RESILIENCE AND ADAPTATION OF COOPERATIVE BUSINESSES IN NIGERIA DURING THE COVID-19 PANDEMIC: A CASE STUDY ANALYSIS.
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This paper delves into the theme of resilience and adaptation in Nigerian Cooperative Businesses during the COVID-19 Pandemic. The primary objectives of this study are as follows: examine the financial challenges faced by cooperative societies in Nigeria as a result of the COVID-19 pandemic and the measures implemented to contain it, evaluate the effectiveness of government support programs and policies in mitigating the impact of the COVID-19 pandemic on cooperative societies in Nigeria and assess the strategies employed by cooperative societies to maintain business continuity and sustain operations during the COVID-19 pandemic in Nigeria. This study contends that cooperative societies possess a pivotal role in the transformation into sustainable and resilient communities in the post-COVID-19 era. It explores the contributions made by cooperative organizations in response to both previous and ongoing crises across different regions. The article discusses the role of umbrella organizations and how their initiatives can facilitate a cascading effect throughout the cooperative movement, exemplifying instances of stimulus packages and their alignment with policies. The paper also provides a concise overview of prominent national cooperative enterprises and apex organizations, underscoring their significant contributions to enhancing resilience and sustainability. The author underscores the substantial role that cooperative businesses are playing in fostering inclusive and sustainable development at the grassroots level. In conclusion, while some cooperative societies grapple with the fear of losing investments or facing business closure, the COVID-19 pandemic has presented opportunities for cooperatives to advance cooperative innovation, strengthen value addition, and bolster the marketing of cooperative products. Consequently, it is recommended that both the government and cooperative stakeholders take economic intervention measures to preserve cooperative business enterprises and empower cooperative members through a well-structured economic recovery program.