THE ROLE OF COORPORATIVE THRIFT AND CREDIT SOCIETIES IN NIGERIA. (A CASE STUDY OF COOPERATIVE SOCIETIES)

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND TO THE STUDY

Cooperative societies are a unit of business organization. In recent times, the importances of cooperatives have come into focus in West Africa countries. Cooperatives society origin is traced to the Rochadale Pioneers of 1844. It is believed that cooperative societies were in cooperative before 1844, but is the Rockdale Pioneers of 1844 who popularized the modern day cooperatives movement. The Rockdale consisted of 28 members who were mostly wavers. Their sole aim of farming cooperative was to raise their standard of living during this time (1844) people were experiencing economic hardship. This was mostly pronounced among the law income earners. The Rockdale pioneers started by contributing or subscribing a few pence a wee, they managed to obtained 28 with which they vented a store in Toad Lane, Rockdale. They started tracing with small stocks of fairs out meal and candles. Profits were distributed to members in the proportion of their purchases. The Rockdale cooperative was a consumer cooperative society. In Nigeria, the formation of age group societies for team work and group financial assistance among members in respect of farm work, road construction, house erection and social festivities marked the beginning of cooperative society’s movement. The idea of cooperative societies was first conceived in 1934 and in February 1936. The legislative council passed the cooperative bill before the movement was officially launched in the country, in the beginning of cooperative societies in Nigeria; the running of registration was at the regional levels. The word “Cooperative” could be used in two different ways; a.    Working together or “ready to help”. b.    An organized kind of business organization.       

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Cooperative is an old as mankind, for each other. Thus, this is particularly important in all rural areas of the world. The herding of all livestock’s is often carried out in turns by the herdsmen. The gathering in and the thrashing of each farmers harvest area often carried out by all neighbors joining together to help one another iun a manner, which though voluntary, is morally compulsory by tradition of certain countries. This same method is used for skinning well, building irrigation reservoirs and ditches putting up houses and even burying the dead. Also cooperative is known as a type of business organization. Its introduction to industrial and business lives in West Africa generally and the rural areas of Nigeria in particular, are however new. Cooperative in his modern world is varied and it covers the work in all its business entities. The importance of cooperative societies in Nigeria cannot be over emphasized. The cooperative development in any place must be conditionally by its economic pattern Nigeria has an agricultural economy and cooperative was first developed in Nigeria.           

 

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