Uplifting the Socioeconomic Life of Rural People through the Provision of Credit facilities and Entrepreneurship Development: The Role of CUSO International

Abstract

The study examines the correlation between Canadian University Student OverseaInternational credit facilities, entrepreneurship development programme and the socio-economic life of rural people in Southern Senatorial District. Adopting the survey research method, data was collected from 400 participants from a population of 3847 beneficiaries of the various CUSO programs in Southern Cross River State, using a structured questionnaire. The participants were selected using proportional stratified and accidental sampling technique. Elicited data was analyzed using descriptive statistics before the result was then subjected to correlation analysis at 0.05 confidence level. The descriptive analysis revealed that all the participants, 371 (100.00%), were beneficiaries. 335 (90.30%) participants reported that their socioeconomic status has improved since they benefitted from the CUSO microcredit scheme. 352 (94.88) participants reported that they were beneficiaries of the CUSO entrepreneurship program. 346 (93.3%) reported that the entrepreneurship development program has helped improved their employment status. From the parametric statistics carried out, it was discovered that there was a statistically significant correlation (r (369) = 0.113; p <0.05) between CUSO credit facilitiesand the Socioeconomic life of rural people. The result also revealed a statistically significant relationship between CUSO international entrepreneurship development programme and the Socioeconomic life of rural people. The study thereby calls for an expansion in the number of beneficiaries of the CUSO program.