Ever since the beginning of the 20th century, there have been cooperative societies which existed in Nigeria. The reason for this is that the colonial government (colonialists) who used the “Indirect Rule” to rule Nigeria and they were able to establish contacts with the local population through cooperation with the people.
A cooperative refers to a private business organization which is managed, controlled, owned and administered by the people who make use of its products, supplies or services. However, cooperative societies are different in membership sizes and types; they were all formed to meet the objectives and specific motives of the members. Also, cooperative societies are structured to meet up with the changing needs of its members.
The sharp decline in economic growth is a major reason why cooperatives are set up and established. The primary idea of cooperative societies is to provide financial support and assistance for its members and the underprivileged. If such assistance is rendered to the members, the members would be able to get essential things and they would not lack the basic needs which they are supposed to have.
Basically, it is a known fact that not all Nigerians can meet up to their demands and basic necessities of life. It is evident and obvious that a large portion of the population of the country are living in abject poverty while some other parts is at a little level above the federal poverty line. In Nigeria, it is almost impossible to get a property or an asset with cash wages less than $1 (N360) per day. Because of this, the society strives to establish and organize cooperative movements to help its members.
There are different types of cooperative societies in Nigeria which are;
- Consumer cooperatives: This type strives to provide goods and services at an affordable rate for the benefit of the people.
- Credit cooperatives: Cooperatives like this are made to provide loan services and savings for its members. The benefit of the credit cooperative society is that it offers loans to its members at little or no interest and there is convenient collateral for the acquisition of loans.
- Agricultural/Farmers cooperatives: The agricultural sector happens to be one of the major areas of production in Nigeria. Agriculture plays a major role in the Nigerian economy as it has helped to sustain commercial activities and international trade across the country. Farmers and agricultural cooperative societies are established to give a better life to farmers.
- Multipurpose cooperatives: This type of cooperative society seeks to help its members to scale over difficult economic situations.
List of Registered cooperative society in Nigeria
In Nigeria, there are many registered cooperative societies. Prominent among them are;
- Nigeria Police Cooperative Society
- Cherit Cooperative Multipurpose Society Ltd
- Police Cooperative Society
- Frankis Cooperative Thrift & Credit Society Nigeria Ltd
- Zero Interest Multi-Purpose Co-operative Society
- Lekki Cooperative Multi-Purpose Society Limited
- Sweet-Suinix Investors, Savings And Loan Cooperative Multipurpose Society
- Lagos Local Governments Co-operative Multipurpose
- LUTH CMUL Cooperative Multipurpose Society Limited
- Benevolent Cooperative