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THE INTERNATIONAL JOURNAL OF
HUMANITIES & SOCIAL STUDIES
Cooperative Innovation Strategy and Entrepreneurial
Interest among the Youth: Evidence from Nigeria
NiyiAdekanla
Researcher, AIDLINE Research Ventures, Nigeria
Abstract:
Cooperative society being one of the most potent instruments that can be used to penetrate the poverty fabric of African
society cannot be divorced from the quest to achieve sustainable development. More importantly, innovative dimension
to cooperative society such as students ‘cooperatives aiming at empowering students for entrepreneurship will, in no
small measure, play a major role in curbing a major hindrance to sustainable development-unemployment. Hence, this
paper investigates the effect of student cooperative society on the entrepreneurial interest of Nigerian students using
Adeyemi University of Education, Ondo State as a case study. The exploratory study adopted a qualitative approach to
examine this effect using series of interview and then analyzed using content analysis. We therefore discovered that the
student cooperative society has inherent potential to augment the eventual participation of the youth in entrepreneurial
activities in Nigeria and then draw implication for Africa at large.
Keywords:Student cooperative, unemployment, sustainable development, entrepreneurial interest, poverty
1. Background and Motivation
Central to this work is the question; does early saving through cooperative society increase entrepreneurial
interest among the youth? Typical of the developing world is the low saving attitude, adult and youth alike (Aryetee and
Udri, 2000). Nowadays, entrepreneurship is a growing concern in the quest to ameliorate the overwhelming effect of
unemployment particularly as the latter keeps eaten deep into the economic fabric of the black nation. Zooming in on
Nigerian case, according to African Economic Outlook, Nigerian youth constitute about 60% of her unemployed population
and automatically part of the group that earn less than 2 dollars a day. This worrisome phenomenon has left vast majority
caught up in the poverty trap. Several attempts have been made by the Nigerian government to augment the desire for
self-reliance among the teeming youth through entrepreneurship. These come in different dimensions including
compulsory entrepreneurship education policy introduced in 2006. But in the most part, this interest is only awakened
temporarily without sustenance (Olofinyehun, 2017).
Cooperative society has been confirmed over time as a key instrument in fighting against poverty globally
(McDonnell, Macknight and Donelly, 2012). This is usually achievable via the established correlation between cooperative
society involvement and entrepreneurial practice of members. However, this phenomenon is yet to really find a hold
among the youth most especially in higher institution of learning across Africa. It is indisputable that financial crunch is a
vehement force hindering entrepreneurial tendency, and the cohorts in question are not exonerated from this economic
reality. The argument here is the need to strive for a sustainable and hands-on programme that can awaken the
entrepreneurial interest of the students early enough without having to wait endlessly for a bail out by the government
which most times is limited in coverage and sometimes blighted with little or no relevance. Olofinyehun (2018) confirmed
that some of the entrepreneurial programmes only successfully raise interest and not eventual practice of
entrepreneurship among students.
To this end, student cooperative society initiative (SCMI) comes as an innovative approach to empower students
of tertiary institutions in various means in order to shield them against unemployment. The first aim of this group is to
provide a saving scheme that can make allowance for saving for immediate exigencies and long-term capital for a desired
business. This is followed by a periodic training in a line of business or trade that can usher the member student into the
world of entrepreneurship. SCMI then provides a platform where in the existing (already trained) members meet with
those interested in their line of expertise and skills and exchanged this for money. Here, the former group earn money to
cater for themselves while the latter ends up being empowered with new skills that can also fetch them money. Lastly,
food stuffs and other basic needs are bought in cheap prices by the coops from wholesalers and sold to the students at
relatively cheaper price than in their immediate environment. The ongoing phenomenon is the interest of this study. The
study explores the possibility of augmenting both interest and practice of entrepreneurship by the students via the
instrument of student cooperative society. We believe therefore that SCMI case will offer a useful lesson to other schools in
Nigeria and Africa at large.
The study therefore used Adeyemi University of Education as a case study using a qualitative approach. It is
noteworthy to state that, student cooperative society has been in existent prior to now in a school in Cameroon and few
around the globe, however, earlier empirical interest in the pooling of funds corporately among students as a potent
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instrument to solve unemployment problem and hence, bringing about sustainable development has been limited to
workers or occupational activity. However, given the dire need for improved saving culture in Africa, early saving culture
(which is best instilled among the youth) will go a long way not only to influence eventual entrepreneurial interest but also
leading to a marked success in the fight against unemployment. Early saving attitude gives room for creativity and
financial independence.
