The Impact of Cooperative Societies in Economic Development of Akwa Ibom State: A Study of Select Cooperatives in Ukanafun Local Government Area

The growing debate between cooperative societies and non-cooperative societies which stems from the fact that cooperative organizations have been known to be instruments for economic development of Akwa Ibom State necessitated this research in order to ascertain the impact or otherwise of cooperatives in select village cooperative societies in Ukanafun. Research hypotheses were developed in accordance with the objectives of the study and statement of the problem. This study adopted a group theoretical framework, which states that cooperators who see democracy as direct self-government by the members are therefore, correct in their point of view in questioning the ideas of a normal society. Primary and secondary data were gathered through questionnaires and books respectively. The data obtained were analyzed using statistical chi-square (x2). The study reveals that the cooperatives have been able to improve the economic standard of the people through effective mobilization and disbursement of loans to members. They also opened opportunities for employment, offering cooperative training and education-encouraging the spirit of oneness as well as a training ground for democracy. Despite the impact of cooperatives and the successes made, poor repayment of loans by borrowers remained one of the peak constraints. Government should provide enabling environments such as good road networks, banking facilities, electricity, loans at lowest interest rate for rural people and cooperative societies.