Co-operatives as Supplements to Companisation of the Nigerian Manufacturing Industry
Keywords:
Co-operative laws, Companisation, Law reviews, manufacturing co-operatives, Nigerian co-operativesAbstract
Cooperatives have always been supportive of socio-economic development in Nigeria. These contributions have been more pronounced in the agricultural sector. In contrast to what obtains in the agricultural sector, incursion of co-operatives into the manufacturing industry has not been effective. Cooperatives participation in manufacturing has been constrained to the credit and thrift, and workers’ co-operatives. Although in recent times, these variants of co-operatives have delved into housing and transportation, they have not at any rate ventured into full or part-ownership of manufacturing companies. Reviews of relevant literature and interview of major stakeholder identifies the gap as products of the Nigerian jurisprudence. Co-operatives are registered as cooperative societies under the Nigerian Co-operative Societies Act, while manufacturing units are registered as companies under the Companies and Allied Matters Act. Registration under different legal regimes result into marked disparities in operations. More pronounced is the capability of co-operatives to support the development of agricultural industry, which is not replicated in the manufacturing sector. The foregoing brings to fore the capacity or otherwise of Nigerian laws to support cooperatives engagement in manufacturing. Therefore, reviews of some Nigerian legislation as mechanism to identifying these deficiencies becomes an imperative. This study identifies such deficiencies to reside in the aforementioned statutes. Thus, reviews and amendment of relevant Nigeria laws to support co-operatives as supplements to companisation were proffered.
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