Effect of Growth Drivers on Cooperative Societies

A cooperative society has remained a major concern especially in the developing countries like Nigeria. This study was born out of necessity to provide answers to fundamental questions raised on cooperatives societies. The objectives of this research was to ascertain the significant relationship between growth drivers and cooperative societies and to investigate significant relationship between cooperative societies and growth drivers such as interest rate, savings plan and to determine if amount borrowed has assisted to increase welfare and satisfaction of members. The primary data was gathered using structured questionnaire. The survey method was used and a cross-sectional design was adopted. The two institution chosen are the Federal University of Agriculture, Abeokuta (FUNAAB), and Covenant University (CU). Total population of the selected cooperative society in FUNAAB is 573 and the total population of the selected cooperative society in CU is 697. The data was analysed using statistical package for the social sciences, (SPSS). It also made use of analysis of variance (ANOVA), Simple linear regression analysis was used to test hypotheses one and correlation analysis was employed to test hypothesis two. The study indicate that interest rate of cooperative societies is a significant predictor of patronage of the cooperative, it was revealed that there exist a relationship between loan repayment periods, savings plan and the satisfaction of members of the cooperative The study recommended the need for the improvement in the performance of the cooperative societies.