ROLES OF COOPERATIVE SOCIETIES IN POVERTY ALLEVIATION IN ODEDA LOCAL GOVERNMENT AREA OF OGUN STATE, NIGERIA

Abstract

Despite successive government’s efforts in reducing poverty, its situation in Nigeria is quite worrisome as the story of poverty alleviation seems to be gloomy over the years This study investigates the roles of cooperative societies in poverty alleviation within Odeda Local Government Area of Ogun State, Nigeria. Cooperative societies, with their principles of democratic control and equitable benefit distribution, have been recognized as crucial instruments for socio-economic development, particularly in rural communities. The research examines how these societies contribute to poverty reduction by providing access to financial services, fostering entrepreneurship, and promoting collective action among members. Using a mixed-methods approach, the study analyzes data collected from members of various cooperative societies in the study area. Key findings indicate that cooperative societies significantly impact poverty alleviation by offering affordable loans, facilitating income-generating activities, and enhancing social protection for vulnerable groups. However, challenges such as inadequate capital, poor management practices, and limited access to external credit facilities hinder their effectiveness. The study concludes that while cooperative societies play a vital role in reducing poverty, there is a need for targeted policy interventions and capacity-building initiatives to address existing challenges. Recommendations are made for improving the operational efficiency of cooperative societies and enhancing their contribution to sustainable poverty alleviation in rural Nigeria.