Types of cooperative societies:
i. The consumers’ cooperative society: The consumer’ cooperatives are made up of consumers. They buy essential goods in bulk at wholesale prices and sell to members and non members at retail prices. Members share the profits at the end of the year according to patronage. Consumer’s cooperatives are common among salary earners in Nigeria.
ii. The producer’s cooperative society: This is an association of the producers of a commodity that have come together for the purpose of either producing jointly or marketing jointly. Profits are shared at the end of the year according to patronage. Examples of producers cooperative are found among farmers in Nigeria.
iii. The credit and thrift cooperative society: This is formed to inculcate saving habits among members. The society also facilitates borrowing by members. The credit and thrift cooperative are common among workers. Profits in form of dividends are shared among members at the end of the year according to patronage.
