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EFFECTIVE
ADMINISTRATION OF CREDIT IN CO-OPERATIVE CREDIT ENTERPRISE
ABSTRACT
This
research is an attempt to bring to light the effectiveness of credit administration
in co-operative credit society in various co-operative societies based in Enugu
South Local Government Area of Enugu State.
This research has five chapters
with introduction. It tells about the meaning of co-operative credit society,
credit administration, the statement of problem, objectives of study,
significance, scope and limitation as well as definition of some co-operative
and general terms.
Chapter two, took a look a related
literature review of authors about credit co-operative and credit
administration, its weakness, effect of credit administration and its
importance as well as problems associated with it.
Chapter three, talked about method
use by the research in gathering information i.e the may the research
questionnaires was carried out and investigation method.
Chapter four, was about the
presentation of data, the interpretation and analysis of the data obtained. It
also talked about response of respondence.
Chapter five, conclusion, pinpoints
the major problem, which inhabit the full success of credit administration and
same suggested solution which are necessary to convert some of these problem.
CHAPTER ONE
INTRODUCTION
1.1BACKGROUND
OF STUDY
Agricultural credit in Nigeria dates
back to the 1930s but organized credit to farmers did not start until 1972 when
the Nigerian Agricultural and Co-operative Bank (NACB) was established.
The awareness of the serious decline
in agricultural production was probably partly responsible for the
establishment of the bank.
The NACB is not the only financial
institution which provides agriculture credit. Prior to the establishment of
NACB, agricultural credit scheme was operated by some agencies such as the
Ministry of Agriculture’s supervised credit scheme, agricultural credit
co-operation, co-operative thrift and loan schemes, farmers multi-purpose
co-operative societies. Most of these institution were not effective sources
for strictly agricultural credit. There was a lot of evidence that creditors
borrowed money for agricultural but diverted it to other ventures.
Again, credit was often extended to
only favouries and scarcely to genuine small-scale farmers. Besides they could
not meet the collateral and equity contribution requirement, a situation that
compelled a significant proportion of the farmers to seek for other sources of
credit.
According to Idachaba quoted from
Cardoso, (1987) a survey carried out showed that 58% of farming related
borrowings was from family and friends, 24% from private money leaders, 15%
from macharts and only 3% from institutional sources.
However, while family and friends
charged little or no interest. Organized credit facilities for Nigeria’s rural
faming population. Would reduce the dependence on sources other than the formal
financial houses.
It is against this background that
the researcher is to investigate how credit will be effectively administered in
co-operative enterprises. This will enable us to identify the major problem
associated with credit administration and seek solution to these problem to
ensure continued existence of the co-operative.
1.2STATEMENT
OF PROBLEM
Co-operative society mobilize credit
to their members through the savings of members.
It has been observed that they are
inefficient in mobilizing and utilization of credit. Many problem lead to this
ineffective mobilization of credit. They are:
- Inadequate fund for loan
purpose
- Inefficient management of
loan
- Faulty loan policy which
may sometimes emphasis credit worthiness of borrowers and not viability of
projects.
- Credit operation are mere
money activities without proper organization procedure and planed systematic
arrangement.
- Absence of regular
monitoring and supervision of loans.
The above
problems need to be solved for effective performance of co-operatives.
1.3 OBJECTIVE OF STUDY
The
situation of co-operative is nothing to write home about, if co-operative
should continue at this rate, they will wind up.
In view of the above, solution have
to be designed for these problems:
- Therefore, the objective
of the study is to find out the various societies existing in the area under
review.
- To find out various
problems being encountered by these co-operative which lend to hinder their
effective and efficient performance as agents of credit.
- Finally, to make
recommendation and suggest probable
solution that will enable these societies overcome these problem.
-
1.4SIGNIFICANCE
OF THE STUDY
This study
will assist the loan committed managers in their decision making, as a concern
credit policy and management of credit in form of proper assessment of loan
application. Proper supervision of credit, and evaluation of project proposals.
It will help the management to see the need to employ professional staff and
lastly, this study or findings will be of educational importance to the various
universities, polytechnic and students of co-operative department in the
various school.
1.5 SCOPE AND LIMITATION
The
researcher will limit this study to effective administration of credit in
co-operative enterprise in Enugu South Local Government Area. The researcher
intends to find out the available source of fund to co-operative as well as the
financial problem of co-operative. The researcher will also fund out the
process of credit administration and some factors militating against credit
administration.
LIMITATION
In the course of accomplishing this
study, the researcher was faced with the following problems.
- Finance
- Time
- Lack of data
1.6 DEFINITION OF TERMS
For clarity
of purpose, elimination of confusion of any kind and the proper understanding
of this study. They following definition of terms are necessary.
- MANAGEMENT
Administration
or management is the art of attempting to achieve stated objective by directing
human activities in the production of goods and services.
- ENTERPRICES
this is an
economic system in which individual are free, singly or collectively, to own
capital and undertake economic activity within the a framework of social
legislation designed to protect the interest of individual designed to protect
the interest of individual (Hanson 1974:218).
- CREDIT
credit is
financing directly or indirectly, the expenditure of other against future,
repayment, such lending or financing is direct when say, a bank extends an
overdraft facility to a customer who then uses it. It is indirect when a trader
or producer supplies goods on credit (David .W. Pearil).
1.7 RESEARCH QUESTION
For the fact that credit is very
important in every business activity. Therefore, the study is focused on
funding relevant solution to the following research question.
- What is the purpose of credit administration
in co-operative societies in Enugu South L.G.A?
- How effective is credit
administration to co-operative in Enugu South L.G.A?
- What problem are
encountered in the administration of credit in co-operative societies and what
are the solution to these problem?
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