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The fulfillment of the above desires . THE IMPACT OF GOVERNMENT POLICY ON THE GROWTH OF SMALL AND MEDIUM SCALE BUSINESS IN NIGERIA. This can include lobbying of Congress and state legislatures and executive branch agencies directly through its own government relations specialists, through an industry trade association, through consultants, or through a combination of all those avenues. This could in turn have an effect on a business. A simple and straightforward code makes compliance easier for all rules and by extension makes it more likely that rules achieve desired outcomes. Keywords: Business, Government, Society, Corporate Social Responsibility, Business Ethics, Philanthropy, Nigeria. Tax is a major sources of government revenue all over the world. Williams, H. T., (2018). Also, despite government efforts to increase participation through reduced cost and the ability to register under a day, several businesses lie outside the formal registered business (SMEDAN Online: https://smedan.gov.ng/); hence depicting the ease of business start-ups in Nigeria. The Regulation of Courier and Logistic Companies in Nigeria The firms may be owned by the government or by members of the government. the challenge before this study is to examine . The principal law governing the registration of companies and other business entities in Nigeria is the Companies and Allied Matters Act ("CAMA"), (Cap. These laws include but are not limited to: The Companies and Allied Matters Act (This is the primary law that governs companies' formation and maintenance in Nigeria) Companies Income Tax Act. #10. . With time it became The act is unfriendly to business relationship between both countries," he said. (MSc) [Department of Business Administration,Bowen University,Iwo,Nigeria] IJMSSSR 2019 VOLUME 1 ISSUE 2 MARCH - APRIL "The population growth rate consistently exceeds the capacity of the economy to produce sufficient jobs. This will help in the design of regulations. Government Regulations and Their Impact on the Growth of Small-Scale Industries in Nigeria. Government use tax proceeds to render their traditional functions, such as provisions of public goods, maintenance of law and order, defense against external aggression, regulation of trade and business to ensure social and economic maintenance. Government policies that affects Small and Medium Scale Enterprises (SMEs) by Gbenga Agoye. The impact of government policies on business growth of SMEs in South Western Nigeria Alabi F.A(MSc), David J.O,(MSc) and Aderinto O.C. In this paper, we examine the expected economic impact of government actions, such as social distancing measures, public awareness programs, testing and quarantining policies, and economic support packages, during the COVID-19 pandemic by analyzing the effect of such actions on stock market returns. An empirical investigation of the impact of exchange ratefluctuations on firm's performance in Nigeria.Journal of Business Management and Economic Research, 2(3), 1-10. Revenue Generation: It's Impact on Government Developmental Effort (A Study of Selected Local Council in Kogi East Senatorial District) Edogbanya, Adejoh α & Mr. Ja'afaru G. Sule. ICLG - Digital Business Laws and Regulations - Nigeria covers e-commerce regulations, data protection, cybersecurity framework, cultural norms, brand enforcement online, data centres and cloud location, trade and customs, tax treatment for digital businesses and more in multiple jurisdictions. should come up with a uniform tax policies that will favour the development of SMEs in Nigeria and government should put into consideration the size of SMEs when setting tax policies. Before technology, it was easy for governments to get a piece of the pie in every sector through taxes and fees. Business Lobbying. As a Republic there were businesses that were run by the government. He disclosed that the Nigeria Data Protection Regulation (NDPR) 2019 was in full effect to build trust between the government and the governed, with non-compliance attracting stiff penalties. The general objective of this study is to examine the impact of government policy on the growth of small and medium scale enterprise while the following are the specific . Company structure. Trade regulations: there are some regulations set up by the government to guide the descent marketing of goods in the country. Every business operates within an economic environment and are therefore susceptible to the changes that takes place in the economic policies overtime. Second, policy outcomes are more predictable when the potential for unintended interaction effects is reduced. It is the only Nigerian newspaper with a bureau in Accra, Ghana. A greater level of government spending often stimulates the economy. Credit: NCC. If thoughtfully created and implemented, government policies and regulations can facilitate and boost entrepreneurship activities, sadly bureaucratic procedures and corruption at all levels hinder the . . 11. 