IMPACTS OF HOUSING COOPERATIVE SOCIETIES ON ECONOMIC GROWTH
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IMPACTS OF
HOUSING COOPERATIVE SOCIETIES ON ECONOMIC GROWTH
CHAPTER ONE
INTRODUCTION
1.1
Background to the Study
Kinnis (2002) defined, co-operative
housing as a society that co-operatively owns a group of houses or flats in.
which each member participates actively in all matters concerning the estate.
Sazama (2000) observes that, cooperative housing is a society where
members/residents jointly own their buildings, democratically control them and
receive social and economic benefits accruable from living in and owing them
co-operatively. Housing co-operative is a pragmatic and cost effective means of
home ownership. Victor and Bilyaminu (2002) said that, co-operative housing has
been tested in many nations where it has been used, to varying degrees of
success and to address housing problems, therefore modifying this concept to
suit Nigerians socio-cultural and socio- economic peculiarities will result in
renewed hope for the average Nigerian in his quest to attain home ownership as
well as reliving him from his poverty trap.
A housing cooperative, is a legal
entity, usually a corporation, which owns real estate, consisting of one or
more residential buildings; it is one type of housing tenure. Housing
cooperatives are a distinctive form of home ownership that have many
characteristics that differ from other residential arrangements such as single
family home ownership, condominiums and renting.[Retrieved 2 May 2015]
The corporation is membership-based,
with membership granted by way of a share purchase in the cooperative. Each
shareholder in the legal entity is granted the right to occupy one housing
unit. A primary advantage of the housing cooperative is the pooling of the
members’ resources so that their buying power is leveraged, thus lowering the
cost per member in all the services and products associated with home
ownership.
Another key element is that the
members, through their elected representatives, screen and select who may live
in the cooperative, unlike any other form of home ownership. Housing
cooperatives fall into two general tenure categories: non-ownership (referred
to as non-equity or continuing) and ownership (referred to as equity or
strata). In non-equity cooperatives, occupancy rights are sometimes granted
subject to an occupancy agreement, which is similar to a lease. In equity
cooperatives, occupancy rights are sometimes granted by way of the purchase
agreements and legal instruments registered on the title. The corporation's
articles of incorporation and bylaws as well as occupancy agreement specifies
the cooperative's rules.
The word cooperative is also used to
describe a non-share capital co-op model in which fee-paying members obtain the
right to occupy a bedroom and share the communal resources of a house that is
owned by a cooperative organization.
1.2
Statement of Problem
Due to the significance of cooperative
society, the international labour organization has to show the fact that;
"in current National Development Plan, various measures are adopted to
broaden the productive base of the economy as a strategy to achieving a strong
and virile economy, enhance availability of improved technology and extensive
services through cooperative society activities.
The above policy statement clearly
shows that the status and prominence given currently achieve and enjoyed by
this relatively organization in our society is agent of change in the nation
economy.
This understanding is therefore, aimed
at obtaining and observing the activities of cooperative society in Jeromi
Ifelodun Local Government Lagos State through federal agencies to alleviate
poverty, create wealth and ensure food security through cooperative society's
scheme, the problem of ignorance, the formation of cooperative societies in
Jeromi Ifelodun Local Government Lagos prevails hence, the need to research
on".
In the light of these problems, the
researcher is therefore boarded and wants to probe into the activities of
housing co-operative societies to know whether they are contributing towards
the economic development and growth of the country.
The researcher also intends to
investigate the impact of housing co-operative societies on economic growth by
identifying the above mentioned phenomenon and to know the prospect and
problems encounted by housing co-operative so cities in their attempt to
develop an improve the economy.
1.3
Objectives of Study
This
research work has the following objectives which will be achieved by the
research in accomplishing the study;
1. To evaluate the impact of cooperative
housing and assess its significance to the economic growth of the nation.
2. Make possible suggestion to the policy of
the housing cooperative societies.
3. To highlight the importance and the role
cooperate housing has brought to the people and to the economy.
1.4 Research
Questions
The
following research questions shall guide the study;
1. What is the cost of accumulating a
residential building here in this estate in Lagos?
