COOPERATIVE THRIFT AND LOAN SOCIETY: A TOOL FOR RURAL DEVELOPMENT IN OJI RIVER LOCAL GOVERNMENT AREA OF ENUGU STATE, NIGERIA

Sunday Ofordile Ogbu, Usman A. Usman

Abstract


This paper investigated cooperative thrift and loan society as a tool for rural development in Oji River local government area of Enugu State, Nigeria. The paper was guided by three specific objectives, which were in line with three research questions. Data were sourced from primary and secondary sources. The primary sources are comprised of structured questionnaire and field interactions with the respondents, while secondary data are generated from textbooks, journals, internet publications etc. The sample size is 92, which was generated from the population of 120, using Krejeie and Morgan (1970) formula. Data were analysed using frequency counts and percentages, while hypotheses were tested using chi-square (X2) inferential statistics. The findings revealed amongst others that the societies serve as a tool for rural development through the thrift savings culture which help members to develop. It again, served as a tool for provision of credit and loans for development activities. The paper also found poor management of the cooperative societies, non-repayment of loans and dishonesty among members as major challenges they encounter. The paper recommended the need for improved management of the cooperative societies, strict supervision of loan taken to enable members to become more responsible in paying back loans and there is need for adequate funding of the cooperative societies.


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References


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