Co-operative is a voluntary organization in which individuals, business people and traders with common interest bring together their resources (usually money) together to promote the economic and welfare interest of their members.
Cooperatives are usually owned and controlled by the members.
Brief History of The Co-operative Movement
Robert Owen (1771 - 1858) established the first co-operative society at New Lonark, England. The producer co-operative only had little success in England at that period.
However, in the year 1844, success of retail co-operative society formation was recorded by Rochdole Pioneers. This group was started by twenty-eight weavers.
In the year 1922, an attempt of co-operation in Nigeria was launched when a producer co-operative was established by cocoa farmers.
The objective was to get reasonable price for their products.
Presently, co-operative societies can be found in virtually all commercial activities, most notably is the credit and thrift society.