2. Comparing this residential structure and the
cost with other one non-cooperative, which is preferable in cost and avoidable?
3. What are the privileges given to you as a
member and owner of a residents within the cooperative housing?
4. What is your view to the program and the
policy of the housing cooperative society of Ajeromi Ifelodun Local Government
Lagos?
1.5 Research
hypotheses
The
following hypotheses will be tested in the study;
Ho:There is
no relationship between housing cooperative societies to the economic growth
off the nation.
Hi:There is
a relationship between housing cooperative societies to the economic growth off
the nation
Ho: Housing
cooperative societieshas made the standard of living high for the poor masse in
Lagos
Hi; Housing
cooperative societieshave reduce the standard of living high for the poor masse
in Lagos
1.6
Significance of the Study
Robust
economic growth cannot be achieved without putting in place well focused
programmes to reduce poverty through empowering the people by increasing their
access to factors such as housing. The latent capacity of the poor
entrepreneurs would be significantly enhanced through the provision of housing
cooperative societies to enable them own a place of there’s.
However, the
lack of required benefits from the housing cooperative societies in Lagos state
has become a major concern in Nigeria. Hence, this study shall be relevant to
policy makers in the areas of housing cooperative societies in Lagos. Also,
this study shall enhance further research in the subject area.
1.7 Scope
and Limitations of the Study
The scope of
the study shall cover Lagos state housing cooperative societies using Ajeromi
Ifelodun Local Government Lagos. However, this research will be carried out
using five cooperative housing in Ajeromi Ifelodun Local Government Lagoswhich
had a total number of 234 respondents.
1.8 Research
Methodology
The study relied on secondary data
relating to the concept and implementation of Cooperative Housing in Ajeromi
Ifelodun Local Government Lagos. Data was from both published and unpublished
sources. Considerable materials were gotten from Internet sources.
Non-statistical methods were employed in analyzing the systems. A comparative
analysis was done based on some parameters including modalities for funding,
peculiarities of Implementation, planning Imperatives and levels of success
Population
of Study
The
population of study shall comprise all the house owners in the five selected
estate in Ajeromi Ifelodun Local Government Lagos. The population size is at
about 234 owners.
Sample Size
A sample
size of 200 respondents was drawn from the study population. The constitution
of the sample was as follows;
Sampling
Technique
The study
shall adopt the stratified random sampling technique. The method entails
grouping respondents into strata on the bases of common characteristics which
in this case is the house owners. After the grouping, the simple random
sampling technique is then applied to select the required sample size of 40
from each estate.
Data
Collection Instrument
Data
collection will be done through the questionnaire method. The questionnaire was
structured into section A and B with close ended questions. Section A shall
generate information on respondents’ bio-data while, section B, will elicits
information on respondents perception of the Ajeromi Ifelodun Local Government
Lagos.
The
questionnaire is in a close ended format which allowed the respondents to offer
their views according to the Lickert scale of responses as follows;
SA –
Strongly Agreed
A - Agreed
U -
Undecided
D -disagreed
SD –
Strongly Disagreed
Administration
of the Instrument
To foster
quick response to the questionnaire, the researcher will personally
administered the questionnaires to the respondents. The effort enable the
researcher to clear some of the items contain in the instrument with the
respondents while, at the same time, respondent attention were drawn to some
items yet to be filled.
Method of
Data Analysis
All data
collected shall be analysed using statistical tools such as frequency
distribution table, percentages, and chi-square analysis for testing the
formulated hypotheses.
Chi-square
formula;
Chi-square
formula;
X2 = ∑(O-E)2
E
df (degree
of freedom)= N-1
Where;
X2 =
Chi-square calculated value.
O = Observed
frequency
E = Expected
frequency which is derived by
While,
df = Degree of freedom
N = Number of Observation
∞
= level of significant (5%)
1.9
Definition of Key Terms
Economic
growth: this is an increase in the welfare of the citizens and a general growth
to the development and ownership of house among the people.
Cooperative
housing: is a legal entity, like a corporation, which owns real estate,
consisting of one or more residential buildings; it is one type of housing
tenure..
Co-operatives:As
association of persons usually of limited means who have come together to
achieve a common economic goal through equitable contribution.
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