A co-operative society is an association of persons who have voluntarily joined together to achieve a common economic and social objective through the formation of a jointly-owned and democratically controlled business organization. Members make equitable contributions to the capital required and accept a fair share of the risks and benefits of the undertakings. Co-operative societies work on the principles of self-help and mutual assistance to provide services for their members in a prudent and effective manner. Every co-operative society must be registered under the Co-operatives Law. More information on co-operative societies can be found on the Ministry of Labor, Small scale, and Micro Enterprise Development website. Or seeWhy form Co.doc
How many types of Co-operatives do we have?
There are several types of Co-operative Societies, including:
Credit Unions.
Agricultural Co-operatives.
Consumer Co-operatives.
Junior Co-operatives.
Other Co-operatives (e.g., Workers, Service, Housing, Investment, Marketing and Funeral).
THE ROLE OF CO-OPERATIVE SECTOR IN NATIONAL DEVELOPMENT:
The co-operative movement is a great adherent to these cherished universal human values. For due to the nature of co-operation, it provides the avenues for peaceful coexistence, service to others and self-help in the various sectors of the economy
When co-operatives are properly encouraged, and efficiently operated, they could take care of most of the needs of the general public.
There are productive in all the branches of agriculture:- (Crops, live stocks, fisheries, forestry), the inputs supply and distribution, the marketing of agricultural produce and other essential commodities. If the co-operatives are encouraged by the government as recommended, this will create an avenue for them to have sound confidence in starting up as earlier suggested.
Why form Co-operative Society?
Farmers Cooperative Society is being formed in order to enhance quick recognition by the government and other great establishment that would like to assist by means of sponsoring their farming projects. Although, the vision of the Nigeria Cooperative sector is to promote the members entrepreneurial capacities so that they can generate adequate surpluses for themselves and create opportunities for economic progress, for the public, they have not been able to meet up with this responsibility because; the sector is not being cared for by the government of the day.
The farmers have done their best by organizing themselves into cooperative Societies, where they educate themselves on how they can succeed independently of the government. And from records, they are not doing very badly.
Although according to the Co-operative Development policy of Nigeria, 2002 page 15, under the heading
THE ROLE OF GOVERNMENT IN THE CO-OPERATIVE MOVEMENT
Section 4a sub-section (ii) it states “Government will ensure more effective cooperative education, and regulation of cooperative efforts in the country, by providing financial and material support through the federal department of cooperatives. To all cooperative Societies, in order to encourage them. All States and local government will also be encouraged by the federal government to likewise imitate them in this regard. By providing financial and material assistance to cooperative Societies, in their jurisdiction.
Unfortunately, this in competency of the government to play their part in assisting these Co-operative Societies has led them to no other choice than do-it yourself option. This seems to be a slow motion move for these organized farmers, yet this is the only other alternative as even the banks are not willing to come in.
