THE ROLE OF COOPERATIVE SOCIETIES ON SMALL AND MEDIUM ENTERPRISES GROWTH AND DEVELOPMENT IN SOUTH-WEST NIGERIA

Ademilua Victoria Ayoola

Abstract

The study examined the roles of cooperative societies on the growth and development of Small and Medium Scale Enterprise in Nigeria. Using a questionnaire technique, the study posits that despite SMEs are keys to Nigeria’s growth; development and prosperity at large but it is observed that past effort by government towards promoting SMEs has not yielded meaningful result. Cooperative societies from their antecedents have contributed significantly to the development of SME because theyare in themselves small scale businesses. Cooperatives have promoted small business development through funding; provision of entrepreneurship; promotion and establishment of small scale industries; promotion of small holder farmers; etc. But in spite of these efforts the paper further observes that; cooperative sector is  faced with several challenges that includes; inadequate funds; illiteracy among its members; lack of training/educational opportunities which make it difficult for cooperatives to contribute maximally in business promotion activities; etc. The study conc hiludes that more could be achieved if efforts are intensified to address these challenges. Reform of the cooperative policy framework; capacity building to address problems associated with management and leadership skills in cooperative societies and need to strengthen the cooperative governance system.