Leveraging Blockchain and Data Analytics for Transparency and Excellence in Cooperative Management in Nigeria

Abstract

This study examined the effect of blockchain technology and data analytics on transparency and excellence in cooperative management in Nigeria. Despite the digital transformation agenda, many cooperatives still operate with manual records, leading to fraud, poor accountability, and inefficient decision-making (CBN, 2023; NBS, 2024). The study was anchored on the Technology Acceptance Model (TAM) by Davis (1989) and the Resource-Based View (RBV) by Barney (1991). TAM explains the adoption of blockchain and analytics, while RBV explains how these digital resources create competitive advantage and excellence. The study adopted a descriptive survey design. The population comprised 8,500 registered cooperative societies in Nigeria with computerized operations and 300 ICT managers of cooperative federations and fintech partners (Central Bank of Nigeria, 2024). Using multi-stage sampling, 369 cooperatives and 60 ICT managers were selected across South-West, South-East, and the Federal Capital Territory (FCT). Three executives per cooperative served as respondents, giving a total of 1,167 respondents. Data were collected using a structured questionnaire with a Cronbach's alpha reliability of 0.91. Data were analyzed using descriptive statistics, Pearson correlation, and hierarchical multiple regression at the 0.05 level of significance with SPSS Version 27 and SmartPLS 4. Results showed that the level of blockchain adoption was moderate (M = 3.21, SD = 0.94), while data analytics adoption was high (M = 3.78, SD = 0.82). Hierarchical regression revealed that blockchain technology and data analytics significantly predicted transparency, R² = .658, F(2, 1164) = 1118.42, p < .001, and excellence in management, R² = .702, F(2, 1164) = 1369.88, p < .001. Specifically, data analytics (β = .412, p < .001) was the strongest predictor of excellence, while blockchain (β = .386, p < .001) was the strongest predictor of transparency. The combined use of both technologies explained 18.3% additional variance beyond individual use. Major challenges to adoption were high cost of implementation (84.2%), poor digital infrastructure (77.6%), and low technical capacity (71.4%). The study concluded that leveraging blockchain and data analytics significantly enhances transparency and excellence in cooperative management. It was recommended that government, CBN, and cooperative federations should subsidize blockchain infrastructure, mandate digital audit trails, and invest in capacity building for cooperative ICT personnel to drive digital excellence.