The exploratory stage of this study discovered an improved willingness to practice entrepreneurship as a result of
participation in students’ cooperative society particularly via early and long-term saving scheme.
1.1. Theoretical Background
The theoretical underpinning to this study is the Abstinence or waiting theory of interest propounded by N.W.
Senior in the 18th century. Marshall established that saving, which was later contained in capital goods, requires sacrifice.
That is, capital itself is the result of saving. According to this theory, saving is a necessary condition for production and
literally a separate part of production and can be substituted for other factors. Therefore, if saving is a separate factor of
production, its reward is to be determined based on marginal analysis. That is, marginal contribution to the eventual
business achievable in the case of students’ cooperative society.
1.2. Nigerian Context
In terms of demographic and cultural diversity, it is no doubt Nigeria makes the largest black Nation. This reality
is also obtainable economic wise. However, this richness over time has not translated to an all-round inclusive growth.
Instead, poverty, as reflected in high youth unemployment, has turned itself to a major barrier to the enjoyment of the
dividend of democracy in the clime. The 180 million populated country has at least 50% of this size to be youth coupled
with high dependence on consumption of imported goods at the expense of domestic production; thereby, jeopardizing the
potential for job creation. The fall back of this economic menace on the economy has necessitated different means of
survival even among the so-called cohort most especially among students. In an attempt to avert further deterioration of
the system through increased unemployment and over reliance on white collar jobs among the students, the government
introduced a number of intervention programmes in divers’ forms which have not really yielded the desired results. In
response to this, the affected populace has devised various means for survival among which student (Youth) cooperative
(which is still at its nascent stage) should be a concern for both policy maker and academia.
1.3. Empirical Review
1.3.1. Introduction
To achieve the objective of this study, the study explored the extant literature to identify the convergence and
divergent points on the issues around cooperative societies in Nigeria, their statutory roles, sustainable development goals
and level of innovation adoption. This will further provide insight into the other phases of the study. Since inception,
cooperative society has been majorly seen as a bail out for all categories of people, consumers, producers and workers
alike. This singular role has triggered many researchers to investigate the importance of establishing a cooperative society.
Hence, this study is set out to draw out insight on the role of cooperative society and how these roles have been able to
attenuate poverty among members.
1.4. Role of cooperative in Sustainable Development
1.4.1. Cooperative Societies in Nigeria: Statutory Role in Investment Decision
1.4.1.1. Nigeria Cooperative Society Act (2004): Property and Funds of Registered Society
1.4.1.1.1. Investment of Funds
Under part IV and section 33(c) of this act, it is stated that “a registered cooperative society may register or deposit its
funds in any manner approved by the committee of the society”. This has equally begged a crucial question on how this
statutory role has been played out. Are funds judiciously allocated to cater for the immediate needs of the members or the
discretionary investment exercise leaves members economically worse-of owing largely to poor return on investment?
The pioneer author of cooperative society in Nigeria, C.F Strickland (1934) submitted his thought on the underlining
purpose of cooperative society in Nigeria, thus;
“…not only a matter of increased or improved crops, nor even of increased credit to cultivators who wish to
change their farming methods… but it is also a question of urban and rural thrift, of co-operative building, of
labour contracts, afforestation and prevention of erosion and the preservation and expansion of handicrafts, of
the supply of electric light, the organization of individuals for a better diet, for precaution against diseases, and
for sanitary measures in towns and country, of the extension of education and of group agreements for the
removal of social evils and the spreading of better customs”.
This reveals a striking need to stretch the focus of modern Nigeria cooperative society to duly incorporate the element of
sustainable development and never to veer off the tangent of its core mandate of poverty alleviation. Corroborating this,
Yebisi (2014) stated that the original objective of coops is to ensure the dividend of the society attend to the immediate
needs of member and should not be yet another avenue to raise capital for investors. The sustainability of a cooperative
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society’s mandate strongly depends on the quality of decision made by its board. Such decision that must be able to secure
the overall interest of the current members and also factor in the possible welfare implication on future members (Lund.
M,2013).
1.5. Nigeria Cooperative Society and Sustainable Development
Nigerian cooperative society should revolve around overall improvement of social and economic welfare of
members and other pecuniary benefits. Cooperative society should be excluded from profit making intention for the
investors instead a people-oriented-group installed to give economic cushion to its members. In a study conducted by
Oluyombo (2013), using Ogun state Nigeria as the case study, a cooperative society was described as an integral part of
rural economy and the government should make available on-lending loans to members for welfare improvement.
