Pegging the Failure Rate of Cooperatives: A Case Study of Nwo O Cooperative Society, Ilisan-Remo
Authors:
ODUYOYE Oluseyi
Publication Type: Journal article
Journal:
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Abstract
Against the backdrop of world-wide phenomenon of co-operative failures, the paper examines the fundamental basis for this disturbing trend using the Edumare Nwo O Multi-Purpose Credit Society, one of the best run and most prosperous co¬operative society in Ilishan-Remo, a University town in south-western Nigeria-as a case study. Compared to previous research, the study breaks new ground in that it offers remedial measures which hitherto were unique to certain communities in south-western Nigeria. Participant observation and oral interviews were used along with bibliographic sources in the reconstruction of this work. The result of the study revealed eight major factors responsible for co-operative failure and possible remedial measures to stem the trend. The overall lesson from this study is that co¬operative failure is a world-wide phenomenon and its remedy also demands concerted efforts from all. Each member of the international community directly stands to gain from one another in the quest to stem the tide of co-operative failures. The ultimate outcome of the concerted efforts is strengthening the social economy which is the bedrock of community life globally.