The growth of unemployment is a major challenge in many developing countries including Nigeria.

According to (Alam et al., 2009; Alam, 2009) stated that unemployment breed a lot of private and social consequences which have negative effect on the country; some of the negative effects includes; poverty, crime, social inequality, loss of output, and family disintegration and so on.

(Alam, 2009) stated that governments all over the world have put in lots of effort to control or solve this problem completely. The same goes to Nigeria; the federal government of Nigeria from the past to the present administration has put in several efforts to create jobs for the teeming able bodied people who are available for work but who are yet unemployed (Goodluck, 2011).

According to (Nieman et al., 2003) stated that one of the key source of unemployment in Nigeria is dearth of capital required to combine with other factors of production, which are, land, labour and entrepreneurship. The credit societies constitute a source of capital formation and employment generation.

Harrod and Domar (1957), stated that savings mobilization and subsequent investment is the key to economic growth and development. It is evident that the proliferation of corporative credit societies in Nigeria is as a result of unemployment. Most of these corporative societies are set up by private initiative, i.e. group of people seeking a common economic goal and hoping in the long run to improve their economic status. These people-oriented cooperate societies, have capital base in some cases running into millions of Naira which they use to execute multipurpose projects that are commercially viable for the benefit of members. Due also to the multipurpose nature of these societies, they are engaged in selling of shares; purchase of agro-allied products, estate and in addition to members savings. For a co-operative society to operate in Nigeria, it is mandatory for the applicants to register with the Ministry of Commerce both at the state and federal government level and/or with the Corporate Affairs Commission, before the law of the land can back them in their activities (Godwin 2011). It is to this regard that the study wishes to examine the formation and operation of the cooperative credit societies in Nigeria using Enugu State and cross river State as the case study.

1.2 STATEMENT OF RESEARCH PROBLEM

The study on the formation and operation of corporative credit society in Nigeria came up as a result of gross increase in the level of unemployment in Nigeria. The effect of unemployment and lack of loan availability by the federal government of Nigeria tends to hinder the growth of most businesses in Nigeria especially the small businesses with low income earners. The introduction of corporative credit societies in Nigeria is suppose to be of great benefit to the people; even with such benefit, the members or the beneficiaries tends to misuse the privilege by not remitting the funds given to them inform of loan.

1.3 RESEARCH AIMS AND OBJECTIVES

The main aim of the study on the formation and operation of corporative credit society in Nigeria is to examine the effect of corporative credit societies on the socio economic development of Nigeria. Other specific objectives of the study are stated below as follows:

  1. To examine the relationship between the formation and operation of cooperative credit societies in Enugu and Cross river State
  2. To examine the effect of corporative credit society on the level of unemployment in Nigeria
  3. To investigate on the factors affecting the formation and operation of corporative credit societies in Nigeria
  4.  To examine the effect Cooperative societies have effect on member’s welfare
  5. To proffer solution to the above problems

1.4 RESEARCH QUESTIONS

The study camp up with research questions so as to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:

  1. Is there the relationship between the formation and operation of cooperative credit societies in Enugu and Cross river State?
  2. What is the effect of corporative credit society on the level of unemployment in Nigeria?
  3. What are the factors affecting the formation and operation of corporative credit societies in Nigeria?
  4.  What are the effect Cooperative societies have effect on member’s welfare?

1.5 STATEMENT OF RESEARCH HYPOTHESIS

HO: there is no significant relationship between the operation of cooperative credit society and the level of unemployment in Nigeria

H1: there is significant relationship between the operation of cooperative credit society and the level of unemployment in Nigeria

1.6 SIGNIFICANCE OF THE STUDY

The study on the formation and operation of cooperative credit society in Nigeria will be of immense benefit to the federal government, the state government; it will also be of great importance to the people of Enugu and cross river State as it will discuss the concept of the formation of cooperative credit society in Nigeria, the factors affecting the formation of cooperative credit societies in Nigeria.

1.7 SCOPE OF STUDY

The study on the formation and operation of cooperative credit society in Nigeria is limited to the cooperative credit societies in Enugu and Cross River State in Nigeria.

  1. LIMITATIONS OF STUDY

Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).

Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work

  1. DEFINITION OF TERMS

COOPERATIVE CREDIT SOCIETY: This is the type of cooperative society that lends money, collected from its members, at low rates of interest

UNEMPLOYMENT:  is a phenomenon that occurs when a person who is actively searching for employment is unable to find work

 

 

 

 

 

 

 

 

 

 

 

REFERENCES

Alam GM, Khalifa MTB, Shahjamal MM (2009). Return from education system in Bangladesh: an investigation on comparative flashback scenario. Afr. J. Bus. Manage. 3(10): P 567-575Alam GM (2009) The role of science and technology education at network age population for sustainable development of Bangladesh through human resource advancement, Sci. Res. Essays, 4(11): 1260-1270 Alam, GM (2009) Can governance and regulatory control ensure private higher education as business or public goods in Bangladesh? Afr. J. Bus. Manage. 3 (12): 890-906 Abia O (2000). ‘Rural Co-Operatives Societies and the Transformation of the Lower Cross River Region’ Kiabara, 6: 1. Agwu G (2006). Problems of Microfinance in Nigeria. Ita Press, Enugu. Bryce L (1996) A History of the Western World, Rand Mcnaley, Chicago. Chuku C (2010). The Impact of Microfinance Banks on Poverty Alleviation in Nigeria. Unpublished Seminar Paper, Department of Economics University of Port Harcourt. Ewubare DB Aiie HA, Akekere A (2008). Financial Institution and Market. Pearl Publishers, Port Harcourt. Harrod RF, Domar E (1957). Essays on the Theory of Economic Growth, Oxford University Press, England. Goodluck J (2011). ’Job Creation, an Urgent Task’ Punch Newspapers Thursday 24, February Lagos. Nyele E (2011). Micro Credit Scheme and Poverty Reduction in Nigeria. Unpublished M.Sc Project, Department of Economics, University of Port Harcourt.


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Paper Information

Format:MS WORD
Chapter:1-5
Pages:52
Attribute:Questionnaire, Data Analysis
Price:₦3,000
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