Also, using Bometcounty in Kenya as a case study, Chepkirui.J and Otieno.M (2018) accounted for the determinants of the
performance of cooperative society and therefore found out that organizational structure, management competencies,
monitoring and evaluation and corporate governance are major drivers. Also, attempting to investigate the performance of
cooperative organizations among farmers, Chinedu et al, (2017), revealed that income generation, duration and years of
cooperative, type of agricultural activities and quality of leadership were found to be of high significant.
Surveying 177 households selling into conventional and Fair-Trade market in Nicaragua, Bacon et.al (2008) found out that
households that were enrolled on the fair-trade cooperatives experienced several positive impacts than their counterparts
who were absent on the scheme. Ogaboh et al, 2015 also attested to the potency of cooperative as an instrument for
providing job employment and extending the means of livelihood to the participating populace. Gertler., (2004), and ICA
(2015) together agreed cooperative society’s role in ensuring a transformative development cannot be overemphasized.
Put together, sustainable development goals cannot be achieved to the letter if the transformative capability of grassroot
cooperative investment schemes is taken for granted. There must be consistent awareness as to the importance of
cooperative societies for inclusive growth and youth empowerment in particular. This study intends to state that despite
agreeable convergence on the importance of cooperative society in transformative development, there is scarce empirical
evidence on the implication of student cooperative society for entrepreneurial interest and practice augmentation, and
ultimately, sustainable development.
1.6. Performance of Cooperative Society and Organizational Capabilities
One of the greatest challenges faced by cooperatives today is poor management and has been militating against
all-round development of these saving entities (Akinwumi, 1991). It is important to note that management style is
informed by the nature of operation (Umebali, 2000). In developing countries, series of effort made to organize
cooperative society in different quarters have failed in one way or the other. This is majorly ascribed to inadequate
capabilities on the part of the management. For instance, in some agricultural cooperative societies, inability of members
to hold management accountable has rendered many societies dysfunctional and leading to complete bankruptcy in some
cases. This has led to inappropriate political activities or financial irregularities in management (Akwabi-Ameyaw, 1997).
In the same vein, wide dispersal of authority and control in coops have equally contributed to the poor
performance outcome experienced in cooperative societies (Ijere 1991). And for the needs of members to be met, sound
management is required (keeling, 2004). It must be emphasized that overall performance of cooperative societies is not
unconnected with the level of training and exposure of members in the science and art of operations of cooperative
society. Education poses a problem to the cooperative societies, particularly but not limited to Africa, and this has not
received adequate attention most especially at the grassroot level (Ijere 1992). Unlike parts of Europe and America where
robust approach to cooperative society management is adopted. Developing nations still leave much to be desired in this
regard. This might explain significantly the level of extinction recorded in cooperative societies in this region over time. It
must be noted that the government in most of these climes has made cooperative education obtainable mostly in
cooperative training outfits which often cooperative establishment do not consider it a need for either members or board
of management let alone managing a training outfit themselves (Akinwumi 1991). A case in point is Nigeria where
cooperative movement does not own or control any cooperative training outfits (Agbo, 2010). This is in no small measure
has accounted for the worrisome performance of some of these thrift enterprises.
Other factors that have contributed to the sometimes-poor performance of cooperative societies in spite of huge number
of resources invested in cooperative projects by both the government and cooperators are capital (Adeyemo, 1989; Aweto,
1996;), patronage and membership qualities (Kirkman et al, 1995). In the light of the latter, in Nigeria for instance,
members’ patronage of their society especially farmer’s cooperative societies are very poor. A significant number of
members are apathetic to the group activities. Small size and qualities of the members, are major faults in cooperative
farming. Cooperative societies can accomplish what members cannot achieve individually, but what it can accomplish
depends directly on how members use it.
1.7. Cooperative Society and Innovation
The broad interpretation of the principles that govern the activities of coops make it flexible in designing their
financial structure and their governance. In an attempt to adapt to social and economic shocks, cooperatives have devised
means through innovation. This have come in divers’ forms to cushion members and thereby ensure increased efficiency
and improved sphere of influence. Explaining innovation, Schumpeter, 1963:98, stated that innovation is the
transformation of a good or service capable of meeting the needs of existing market or created by the employer.
Cooperative societies must adopt innovative production processes (Vargas-Hernandez, 2015).
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To survive the ever evolving business and economic environment, coops must be continually dynamic and innovative.
