RESTRUCTURING COOPERATIVES AS CATALYST FOR ENTREPRENEURSHIP DEVELOPMENT AND SOCIO-ECONOMIC BENEFITS IN NIGERIA

I. O. AMUSAT; W. A. ALASIRI; M. B. SANNIE; T. O. SANYAOLU; P. O. OLAWORE; J. O. OYELEYE

I. O. AMUSAT Department of Marketing, Lagos State University of Science and Technology Ikorodu, Lagos, Nigeria.
W. A. ALASIRI Department of Marketing, Lagos State University of Science and Technology Ikorodu, Lagos, Nigeria.
M. B. SANNIE Department of Marketing, Lagos State University of Science and Technology Ikorodu, Lagos, Nigeria
T. O. SANYAOLU Department of Marketing, Lagos State University of Science and Technology Ikorodu, Lagos, Nigeria.
P. O. OLAWORE Department of Marketing, Lagos State University of Science and Technology Ikorodu, Lagos, Nigeria.
J. O. OYELEYE Department of Marketing, Faculty of Management Sciences, University of Lagos, Akoka, Lagos State, Nigeria

Keywords: Cooperative societies, socio-economic, entrepreneurship development, restructuring, infrastructures

Abstract

Cooperative societies are seen as veritable tools that complement government efforts in curbing inflation, employment generation, and promoting socio-economic development. This category of business organization is seen to be lagging in its essential obligations in the recent past. This paper examined how cooperative societies can be restructured for enhanced socio-economic benefits and entrepreneurship development. The study adopted a descriptive and survey design using a structured research instrument to elicit relevant data from 316 cooperatives in Ikeja and Lagos Island local government and its LCDAs of Lagos State. A random sampling technique was adopted for the study. Hypotheses were validated using regression analysis for SPSS v. 23, while descriptive statistics of obtained data were presented in frequency tables and percentages. Findings showed that members of cooperatives hold a strong belief that accessible link roads and regular power supply will promote that aspect of the business sector. Also, the much-desired sustainable development can be enhanced through friendly regulations. To this end, government and stakeholders should come up with all-inclusive and realistic policies and synergize activities of cooperatives for socio-economic benefits and much-desired development. It was therefore recommended that government should support cooperatives financially, morally, and institutionally, with enabling operational environment to achieve true restructuring and much-desired entrepreneurship development.