An assessment of the role of cooperative societies in rural development in Ekiti West Local Government Area, Ekiti State.
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Background of the Study:
Cooperative societies are vital instruments for rural development, especially in regions with limited access to formal financial services. In Ekiti West Local Government Area, Ekiti State, cooperatives have become critical for promoting economic activities, supporting agricultural ventures, and fostering community development. By pooling resources and sharing risks, cooperative societies empower rural communities to invest in modern farming techniques, access microfinance, and engage in collective marketing (Adekunle, 2023). These organizations also serve as platforms for capacity building and knowledge transfer, which can significantly enhance productivity and improve living standards (Afolabi, 2024). Furthermore, cooperatives strengthen social ties and encourage community participation, contributing to a more resilient local economy. Despite these benefits, challenges such as inadequate regulatory frameworks, mismanagement, and limited technological integration continue to hamper their effectiveness. This study assesses the role of cooperative societies in fostering rural development in Ekiti West, offering insights into how these organizations can be optimized to drive sustainable growth and economic empowerment (Olayinka, 2025).
Statement of the Problem:
Despite the potential of cooperative societies in driving rural development, many face challenges in Ekiti West. Inadequate funding, poor management practices, and limited access to modern technology have hindered the effectiveness of these organizations (Adebisi, 2023). These obstacles reduce the cooperatives’ ability to deliver economic benefits, resulting in underutilized resources and stagnated community development. The absence of robust regulatory oversight often leads to mismanagement and diminished accountability, further limiting their impact. This study aims to identify the specific challenges that cooperative societies face in Ekiti West and to evaluate their overall contribution to rural development.
Objectives of the Study:
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To evaluate the contribution of cooperative societies to rural economic development in Ekiti West.
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To identify challenges affecting the performance of cooperative societies.
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To recommend strategies for enhancing the effectiveness of cooperatives in rural development.
Research Questions:
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What is the role of cooperative societies in rural development in Ekiti West?
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What challenges do cooperative societies face in fulfilling their mandate?
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How can the performance of cooperative societies be improved to boost rural development?
Research Hypotheses:
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Cooperative societies significantly contribute to rural economic development in Ekiti West.
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Poor management negatively affects the performance of cooperative societies.
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Strengthening regulatory frameworks will enhance the effectiveness of cooperative societies.
Significance of the Study:
This study is significant as it provides valuable insights into the role of cooperative societies in fostering rural development in Ekiti West. The findings will inform policy recommendations and strategic initiatives aimed at empowering rural communities through strengthened cooperative practices (Olatunde, 2024).
Scope and Limitations of the Study:
This study is limited to assessing the role of cooperative societies in rural development in Ekiti West Local Government Area, Ekiti State, focusing on local cooperative practices and their impact on community development.
Definitions of Terms:
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Cooperative Societies: Organizations formed by individuals pooling resources to achieve common economic goals (Adejola, 2023).
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Rural Development: The process of improving the quality of life and economic well-being in rural areas (Obasanjo, 2024).
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Economic Empowerment: Enhancing the capacity of individuals or communities to participate in and benefit from economic activities (Ibrahim, 2023).
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