Through its various forms, innovation can change the face of a product, facilitate a production process for greater
efficiency and even in organizing the entirety of business environment in order to better response to the fluid consumer
taste. To this end, Patole cooperative society was able to combine both organizational and process innovation by extending
its facility to accommodate product conservation and also increase production for more efficiency. They provided sea
foods for the people living in rural Piaxtla Abajo in addressing serious population increase worsened by abject poverty in
the 70s (Vargas-Hernandez, 2015). Similarly, Sizya (2001) revealed that cooperative societies in ensuring innovative
approach to ameliorate the effect of poverty have embarked on efficient marketing and distribution of goods and services
especially for small scale farmers and rural poor.
3. Methodology
3.1. Area of Study
This exploratory study was carried out using Student Cooperative Society Initiative (SCMI) situated in Adeyemi
University of Education, Ondo State. This school was chosen because it is the first to allow the practice of student
cooperative society officially in Nigeria.
3.2. Research Design
The initial stage of the study, qualitative part, intends to adopt interpretive approach. That is, the interpretive
method aims at building a substantive hypothetical statement. It offers an understanding on the intricacies surrounding
student cooperative society as it innovatively propels employment creation in Nigerian schools. Case study design is
suitable for this study in that the method provides in-depth investigation of a problem in one or more real life settings over
an extended period of time. The strength of this research method is its ability to discover a wide variety of economic,
social, cultural and political factors potentially related to the topic of interest.
3.3. Study Population and Sampling Techniques
Population comprises different higher institution in Nigeria but the exploratory stage concentrated on 250
members of the coops. Precisely, 5 members and the coordinator of the organization were selected for this study. The
members which were considered included those who have either graduated but participated in the scheme during their
undergraduate days and those currently a member. The reason for this is to identify those who have been familiar with the
saving scheme. Multi-stage sampling technique was adopted for this study. Purposive sampling technique was used to
select five members in the coops; two members from the alumni group while 3 from the current members. Each selected
member and the coordinator were interviewed in English Language followed by analysis, making a total of 6 interviewees
from the association.
3.4. Method of Data Collection
Qualitative method was employed for the current exploratory study. It involved the collection of data through indepth interviews. In-depth interview was conducted for the 5 members and the coordinator of the cooperative society.
These categories of people provided answers to the ways innovation in student cooperative society has improved the
possibility to practice entrepreneurship among higher institution students in the study area. Data were collected by the
researcher who has knowledge of the study area. Also, audio recorder and note pad were used to capture data that were
gotten from the interviewees.
3.5. Research Instruments
In-depth interview guide was used. The interview guide was divided into different themes to covering
appropriateness, relevance to sustainable goals, capabilities and/or sustainability of the scheme. Accordingly, themes like,
Entrepreneurial Motivation, satisfaction of service rendered, level of awareness and participation by members, challenges
faced were considered.
3.6. Selection Criteria
The selection process of the 5 member interviewees was based on either being current student or alumni
members of the student’s coops and selected in ratio 3:2 respectively. This is done to ascertain that we are able to include
those that might have been able to translate their interest to more practice after school.
3.7. Ethical Consideration
confidentiality and anonymity were observed. Respondents were informed about the purpose of the research.
Their consent was sought and obtained before interview sessions were carried out. No interviewee was put under duress
to provide information. The rights and integrity of the interviewees were respected.
3.7.1. Results
This section organizes, presents and discusses the findings of the interview from both the coordinator and some
members of SCMI.
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3.7.1.1. Coordinator
The SCMI was formed with the sole motive of bailing out students from over reliance on both parent and
government for daily needs in the immediate term and employment in the long haul.
“…because of the dilapidated social infrastructure of the Nigerian students …we discover that there is serious
decline and lack of attention for the social welfare of the tertiary institution students from all relevant
stakeholders –government…students are left to fend for themselves-so to speak…we have the economic
downturn effect rippled on the students. And then the student constituency is a very large constituency
owning to that fact like somebody said that the youth may constitute 50% of our population but 100% of our
future…that neglect is the bane of social vices that we have …Nigerian institution have 41million students
which are not catered for or left alone, giving outdated education system, with curriculum that cannot
compete with global standard …having worked in a consulting firm in 2016…we developed a workable
solution for Nigerian students…stemmed from the fact that no one is talking about it –the management of
the schools, the State …in 2017 when the nation experienced economic recession where a congo of rice was
sold for 700-800 naira …and we have students prostituting because of a cup of garri and if staffs that were
collecting salary can be complaining how much less students that don’t work and their parents already
complaining…students going home on borrowed money and come back on borrowed money….many of them
dropped out. Then me and some of my friends came together to think about organizing an abridged version
of cooperative society which are being practiced and registered outside. We understand students can’t
engage in the conventional cooperative. Then we started selling food stuff at bulk price …we go to suppliers
in the market buy from them and gave students at a 20% discount. The employability of Nigerian graduates
can actually be traced to social welfare”.
