Types Of Cooperative Society In Nigeria

Types Of Cooperative Society In Nigeria. Get An Idea Of The Cooperative Societies We Have In Nigeria. Check This Post.

Types Of Cooperative Society

There are different types of cooperative society in Nigeria and in Africa, cooperatives were first introduced as early as the 20th century and this happened because the colonial administration intended to bring forth contacts with the local population through cooperation. Although the development of cooperative society in Nigeria has been slow and difficult because of some reasons, as they were only allowed to operate in status approved by the colonial power. Any different move from the existing order was difficult and impossible. Such cooperatives didn’t last long due to their weak material base.

Now in this article we will be giving and letting you know the different types of cooperative society in Nigeria but first we need to have a better and proper understanding of what cooperative society really means.

What Is A Cooperative Society?

A Cooperative Society is a voluntary association of individuals or legal persons united by common bond, who have come together to pursue their socio-economic goals for their own benefits with high regards to non-members as their neighbors.

What Is Its Main Goal?

The reason Cooperative Society exists is to realize the economic, cultural and social needs of the organization’s members and it’s surrounding community. They also have a strong commitment to their society and a focus on improving the community they exist in or serve.

Types Of Cooperative Society In Nigeria

Producer Cooperative
Consumer Cooperative
Credit Unions
Marketing Cooperative Society
Housing Cooperative Society
Fishing Cooperative Society

Types Of Cooperative Society In Nigeria

1. Producer Cooperative

First on our article is the Producer Cooperative, their main aim is to protect the interest of small producers. The members of this co-operative maybe farmers, landowners, owners of fishing operations. Another aim is to increase the marketing possibilities and production efficiency, producers decide to work together or as separate entities. They also process and market & distribute their own products. This helps in lower costs and strains in each area with a mutual benefit to each producer.

2. Consumer Cooperative

These businesses are owned and governed by consumers of a particular area of mutual gain. Their aim is to provide daily necessary commodities at an optimum price. Rather than earning a financial profit, their aim is to provide service to the consumers.

3. Credit Unions

This part of cooperatives are owned by the financial cooperatives, their main aim is to help people. They provide credit and financial services to the members at competitive prices. You should also know that every depositor can choose to be a member. There is also an annual general meeting for members and these members are given rights to elect the board of directors.

4. Marketing Cooperative Society

The Marketing Cooperative Society aim is to help small producers in selling their products. The producers who wish to obtain reasonable prices for their output are the members of this society. For securing a favorable market for the products they eliminate the middlemen and improve competitive position for it’s members. There are so many marketing functions like transportation, packaging, warehousing and the rest.

5. Housing Cooperative Society

This Cooperative exists to help people with limited and unstable income to construct houses at reasonable costs. Also their goal is to solve the housing problems of the members. There is an affordable cost for members who choose to acquire house too. They can also construct the houses and give the option to members to pay in installments to purchase the house.

6. Fishing Cooperative Society

The last type Of Cooperative Society in this article is the Fishing. These kind of cooperatives also exist and they are usually arranged for providing either fresh or processed fish products. Most times there are discounts for members too when they want to purchase nets or gears. It is easy to get into this cooperation because the prices are reasonable.

Frequently Asked Questions

1. Top 3 Major Types Of Cooperative Societies

Credit Cooperative Societies, Consumers Societies, Producers Societies.

2. The Four Pillars Of Cooperative Governance Are?

Teaming, Accountable Empowerment, Strategic Leadership, Democracy.

3. What Are The 2 Objectives Of Coop?

The purpose of a cooperative is to realize the economic, cultural and social needs of the organization’s members and its surrounding community.

4. What Are The 6 Core Values Of A Cooperative?

Cooperatives are based on the values of self-help, self responsibility, democracy, equality, equity, and solidarity.

5. Who Owns Cooperative?

Cooperatives are owned by their members, which could be consumers, producers/farmers, workers, businesses or organizations, municipalities, and other co-ops.

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