Prospects of platform cooperatives among agripreneurs in Lagos State, Nigeria

Abstract

Ceaseless efforts have been on to improve the livelihood of rural-urban people through many channels. One medium is the exploitation of the growing application of internet-based facilities. This study investigated the feasibility of a platform cooperative; a website, mobile application, or another kind of online platform that is structured as a cooperative being owned democratically by the users and other stakeholders, as a medium of improving rural-urban income. A survey design was adopted while primary and secondary data were used. A questionnaire was administered to 210 agripreneurs using a simple random sampling technique but 170 were successful for analysis. Data were analysed using content analysis, descriptive statistics, net present value, and internal rate of return. Findings revealed that platform cooperative promotes the exchange of goods and services in agribusiness and boosts the income of members. Also, 38.82% were aware of platform cooperatives. The requirements, such as internet, computer gadgets, and software, for setting up platform cooperatives are available in the study area. It is financially feasible with a net present value of N1,407,150:00 and an internal rate of return of 95.66% over a 5 years period at a 14% discount rate. It is recommended that investment in platform cooperative establishment should be given top priority by entrepreneurs and the supervisory agency of cooperatives. Platform cooperatives should be encouraged through public enlightenment programmes to promote inclusive income growth.