SCMI operates with three thematic areas that are key to sustainable development. These are food provision at wholesale
price, skill acquisition programme and saving scheme. The first programme provides students with food items at a
reduced price. The food items are bought in bulk then sold out to less privileged students at a “less than market price”.
Also, the skill acquisition section addresses skill deficiency among the students, thereby leaving them more self-reliant
after the completion of each training session. It is important to state that this part of the coop’s activity seem sustainable as
students tend to train themselves. Lastly, the saving scheme is a duo arrangement for stipend saving and target saving. The
former aims at providing a contribution arrangement for immediate needs while the latter if for capital provision after
school.
“…we itemized three thematic areas that need concentration and that is food. Food is very important…we
have a quick store, we have a discount store which is expanded now where students can get food items at a
reduced price, books, biro all at reduced price. We have student trade groups where we identify students that
area interested in business …we discover many graduates-lawyers, economists when there is no job, they just
start learning tailoring, cake after spending 4-7 years in school. Why not learn this pari-parsu your
academics. And we have fantastic trainings in the trade groups- we have students that have already learned
mechanics before coming to school but have not been able to practice or make money from it…the school
system does not make allowance for this nor place much premium on them. So, we bring forward students
that are already in business or with one skill or the other to train people that want to learn…we cross breed
them and they pay themselves. And that is an empowerment for the one with skill and the one who acquired
the skill also get empowered. We encourage them to have businesses right on campus. Officially, our weekend
starts from Thursday evening, Friday most time there were few lectures, Saturday and Sundays are
free…they can engage in trade. The last one is what we call the student’s thrift programme. Cooperative for
student is not just contributing and borrowing money…we don’t borrow students’ money …we encourage
them to save money…we discover that when the students graduate, they graduate broke…nothing like
financial intelligence. We create a financial intelligence hub for the students. We looked back to understand
that us for fathers survived on their savings culture which we have left unattended to because of education....
we have target savings programme where they can target savings till, they graduate. So, with skill
acquisition they must have gathered something they can start little business with. Then we have stipends
package where the students with excess money also save to meet personal exigencies when need be-food,
laptop etc.”
No third-party support from the government.
“Truly, people have approached us but we are just been careful to let out the strategy yes. But we want to
first focus on the social welfare improvement that we are really interested in …for our staff. We have been
using volunteers, not paying salary yet, its really not about making profit that is why we call it a social
enterprise. External partners that we have are friends that believe in us and believe in donations”.
The target audience are the students that are committed to their future.
“Our target audience are students that are committed to their future. Those who have come to the awareness
and consciousness that they can sponsor themselves in school, who are engage in small scale businesses
already…these are the one we want to help.”
SCMI has an interim board member who are volunteers such as friends of the coordinator that are professional
entrepreneurs and brand strategists.
“We have an interim board member. They just volunteered to just talk about it…friends from Lagos business
school, a brand strategist…just few of my friends.”
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Due to its nascence and uniqueness, the idea was first attacked by the student union government claiming it was a scam
not until the school management intervened.
“Yeah, because of the unique nature of this kind of cooperative society we are kind of flexible…we are just
starting. Thus far we have challenges where student’s union government tried to stop us claiming that we
were trying to exploit the students …we have a very good cooperation from the school management. They
have been able to clarify that this is needed by the students.”.
The current membership strength is well above 200 and new members keep coming in while the existing one’s graduate.
“…very well above 200…we have new members coming in and old members graduating…”
“…the growth has been encouraging. Before, we used to go to the students to register but now they come in
droves themselves…”
The new members are brought on board via publicity using radio jingles, banners, moving from one class to the other and
registration is done with a thousand naira.
“ …new members procure registration form of 1000naira… we are still consolidating the structures and
with meager resources…we have to go to classes different levels, radio jingles and banners…”
Loads of achievement have been recorded in SCMI. Talents discovered; new businesses unraveled. This is welcomed by
collaboration and competition among members and this really fostered productivity.
