Challenges and Opportunities of Agricultural Cooperative Societies on Economic Sustainability of Rural Dwellers in Ekiti State, Nigeria

Abstract

The study ascertained the influence of agricultural cooperative society on economic sustainability of rural dwellers in Ekiti State, Nigeria while the specific objectives are examining socio-economic factors affecting participation of rural dwellers in agricultural cooperative society and determine the challenges of agricultural cooperatives towards the achievement economic sustainability of rural dwellers in Ekiti state, Nigeria. The population of the study comprise of 331 selected agricultural cooperative societies in four selected local governments in Ekiti State namely Ado Ekiti, Ikole Ekiti, Irepodun/Ifelodun and Oye Ekiti Local Government Area while the sample was 175 derived from Taro model using random sampling techniques. Data for the research was analysed using descriptive and inferential statistics. Descriptive statistics employed are specifically percentages and frequency tables and the inferential statistics used was multiple regression analysis. The result showed that socio-economic factors: funds for production (0.000), loan (0.000), infrastructures/storages (0.015) and challenges of agricultural cooperatives: subsidize (0.002), loans repayment (0.000). There is significant effect of agricultural cooperative society on economic sustainability of rural dwellers in Ekiti State, Nigeria. The study concluded that cooperative members lack sufficient funds for production due to the enormous sums of money involved, loans from government and private institutions as a result of the nation's current economic crisis, lack of opportunities for rural residents to sell their farm products.