IMPROVING AGRICULTURAL PRODUCTION AND FINANCING THROUGH COOPERATIVE SOCIETIES IN THR ERA OF ECONOMIC UNCERTAINTIES
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Abstract
The study is on improving agricultural production and financing through cooperative societies in the era of economic uncertainties. The purpose of the study was to investigate the role of cooperative societies in improving agricultural production and financing in the era of economic uncertainties. To guide the study, six research questions were raised. The study employs a descriptive survey research design, with a population of 3000 members from Faculty of Agriculture Cooperative, Benin City. A simple random sampling technique was used to select 150 respondents. Data were collected through structured questionnaires, validated by three experts, the researcher administered the questionnaire personally and responses were collected on the spot and tested for reliability using Cronbach’s Alpha, yielding a coefficient of 0.87. The analysis was conducted using mean and standard deviation, with a threshold of 2.5 for acceptance of responses. In the context of rising economic uncertainties, improving agricultural production and financing has become imperative for enhancing food security and supporting rural livelihoods. This explores the pivotal role of cooperative societies in fostering agricultural resilience and productivity. By facilitating collective action among farmers, cooperative societies can enhance access to resources, including loan, technology, and markets. This study examines the mechanisms through which cooperatives provide financial support and shared resources, enabling smallholder farmers to scale their operations and adopt innovative agricultural practices. Additionally, the study analyze the impact of cooperatives on risk management, particularly in volatile economic environments, by promoting diversification and collaborative marketing strategies. The findings suggest that strengthening cooperative frameworks can significantly improve agricultural efficiency and financial stability, ultimately contributing to sustainable development in the agricultural sector. This research underscores the importance of cooperative societies as a viable solution for overcoming challenges posed by economic uncertainties, thereby laying the foundation for a more resilient agricultural future.
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