“on a very high note …we have been able to discover so many talents …many businesses discovered and
established …collaborations and competitions among students...ability to start businesses even with zero
capital”
“…there are many sides to this…through this programme, students have been able to generate employment
themselves thereby becoming the active part of the economy…unemployment is idleness, the moment you
start doing something you start changing the narrative…we have students coming up with fantastic ideas
and they are doing it…”
SCMI has been able to contribute to the achievement of sustainable development via new job creation for members. New
ideas propping up among the students as a result of collaborative efforts to float skill acquisition training programme at a
low cost leading to more people acquiring relevant skills and another making more money for sustenance.
“since the inception of students cooperative, there has been significant awakening to entrepreneurship
among the students early in their school year rather than waiting after five years to start looking for what to
do. We have students who are into photography already, web designers, people from outside asking to
recruit students to do social media marketing for them. We have students already establishing NGOs.”
Occasionally, doubt prospective members do doubt the authenticity of this scheme majorly due to the fact that there is
specific or obvious reward system for the pioneer.
“…we have not had any complaints instead approvals…in fact, currently, because of the student coops, I have
been approached by the directorate of entrepreneurship to lecture as one of their instructors …except
sometimes some students do ask where we got our profit from thinking we are NGO”
Thou, the current number, even when it is growing is not yet enough to stake in an investment. Most especially because a
considerable part tends to go for stipend mode of saving compare to target which can help retain capital for investment
purposes as a result savings do not attract interest or dividend
“…because of low turnout in terms of the number that embrace target saving module, they save in stipend
module …we have not been able to have a sustained revenue generation to the point of investment we only
save with the banks until the students need it… so far we have been able to have a turnover of up to five
million naira…”
“…currently the students save as low as 20 and 50 naira…it’s what they save they cash out…”
Despite registration with the ministry of commerce and consciousness of the bye-laws that govern the activities of coops,
SCMI still find these laws bracketing out students coops in its content.
“…when we were studying the conventional cooperative society, we discover there is no space for students’
coops...we are still really on a free range…but because we are registered with the ministry of commerce, we
have all the bye laws and none of these has anything to do with the students…and I think policy makers
should begin to integrate this and give consideration to the students coops…”
In order to ensure members are well equipped with the provision of the laws guiding the operation of this group, periodic
trainings are conducted. Similarly, board members also get exposed to one form of training or the other in order to operate
efficiently.
“…We do have periodic meetings where students do interact…we are training them as ambassadors…”
“…we do have periodical meeting like quarterly and many of the board members are consultants for the
coops. We have one of our board members already undergoing a training in Lagos business school. Myself
has also gone for training in Abuja on management …we have a call from the United State Embassy for
training and grants and fellowship for students, two weeks ago...”
SCMI concept of operation has attracted many more schools who subscribe to this model of symbiotic cooperation among
students.
“…what I know is that schools come here to learn…its already a phenomenon in the south west zone of the
country…there schools calling us to come and train them…”
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154
Respondent 5
am in
physics
department
300L
I graduated
from biology
department
…I am a
graduate…I
finished
from
Adeyemi
college of
education. I
studied
adult
education
Q2: Why did
you join the
group
I don’t really have much to
say but I joined the group
because of just one
thing…management…mana
gement of resources
Q3: Do you
think you
really need
this form of
savings
Actually, is not only for
savings and its not all
about money simply that
you get connection in the
sense that I am a business
lady …few days after I
registered, he told me he
gave my business card to
someone and the person
was already looking for
me. …You see this people
are teaching us
management of time,
money .so many things
that are consist our life…So
many of us don’t know
what to do with our lives
…as for me I know I won’t
work with my certificate,
even if am going to use it
won’t will be an addition.
So, I need this because
after am through here I
will wait for one year
before going for service
and during this period I
can use my savings to start
something…
Vol 9 Issue 4
Motivation to Save Money
then I was
It’s about
broke not
life savings
having
…I prefer a
anything when
saving
i got here I was scheme that
connected with
I will get
some people.
later in the
Now I build
day and not
website for
such that I
people. Am
will have to
even
collect
organizing a
everyday.
programme for
youth on web
design.
I think skill will
be useless if
after
graduation I
don’t have
what to use to
start up on my
own…I am
saving small
money like
20naira and by
the end of four
years I can
raise some
money such
that if I ask my
parent for
more money,
they will be
willing to help.
