COOPERATIVE SOCIETIES AND SUSTAINABLE DEVELOPMENT IN ANAMBRA STATE

Abstract

This study is designed to ascertain the impact of cooperative societies in the sustainable
development of Anambra state, the population size is made up of 14000 registered
cooperative societies in Anambra state, with a sample size of 121 cooperative societies
gotten through Taro Yamane's formula. With the aid of questionnaires, data were
ascertained and analysed through the use of frequency tables and mean scores, while the
hypothesis were tested using the chi-square statistical tools. The findings revealed that
Cooperative society gives out loans to members at a very low interest rate, for business
establishment and thereby reducing unemployment and poverty rate. Cooperative society
assist members with bulk purchases at cheaper rates, thereby improving on the welfare and
the wellbeing of their members, they also give financial aids to farmers, in other to make
them capable of engaging in commercialized farming, and invariably encouraging food
security. But despite these giant strides, it was revealed that the cooperative societies are
still faced with challenges that ranges from members losing their funds due to their inability
to make professional business decisions, difficulty in loan repayment, due to poor repayment
plan and enforcement ability and Lack of secured business environment. Examples are
herders’ destruction of farmlands, and thus the study recommends that there should be
business orientation for cooperative members, there should be strict policies guiding the
lending and repayment of loans and lastly Government should provide safe and secured
environment for economic activities