Rural Communities and Cooperative Societies: A Community-Based Alternative for Sustainable Socio-Economic Development

Abstract:

The worsening economic situation of the country has threatened the socioeconomic development of rural communities and it has become imperative for a socioeconomic alternative that will be both responsive to rural needs as well as stimulate sustainable socioeconomic growth. Cooperative societies are alternative strategies that can foster socioeconomic growth at rural levels, thus building on the spirit of cooperation that is domiciled in the rural areas. Cooperative society is a voluntary association of individuals who come together to meet their common economic, social and cultural needs and aspiration. These societies are based on the principles of self-help, democracy, self-responsibility, equality, equity and solidarity. If effectively utilized, cooperative are vehicles that can bring about sustainable socio-economic development in rural communities especially in the time of worsening economic situation. This paper explores cooperative societies as a vehicle that can bring about the needed socioeconomic development in rural areas through, creation of jobs, raising capital for business and alleviation of poverty. The paper adopted the sustainable development theory as its theoretical underpinning. The study found that cooperatives are instrumental in the sustainability of livelihood in rural communities through the provision of credit facilities, assisting of small businesses to stay profitable, creation of employment etc. The paper recommences rural dwellers should be adequately sensitize on the importance of cooperative and should be encourage to associate with cooperatives so as to derive benefits of cooperatives which can in turn bring about sustainable development.