I need it
because
after
graduation
no parent
will want to
give you
money again
…the
graduate
saving
account will
help me to
actually
start
something
I actually
joined two
years ago, we
started
together
well, many
reasons but
I will give
you few. I
see that
there is
opportunity
here and
that being a
student here
will give me
opportunity
where I can
learn a lot
and get
benefit that
can help me
not only on
campus but
also after I
graduating
I need it in
the sense
that apart
from the
pocket
money that
the parent
does send it
is very
important
for me to
save so I
won’t be
dependent
on them
always
Yes, I do…the
thing is for me
personally, I
have to get all
I need all by
myself apart
from the
school fees my
dad sends to
me and then
when SCMI
came I saw it
as an
opportunity.
Then they Sold
foodstuffs at
cheap prices
which really
helped and
SCMI has
really
encouraged
us. Like when I
graduated, I
collected my
savings and I
added some
money which I
used in
starting cloth
business and I
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Remarks
Respondent 4
am in Biology
degree 2
I am in 200L
1
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Respondent 3
Q1: Can I
meet you
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Respondent 2
Respondent 1
Themes/Questi
ons
SN
THE INTERNATIONAL JOURNAL OF HUMANITIES & SOCIAL STUDIES
Two
graduates
and three
undergradu
ates
The
respondent
s majorly
believed
this scheme
can cater
for both
present and
future
needs.
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THE INTERNATIONAL JOURNAL OF HUMANITIES & SOCIAL STUDIES
Q4: What’s
your
motivation for
saving
money?
2
Q5: Are you
satisfied with
the operation
of this group?
Q6: How will
you rate your
level of
satisfaction
with the
management’
s
performance?
And why?
Q7: Are you
satisfied with
the manner of
payment of
your
savings/retur
ns?
3
Q8: Are you
allowed to
155
My motivation for saving
money is not for spending
money anyhow…its selfindependence. You know
when you through with
your studies and you are
still calling home for
money…
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…to
establish
something...l
ike day care
Satisfaction of Service Rendered
The services are eminentso to say but they still need
to move higher than this in
the sense that they
shouldn’t be limited to this
school…like I am into
fashion designing they can
render consultancy service
Uhmm., I will give them
: I am going to
let me say
75%
give them
80%
100%
Yes, I am… I am not ready
to collect it…what I like
here is that all your money
is yours unlike other
traditional thrift
programme where your
first contribution is for
your manager.
Yes, I was
satisfied
…no extra
charge on it
just the
money I
saved
make cakes,
snacks…
the
coordinator
spoke to me
that I could
use the money
to start
something
bigger in life
…we need to
start from the
scratch …
what really
motivated
me is that I
said earlier
aside selfindependent
it also tells
me that
there is
nothing I
can’t do that
is I can
stand on me
on…I am
able to make
decision for
myself on
my own.
Selfdependence
and the
need for
startup
capital are
the main
motivation
for joining
the coops
Of course…
yes, I am…
All the
respondent
s are
satisfied
with the
scheme
…80%
because there
was a time, I
wanted to do
something and
I didn’t have
much with me
I was actually
given a loan
from the
organization.
The very day I
came the
money was
transferred to
my account
immediately.
…For now,
60%
Different
degrees of
satisfaction
were
ascribed by
the
respondent
s
yes, a card
would be
given to us
where in all
our
contribution
s will be
recorded.
And
whenever
we wanted
to collect
our money,
the card
would be
brought and
payment
would be
made
accordingly.
They would
check my
card if it
corresponds
with what I
have in the
record
All the
respondent
s are
satisfied
with the
manner of
payment of
saved fund.
No, its not
allowed
Borrowing
is not
Level of Awareness and Participation by Members
…what they do is that they
is not allowed
will rather give you tactics
but if our
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THE INTERNATIONAL JOURNAL OF HUMANITIES & SOCIAL STUDIES
borrow
money?
that can help you generate
money if you have hand
work. For instance, a
programme is coming up
where those with hand
work will train people
even from outside and
thereby generate funds to
boost their businesses
…and it is scmi that
provide all the
instruments.
Q9: Are you
aware of all
the practices
and provision
of governing
this group?
156
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stipend savings
is there and we
need it
urgently we
can collect it
anytime
allowed
I am aware
No…mine is
just to save
and when
am ready to
collect my
money the I
collect
few laws…I
was told
…to some
extent
As time goes
on, I can
only say
with what is
on ground,
SCMI should
include
giving of
loans to
students
because …at
the end they
may still
need much
more than
what they
put down…
majorly
every Friday
we do
business
meetings
which
involve both
members
and none
members of
scmi.
