The Place of Cooperative in National Development in the 21st Century

This paper describes cooperative as an instrument for the social and economic transformation in both developed and developing economies alike. It defined it as a user owned and democratically controlled enterprise in which benefits are earned according to use. The cooperative organizational model is a voluntary association of people and it is also autonomous as it pulls together disparate strands of resources from both members to enhance their business, economic, social and cultural wellbeing. All the members of a cooperative are in principle united by a common tie which is usually observed in their business, economic, social and cultural aspirations. The business model was introduced in Nigeria 1935 by the Colonial Administration upon the recommendation of Mr. Strickland. In 1936, the Cooperative Thrift and Credit Societies CTCS was formed, and it spread rapidly all over Eastern and Western Regions of Nigeria, as its form of Business Organization fitted neatly into the prevailing Indigenous Value Systems, behavioural norms and patterns of decision making, thereby providing an alternative approach to managing household finances. Since then the cooperative have contributed to economic development, social development and educational development. It has enhanced economic development by mobilizing savings and capital which have served as inputs in the production of goods and services of the less privileged members of the society. It has helped in the accumulation of natural resources and the promotion of agricultural export crop and thereby helping to increase the volume of foreign exchange. Cooperative has helped to distribute, improve and multiply local expertise, resources and capital. Again, it has helped in poverty reduction, employment creation, improved food security, women empowerment and human capital development. Socially, cooperative has championed the developing and promoting of community spirit, identity and social organization that has engendered poverty reduction, facilitating job creation and social development. The introduction of cooperative facilitated the establishment of cooperative colleges which today have grown to become polytechnics as they offer other management and financial courses that have enhanced employment generation, human capital development and also providing the needed manpower for the management of cooperative model of enterprise. It is therefore imperative for the government set up a clear cut cooperative sector with proper regulations and guidelines aimed at developing targeted sectors of the national economy. Anigbogu, Theresa Ukamaka | Uzochukwu, Lebechukwu David | Dickson, Gift Oke "The Place of Cooperative in National Development in the 21st Century" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-4 , June 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50362.pdf Paper URL: https://www.ijtsrd.com/economics/other/50362/the-place-of-cooperative-in-national-development-in-the-21st-century/anigbogu-theresa-ukamaka