THE ROLE OF COOPERATIVE SOCIETY ON ECONOMIC DEVELOPMENT IN ORO METROPOLY

This study examines the role of cooperative societies in the economic development of Oro Metropoly, Kwara State. Cooperative societies have long been recognized as a vehicle for collective economic empowerment, particularly in rural and semi-urban areas. The study adopts a survey research design, employing a questionnaire to collect data from 50 members of various cooperative societies within Oro Metropoly. The primary data were complemented by secondary sources, including textbooks, journals, and government publications. The data analysis was conducted using chi-square statistical tests at a 0.5 significance level to test four hypotheses. The findings indicate that cooperative societies have significantly contributed to the economic empowerment of individuals in Oro Metropoly, as the calculated chi-square value (30.089) exceeded the critical value (21.026), leading to the rejection of the null hypothesis. However, it was found that the challenges faced by cooperative societies do not significantly hinder their ability to promote economic development (chi-square value of 2.4390, less than the critical value of 21.026), thereby supporting the null hypothesis. Additionally, cooperative societies were not found to have provided significant support to small and medium-sized enterprises (SMEs) in Oro Metropoly, with a calculated chi-square value of 4.070969, affirming the null hypothesis. Lastly, the effectiveness of cooperative societies in improving access to financial resources was also found to be limited, as indicated by a chi-square value of 12.2807, below the critical value. Based on these findings, the study recommends increased funding and financial support, the strengthening of regulatory frameworks, capacity-building initiatives, and enhanced collaboration among stakeholders. These measures aim to bolster the effectiveness of cooperative societies in driving economic development and supporting SMEs in Oro Metropoly.