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THE
POTENTIALS FOR A CO-OPERATIVE THRIFT AND CREDIT SOCIETY IN HIGHER EDUCATION
ABSTRACT
In this
research work, the researcher made use of both primary and secondary data.
Under primary data carefully prepared and detailed questions called
questionnaire was used to collect data from student of Institute of Management
and Technology so that the student can express their views freely as regards
the cooperative thrift and credit society program. Out of the 90 questionnaire
that was distributed 80 were returned.
In analyzing
the data bar chart, tabular presentation, simple percentage and descriptive
analysis were adopted to analyze the data collected. The goal of this study is to produce graduate
with requisite knowledge, expertise and experience to work productively as a
cooperator.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Co-operative
credit and thrift society
Cooperation
credit and thrift society is now in existence in many higher institutions.
Based on this, one might start to wonder what this research topic is all about.
Credit cooperation started in Germany. The effort of two men ensured this
success history today. There were Herman shultze Delitszch and Fredrich Wilhelm
Raiffesen
Shultz
delitszch was a lawyer by training and a member of German National Assembly. In
1850 in eilenburgh, he organized the first ever credit cooperative society in
history. Being on urban cooperative society, it was organized among
heterogeneous populations, individuals who do not know each other. Because of
this, the cooperative had been designed based on the principles of
shareholding; material security for loans granted and limited usability. In
1867, the German government passed a cooperative societies act to recognize and
protect these societies. In no time, this urban credit cooperative society
spread all over Europe and to even America and Canada
On the other
hand, fredrish Wilhelm Raiffeisen who was a solider, railway builder and wine
merchant and also a devoted Christian started among the rural dwellers, credit
cooperative society. The rural farmers lacked sufficient fund to pay cash for
farm equipment and household necessities. In northern Germany, Raiffeisen
organized what he called ‘loan societies’. This society was not based on
charity but on self help which is hinged on regular thrift saving not on
shareholding. Members of that society saved weekly. Obodoechi (2006)
Institute Of
Management and Technology (IMT) Enugu
Imt Enugu
came into existences under the then east control state o Nigeria edict no 10 of
1993 promulgated by the administrator of east central state-Aije ukpaboi asika prior
establishment of the great IMT, there existence uphill 1969. The colleague of
technology offered recourse in engineering, laboratory technology leading to
award of ordinary diploma, the cooperative college which offered a certificate
course in cooperative studies to cooperative inspectors from the ministry.
The college
of technology was part of the ministry of education and the ministry controlled
it. In1970, there arose the need to establish a higher institution of leaning
for upgrading and tracing of men and women of technological, managerial and
engineering fields. In October 1972, the administrator of the east central
state appointed a provisional council, this council was charged with
determining and recommending to the government on appropriate structure of an
autonomous subject areas indicated by the state and national needs. In April
1973 a report was submitted by the council. Thus on 31st May 1993 the edict No
10 of 1973 titled “THE IMT EDICT 1973” was promulgated. The edict took effect
from July 1st 1973 and then gave birth to what is now known as Institute of
Management and Technology (IMT) Enugu. With Dr Ukwu as the first chairman of
council while Professor M.O Chijioke as the first rector. Mr. B.O Akukuwa as
the first registrar.
1.2 STATEMENT OF THE PROBLEM
1. To make student know the need of a common
forum that is, where they can solve their financial and material problems such
as school fees, house rent etc.
2. To find out if student of institute of
management and technology are aware of
cooperative thrift and credit society programs and the benefit of the
educational institute.
3. To find solutions to the factors militating
against student being members of the society.
4. They also have to find out the factors
hindering them from being members after being aware of the existence of the
program.
1.3 OBJECTIVES OF THE STUDY
1. To inculcate investment spirit in student
of the cooperative credit and thrift society.
2. It also helps to educate student about the
existence of cooperative movement.
3. Cooperative thrift and credit society also
helps to enhance proper and efficient management of funds among student and
thrift in order to provide credit
facilities for them.
4. To educate student about the special
attribute of the cooperative thrift and credit society.
5. It encourages cooperative spirit and practice
of cooperative among student.
6. They also help in funding educational
material and financial uplifting.
1.4 RESEARCH QUESTION
1. Does cooperative thrift contributes to the
growth of cooperative
2. Is cooperative thrift profit oriented
society
3. Do student really understand the
cooperative thrift and credit society.
4. If cooperative were to be established in
institute of management and technology,
would you like to join.
1.5 SIGNIFICANT OF THE STUDY
The purpose
of this research work is to assist in creating cooperative movement in our
institution of higher learning. This is
with a view to improve the cost and problems faced by students of IMT Enugu in
the area of accommodation, feeding, payment of school fees and payment for
textbooks and handout etc. cooperative, thrift and credit society helps to
achieve all this in higher institution by educating the student about what the
cooperative movement is all about its early beginning.
1.6 DEFINITION OF TERMS
1. Co-Operative: it is an autonomous body free from
governmental or external control and domination I.C.A of (1995)
2.
Cooperative Movement: this is socio- economic activity aimed at creating and
developing cooperative
concise dictionary.
3. Credit: this is money lent by the cooperate
society to its members at low interest
rate.
4. Thrift: this refers to the act of saving by
the members of the cooperative society.
5. Program: this refers to the cooperative
thrift and credit society.
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