12. It circulates in Nigeria and Ghana Some are of the opinion that politics (i.e government) impact on business is overrated while another School of Thought believes that politics has a very large impact on business. The impact of government policies on Nigeria economic growth (case of scal, monetary and trade policies) Olufemi Samuel Adegboyo*, Sunday Anderu Keji and Oluwadamilola Tosin Fasina Abstract This study examines the impact of scal, monetary and trade policies on Nigerian economic growth from 1985 to 2020. Business Enterprises. This study adopts endogenous growth model (AK model) as its theoretical framework. Policies that positively influence start-up costs and capital access Before anyone embarks on any entrepreneurial activity, they must . "Effect of Government Policy and Regulations on the Growth of Entrepreneurial Women Micro and Small Enterprises in Trans Nzoia County, Kenya" 13 International Journal of Research in Business Studies and Management V3 I10 October 2016 to distribute incomes in both rural and urban areas, and within gender (RoK, MSME Survey, 2016). If your company runs afoul of any of these regulations, the federal trade commission might contact you. The study focused on inheritance rules in Enugu state. development in Nigeria into four . Retirement. Government should continue to play its major roles of regulating the entrance, operations and exit of business enterprise in Nigeria. One possible explanation why some hybrid regulations in the oil and gas sector had previously limited success is that the government was not ambitious, focused or effective enough in terms of outcome-setting and/or was too closely involved in terms of process-setting; for instance, studies demonstrate that the crucial limitation of the . environmental effects and the government regulations which is most affecting . Nigerian Investment Promotion . The CBN has, however, not issued any regulations to that effect. These laws have overtime affected the industry. President Buhari Signs the Companies and Allied Matters Bill, 2020. Introduction: Acting on the advice of the Federal Ministry of Health and the Nigeria Centre for Disease Control ("NCDC"), the President of the Federal Republic of Nigeria issued the COVID-19 Regulations, 2020 ("the Regulation") on 30 th March 2020. "The CBN N100Bn fund is a good reaction. On August 20, the guidelines for e-hailing companies in Lagos will come into effect. of Economics . Nigeria's government needs to take follow in these steps. But the new regulations are inconsistent and fraught with privacy issues. EFFECT OF GOVERNMENT REGULATIONS ON NEW BUSINESSES . This study examines the impact of fiscal, monetary and trade policies on Nigerian economic growth from 1985 to 2020. He said that the forum provides the commission with a unique opportunity to engage with its licensees in a collaborative atmosphere which, in turn, enables it to jointly examine issues that are negatively affecting licence compliance and industry growth. corporate social responsibility a necessity to nigeria business organizations : 243. effect of government regulation on business : 244. effective implementation of organizational policies and procedures in nigeria business: 245. effects of motivational incensives on productivity: 246. Advertising. Nigeria: Govt Says Price Hike Won't Affect Free Meters, Expert Blames Forex. Businesses lobby in different ways. . These government . Effects of Terrorism on the International Business in Nigeria Oladimeji, Moruff Sanjo (Ph.D) Dept. Similarly, all the agencies of government saddled with the responsibilities of monitoring the activities of operators should be gives sufficient powers to prosecute erring operators. Business Day, established in 2001, is a daily business newspaper based in Lagos. with degree of government regulation of markets. These laws have overtime affected the industry. Nigeria is an import-heavy economy with potential for growth requiring a renewed focus on infrastructural development. For instance, government regulations and controls on age of aircraft, maintenance check, multiple taxation as well as logistic for clearing are serious threats to expansion and growing concerns of firms in the sector. in the ever-changing corporate landscape and move their businesses to the next level. . "The popularity of OTT in Nigeria has drastically increased with the COVID-19 pandemic, among other factors fueling its demand even further and hence its regulation. A deep dive into the proposed guidelines for e-hailing companies in Lagos. 2. Business laws and regulations in Nigeria as well as government policies in business were not discussed. 2.2 Political Environment in Nigeria and Business growth 2.3 Government regulatory Agencies and the Growth of Business 2.4 International Environment and the Growth of SSIs in Nigeria. Assessing the Impact of Conflict on Development in North-east Nigeria. Journal of Money, Credit and Banking; 17(2):198 - 208. One negative effect of these on the society is that business owners will have to spend more on security measures, thereby leading to an increase in the cost of running their businesses. 4. The fear of many Businesses in Nigeria arises from two basic points namely: 1. In early 2017, the government launched the Economic Recovery and Growth Plan (ERGP), 20 which led the drive to review previous policy decisions. 2. Emma Okonji. Shokunbi said that the regulation was also affecting the landing cost at the border in Nigeria comparable to Apapa port and others. This is a critical issue for businesses, as penalties for worker misclassification continue to have a significant financial impact on employers of all sizes. 