Professional
as well as
lecturers are
brought in
talk to us
there was a
time I
ventured
into chips
business,
presently
am still
selling it
Q10: What
kind of
services
would you
like the group
to provide in
the nearest
future? And
why?
more consulting service as
currently it is limited…I
want it to be more intense
and expanded…so that
they can teach other
people to be independent
they should
expand to
other
institutions
…what I will
say is that
he should
keep on
with the
work …
uhhhm, its
only on
getting goods
for sale to the
students …I
don’t think
they have
sufficient
supply …they
can join hands
with some
people may be
those that sell
in bulk and
other firms
Q11: Do you
participate in
all activities
of this group?
…just that in scmi there are
different groups where you
can join at least one based
on your interest.
I do...i am the
head of media
and publicity
…in getting
more members
for the
organization
No, I don’t.
uhnn, not
really…
Q13: What
would you
like to use
your savings
for after
school? Why?
I want to invest my
savings, have my own
business where I will have
branches
my boss told
me that the
greatest
investment is
that in human
being. And I
have started
now…may be
when am out I
will use my
money to get
more money
May be to
establish a
creche
I sell
things…part of
it for my
project.
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The level of
awareness
of the
provision of
principles
and ethics
governing
the
association
is varied
among
respondent
s.
Inclusion of
loan option,
increased
consultancy
services,
coverage
expansion,
food stuff
option
should be
reinforced
are
suggested
by the
respondent
s.
Not all
members
participate
in all
activities
Overall, the
respondent
s want to
invest in
different
businesses.
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THE INTERNATIONAL JOURNAL OF HUMANITIES & SOCIAL STUDIES
and serve
humanity. Scmi
has helped me
and I want help
others too
20 naira
Q14: how
much was the
least you have
ever saved?
Q16: would
you say the
scheme
affected your
current
entrepreneuri
al interest?
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May be 500
naira
The least
could pay
as low as 20
naira
as a result of
being here,
sometimes
people would
come and they
will say they
needed crates
of egg and the
like…that’s
how I
started…
yes, …until I
started
working
with a
company
that I don’t
have much
time again…
Respondent
s
entreprene
urial
interest
was
affected.
Table 1: Matrix Table Showing the Responses from Members
Source: Field Work 2019
4. Discussion of Findings
According to the SDG report (2018), youth are three times more likely to be unemployed than adults, this further
accentuates the dire need to embrace a private sector led cooperative society which focus on the youth. An innovative
approach to employment provision for the youth given an organized structure that can instill an entrepreneurial interest
in them will go a long way to cushion up poverty and thereby improve the overall health of the economy. Here, SCMI has
been able to embrace organizational innovation which provides an all-round entrepreneurial development for the
beneficiary and further promotes collaborative effort among the cohort. New business formation capabilities imply an
increased efficiency which in turn can translate into increased national productivity. If encouraged across schools, student
cooperative can bring about sharp and significant improvement in human development and hence, transforming the
productive structure of the Nigerian economy. The reason is not far-fetched, Nigerian higher institutions harbors
1.9million (Nigerian University Commission statistical digest, 2017) financially dependent students who have the potential
to transfer acquired skills via cooperative society.
Students’ cooperative society can go a long way to amplify the desire and ultimately more participation of the
youth in entrepreneurial activities. This gives a strong pointer to the fact that this symbiotic relationship should be
encouraged among students to significantly reduce the menace of unemployment and hence, achieve sustainable
development in the long haul. Increased population of the prime age can create a demographic advantage if well harnessed
via direct and innovative approach to entrepreneurship via student’s coops.
The success of a cooperative movement like youth coops rests largely on the ability to recognize collective and peculiar
problem of the group in question. This cannot be completely realized without a recourse to government intervention. It is
therefore imperative to call the attention of policy makers to intervene, ensuring student cooperative society get a
foothold in the overall governance process in Nigeria and other developing countries. Conducive atmosphere should be
created to encourage private sector participation. For instance, loan option can be made available for certified students
under thorough monitoring of the government.
The potential impact of Cooperative society cannot be isolated from the achievement of the 8th sustainable development
goal of promoting sustained, inclusive and sustainable economic growth, full and productive employment; and decent
work for all (particularly the youth). It is noteworthy to state that this model of students’ coops can equally guarantee
decent employment or possibly help absorb the pressure of giving in for indecent employment pending the time a decent
one will emerge. Therefore, proper mechanism(s) should be installed to ensure effective establishment and operation of
this form of cooperative society in higher institutions across Africa.
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