What are the types of cooperative in Nigeria?

What are the types of cooperative in Nigeria?

There are three major types of cooperative society in Lagos, Nigeria: Agricultural cooperative society (also known as farmers’ cooperative) Saving and credit cooperative society (also known as micro finance cooperative) Multi-purpose cooperative society (General cooperative) A saving and credit Cooperative Society must …

What are the different types of cooperatives?

Types of Cooperatives

• Producer Cooperatives.
• Worker Cooperatives.
• Consumer Cooperatives.
• Retail or Purchasing Cooperatives.
• Social Cooperatives.

What are the four different types of cooperative societies?

What are the types of co-operatives in India?

• Consumer Cooperative Society. These societies are primarily for consumers who wish to buy household goods at lower prices.
• Producer Cooperative Society.
• Co-operative Credit Societies.
• Marketing Cooperative Society.
• Housing Cooperative Society.
• Co-operative Farming Societies.

How much does it cost to register a cooperative in Nigeria?

How much does it cost to register a cooperative? It costs Ten Thousand Naira (N10,000) to register a cooperative in Nigeria. After payment, you get a letter of recognition as a license for three years before you get a certificate of registration as a legal entity.

Is it good to join a cooperative?

Building local expertise and profits Because cooperatives are run by and for local people, they develop, and pass on, the business expertise. Profits generated stay local, and are invested in the cooperative, the local area or distributed to the local owners. Cooperatives are an effective tool for self-help.

What is the most common cooperative?

Consumer cooperatives are a specific type of purchasing cooperative where consumers gain access to products and services. Food cooperatives are grocery stores that are structured as a co-op, and it is the most common type of consumer co-ops.

Which is the largest co-operative society in India?

Indian Farmers Fertiliser Cooperative (IFFCO)
Indian Farmers Fertiliser Cooperative (IFFCO) It is headquartered in New Delhi. IFFCO is the biggest cooperative in the world by turnover on GDP per capita. IFFCO is India’s largest fertiliser manufacturer.

What are the types of cooperative banks?

Types of Cooperative Banks in India

• Primary Co-operative Credit Society. The Primary Co-operative Credit Society is an association of borrowers and non-borrowers residing in a particular locality.
• Central Co-operative Banks.
• State Co-operative Banks.
• Land Development Banks.
• Urban Co-operative Banks.

Do cooperative societies pay tax in Nigeria?

Taxes. Cooperative Societies are exempt from payment of company income tax on the profit or income generated from its activities including shares or interest held in other entities.