{"id":294530,"date":"2022-10-05T14:04:22","date_gmt":"2022-10-05T13:04:22","guid":{"rendered":"https:\/\/nigerianfinder.com\/?p=294530"},"modified":"2022-10-05T14:04:22","modified_gmt":"2022-10-05T13:04:22","slug":"types-of-cooperative-society-in-nigeria","status":"publish","type":"post","link":"https:\/\/nigerianfinder.com\/types-of-cooperative-society-in-nigeria\/","title":{"rendered":"Types of Cooperative Society in Nigeria"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Cooperative societies are private business organisations where people who have common interests come together to help themselves by either contributing money monthly or marketing their products and sharing the profits. These organisations are structured in such a way that they meet the specific needs of their members. Most cooperative societies engage in business while others provide financial aid to their members. Since there are different types of cooperative societies in Nigeria, these different types strive to achieve the aim of the objectives of the organisations which is to meet the ever-changing needs of their members. In this article, the types of cooperative societies in Nigeria would be looked into extensively.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-294531\" src=\"https:\/\/nigerianfinder.com\/wp-content\/uploads\/2022\/10\/Types-of-Cooperative-Society-in-Nigeria.jpg\" alt=\"Types of Cooperative Society in Nigeria\" width=\"609\" height=\"374\" srcset=\"https:\/\/nigerianfinder.com\/wp-content\/uploads\/2022\/10\/Types-of-Cooperative-Society-in-Nigeria.jpg 609w, https:\/\/nigerianfinder.com\/wp-content\/uploads\/2022\/10\/Types-of-Cooperative-Society-in-Nigeria-600x368.jpg 600w, https:\/\/nigerianfinder.com\/wp-content\/uploads\/2022\/10\/Types-of-Cooperative-Society-in-Nigeria-223x137.jpg 223w\" sizes=\"(max-width: 609px) 100vw, 609px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The types of cooperative society in Nigeria would be discussed below:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Agricultural or Farmers&#8217; Cooperative Society<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An agricultural or farmers&#8217; cooperative society is formed by farmers who come together to help one another in maximizing the benefits of large-scale farming. This cooperative society also helps farmers secure good portions of land as well as provides mechanized farming tools thereby helping to improve farm output and techniques of cultivation. Farmers&#8217; cooperative is very common among farmers in Nigeria as farmers who which to improve their productivity are the members. This cooperative society also provides loans to farmers who need them.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Consumer Cooperative Society<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Consumer Cooperative society strives to provide affordable goods and services to the masses. This type of cooperative society is very helpful during the hike in prices of consumer goods as well as scarcity. Consumer cooperatives aim to remove retailers and wholesalers totally so that people can get products at a cheaper price, cheaper than what they would get ordinarily from retailers. These cooperative societies get their goods directly from manufacturers. These goods are then made available to the members of the cooperative. In a situation where the goods are surplus, they are sold to the general public. After this, the profit gotten from the sale is then among the members.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Multipurpose Cooperative Society\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A multipurpose cooperative society is a cooperative society that is organized with the sole purpose of rendering different services to its members. They perform multiple functions and see to the overall development and well-being of their members. A typical multipurpose cooperative society performs services such as providing loans to its members, offering savings opportunities to members, providing business opportunities to members, providing consumer goods such as foodstuffs to its members, and many other amazing services.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Credit and Thrift Cooperative Society\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Credit and thrift cooperative societies can be found in every state and city in Nigeria. They are known for providing financial support to their needy members. Many people find this type of organisation to be very helpful and handy in times of need. How this cooperative work is when members come together and save money either monthly or weekly, these monies are then given to members weekly or monthly one after the other. They also provide short-term loans to their members. These loans are always low-interest loans with convenient collateral if need be.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Housing Cooperative Society<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Housing cooperative society is one cooperative in Nigeria that can help its members to get the best deals on getting and owning their homes. They also help their members get building materials at a cheaper rate. People who own houses without stress join this type of cooperative society because it provides them with opportunities. What this cooperative society does is that they provide financial aid to their respective members who are building their houses whilst giving them the best deals that would aid the building process. This cooperative society ensures that its members are landlords and also owners of profitable real estate investments.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Producer Cooperative Society<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A producer cooperative society is a type of cooperative society that has similar features to the marketing cooperative. They also try to remove middlemen as they help store and market goods for their members and share the profits of the sales among themselves afterward based on the amount each member put in. The members of this type of cooperative society come together and bring their resources to buy goods and then store them to sell afterward.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Marketing Cooperative Society<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A marketing cooperative society is a cooperative society that is formed with the sole aim of removing the concept of middlemen. This type of cooperative society is formed by producers to assist members to store goods and then sell the goods at a good rate to willing buyers thereby helping the members to make good profits. How this type of cooperative society works is that they provide storage facilities to their members to help store their goods thereby influencing the forces of demand and supply. When these goods are sold to the final consumers, the proceeds are shared among the members equally.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Insurance Cooperative Society<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">An insurance cooperative society is organised with the sole aim of assisting members with insurance companies&#8217; fees. This type of cooperative society strives to reduce the insurance fees its members would pay insurance companies. Members of such cooperative societies come together and make informed decisions with certain insurance companies to ensure they pay lesser insurance fees than people who go to the companies directly. These insurance companies are there to cover the cost of damages when unforeseen circumstances occur, so this cooperative society sees to it that its members have a good contract with the insurance companies. This is one of many benefits of joining an insurance cooperative society.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Fishing Cooperative Society\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A fishing cooperative society is organized by fish farmers to provide their products. The members of such cooperative societies have the opportunity to get their fishing equipment at a very cheap price. These fish farmers come together to save money and give assistance to their needy members. From buying cheap fishing nets to buying fuel for their boat engines, this cooperative society also goes as far as marketing fish products to the general public. The members buy their equipment together by contributing money together. There is no limit as to what this cooperative can do for its members.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cooperative societies are private business organisations where people who have common interests come together to help themselves by either contributing &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Types of Cooperative Society in Nigeria\" class=\"read-more button\" href=\"https:\/\/nigerianfinder.com\/types-of-cooperative-society-in-nigeria\/#more-294530\" aria-label=\"More on Types of Cooperative Society in Nigeria\">Read more<\/a><\/p>\n","protected":false},"author":2534,"featured_media":294531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/nigerianfinder.com\/wp-content\/uploads\/2022\/10\/Types-of-Cooperative-Society-in-Nigeria.jpg","jetpack_shortlink":"https:\/\/wp.me\/p6w1sx-1eCu","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/posts\/294530"}],"collection":[{"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/users\/2534"}],"replies":[{"embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/comments?post=294530"}],"version-history":[{"count":1,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/posts\/294530\/revisions"}],"predecessor-version":[{"id":294532,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/posts\/294530\/revisions\/294532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/media\/294531"}],"wp:attachment":[{"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/media?parent=294530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/categories?post=294530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/tags?post=294530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}