2. The cost associated with such decision (s): Businesses don't take active role in politics in Nigeria because of the cost associated with such moves when the outcome will eventually be of benefit to the . The statement said Pantami, who spoke at the forum titled, 'The Future Of Trust In Data A A Force For Good,' disclosed that the Nigeria Data Protection regulation 2019 is in full effect to . With the passage of the SECURE Act in December 2019, one of the most impactful provisions allows employers of unrelated businesses to band together under one pooled . According to the Ministry of Communications and the Digital Economy, the Courier and Logistics Services (Operations) Regulations 2020 (the "Regulations") is the regulatory framework needed to enhance the operations of courier and logistics services in Nigeria 2. 1. 1. In this article, you will learn about some government laws that affect businesses in Nigeria which every entrepreneur must know. Government policies often affect . The regulatory body that is in charge of implementing the provisions of the CAMA is the Corporate . The primary law governing companies and businesses in Nigeria is the Company and Allied Matters Act (CAMA). Nigeria's continued under-development of its shipping industry, poor infrastructure at the ports, pollution, unease of doing business, absence of synergy between government and foreign trade . The unreliable nature of Nigerian politician (s). Business setup and operation in Nigeria are governed by various laws. Government policies in Nigeria that affect businesses include; minimum wage, taxation excise duties, interest rates trade regulations etc. (file photo). Tags: Effect of Government Regulation of Business Performance, explain the techniques of business regulation by the government, government regulation of business pdf, government regulations and control of business in nigeria, government regulations that impact on a business, how does government regulations impact a business, negative effects of . The unit root test results reveal that there is mixed level of stationarity in the variables. This influences factors like taxes and government spending, which ultimately affect the economy. . (A Study of West African Ceremics Ajeokuta, Kogi State) . Introduction The involvement of government, business and civil society institutions in the diagnosis and solution of societal . The study covers the effects of government regulation o business management in Nigeria, however for effective and proper conduct of the research work, the study is being restricted to be carried out in Nigeria breweries, Plc, Oyo State because of convenience Liquidity structure adjustment behaviour of large money centre banks. Changes in regulation. According to him, the hike in duties imposed on third-party transits had adverse implications for Nigerian businesses. The bound test result shows that the variables cointegrate. It is given at less than nine per cent interest with one year grace period (moratorium). Government regulations. It has both daily and Sunday titles. The . Government Regulations. Effect of government policies on entrepreneurship Governments establish many rules and regulations that guide businesses. regulations. To achieve this objective, the new regulation provides for the following categories of licences . formation of such businesses; thereby leading to the unintended and quite disheartening consequence of a decline in the volume of private sector participation in the economy. Tax: . This is another factor that affect the ease of doing business in Nigeria as government make the big decision on how business gets done in Nigeria. CAMA 2020: Reforming Provisions That Impact The Nigerian Business Community. PLC) . government ministry, department etc) to deduct at source withholding tax at the rates specified (see chart), to remit the tax deduction to the relevant office of the Federal Inland Revenue Service and to issue a receipt for the tax so deducted . How Regulators Negatively Affect Businesses In Nigeria - Adewale Bankole & Oluwafisayo Ayita. Raji told the News Agency of Nigeria (NAN) on . February 10, 2018. in Economy & Politics, Financial Literacy. Value Added Tax Act. Published: 07/06/2021. Sep 13, 2021 . New policies included an investor and exporter foreign exchange window (IEFX) and a tightening of monetary policy. citizens involved in these businesses. Monopolization: Preserving a monopoly position through the acquisition of competitors, the exclusion of competitors to the given market, or the control of market prices. Although some of them appear to be in favor of business owners while some are not. Ayokunnu Ojeniyi to speak on EBES, NAP 5.0 and Improving Nigeria's Business Environment. Dr. Godwin Emefiele, Governor, CBN. The principal law governing the registration of companies and other business entities in Nigeria is the Companies and Allied Matters Act ("CAMA"), (Cap. Withholding tax Act. Cryptocurrency and government regulation in Nigeria. Some of the relevant laws regulating corporate business in Nigeria include the following: . environment in Enugu state. The World Bank Country Director for Nigeria, Shubham Chaudhuri has called on the Nigerian government to consider the opportunity cost of its continued fuel subsidy practice and decide . Banking Regulation in Nigeria remains a topical issue.

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