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A Review of the Causes and Effects of Disparities in Global Financial Performances of Cooperative Societies

Author

Listed:
  • Ikpefan OCHEI AILEMEN

    (Associate Professor, Department of Banking & Finance, Covenant University, Ota, Ogun State, Nigeria)

  • Stephen OJEKA

    (Covenant University, Ota, Ogun State, Nigeria)

  • Edwin M. AGWU

    (Covenant University, Ota,Ogun State, Nigeria)

  • ACHUGAMONU B.U.

    (Covenant University, Ota,Ogun State, Nigeria)

Abstract

Unlike small and medium scale enterprises, there is no doubt that cooperative societies have attracted little attention from both the public and private sectors. This is not the case in industrialized countries such as Denmark, USA, Great Britain, etc; where they have contributed immensely to the GDP of their respective economies. A review by various scholars of the various ways of financing cooperatives in Nigeria reveals that there is no adequate nation-wide financing agency. This study aims among others to review through historical data the operational and policy frameworks of the global and Nigerian cooperatives societies and other dependent cooperatives scattered all over the globe and their emerging trends in sourcing for funds. The methodology used is the content analysis. Historical (secondary data) such as journals, articles, textbooks, newspapers and Internet etc are employed. The paper identified the financing gap existing in cooperative movement in order for them to assume their proper position in the scheme of things in an emerging global economy. This paper recommends that amongst others that the Small and Medium Industries Equity Investment Scheme (An initiative of the Bankers Committee) should be extended to Nigerian Cooperative Societies.

Suggested Citation

  • Ikpefan OCHEI AILEMEN & Stephen OJEKA & Edwin M. AGWU & ACHUGAMONU B.U., 2015. "A Review of the Causes and Effects of Disparities in Global Financial Performances of Cooperative Societies," The Journal of Accounting and Management, Danubius University of Galati, issue 3, pages 15-26, December.
    • Handle: RePEc:dug:jaccma:y:2015:i:3:p:15-26
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    Cited by:

    1. Michael Segun Ogunmuyiwa & Oluwakemi Rachel Aladegoroye & Adebiyi Julius Abosede, 2020. "Funding of Micro Scale Enterprises: Is Cooperative Financing Helpful?," Business & Management Compass, University of Economics Varna, issue 4, pages 430-443.

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