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COOPERATIVE CREDIT FACILITIES AND MEMBER’S PROFITABILITY IN REMO DIVISION OF OGUN STATE, NIGERIA
Abstract: Cooperatives play an important role in facilitating access to credit, procurement and storage distribution of input and marketing of products. They create employment opportunities particularly in the rural areas and allow disadvantaged groups to be organized for social and economic benefit. However, lack of access to credit facilities and high cost of borrowing poses a great challenge to many cooperative society members businesses and their ability to make profits. Extant studies on cooperatives credit facilities have attempted to elucidate on the challenges of cooperatives and the attendant supposed solutions, conversely, most of the extant research focus more on developed countries than developing countries such as Nigeria. Hence, this study examined the effect of cooperative credit facilities on member’s business profitability in Remo division of Ogun State, Nigeria. Survey research
design was adopted. The population was 1,331 registered cooperative society in Remo, in Ogun State, Nigeria. A sample size of 387 was determined using Cochran formula. Mix sampling was adopted. A validated questionnaire was used to collect data. Cronbach’s alpha reliability coefficients for the
constructs ranged from 0.71 to 0.94. The response rate was 88.2%. Data were analyzed using descriptive and inferential statistics. Findings revealed that cooperative credit facilities had significant effect on member’s profitability in Remo Division, Ogun State, Nigeria (Adj. R2 = 0.494; F(4,336) =
83.894, p= 0.000). The study concluded that cooperative credit facilities had significant effect on member’s business profitability in Remo, Ogun State, Nigeria. The study recommended to the cooperative owners/managers that the co-operators be assisted in accessing credit facilities in order to enhance their business profitability.
Keywords: Cooperative credit facilities, Long term loan, Short term loan, Trade credit, Asset financing, Profitability.