BACKGROUND OF THE STUDY
In a country with a mixed economy, such as Nigeria, the government and individuals work together to manage the economy. This means that individuals, groups, and governments at all levels are allowed to form businesses. Local government, state government, and federal government are the three lowest levels of government, respectively. In today’s globe, mixed economies appear to be the most common economic system; nevertheless, the degree of mixing differs.
As a result, in this sort of economy, the government plays an essential role. Given the importance of government commercial regulation in the country, Article 16 (1) and (s) of the Federal Constitution of 1979 specified the government’s regulatory role over commercial activity. The first was also modified in 1984.
Section 16 (1) declares that the state must govern the national economy within the framework of this Constitution’s ideals and purposes in order to achieve maximum welfare, liberty, and freedom. Citizens with energy based on social justice and equality of status and opportunity. Without prejudice to their right to operate or participate in sectors of the economy other than the primary ones.
The major section is defined as activities directly related to the production, distribution, and exchange of wealth or commodities and services in Section 4 of Section 16. These major economic sectors will be announced on a regular basis by a resolution of each Chamber of the National Assembly, and will be governed solely by the Federation’s government.
These policies could be monetary or fiscal in nature. Fiscal policies are a macroeconomic instrument that entails the use of government spending and taxes (T) to guide the economy of a country toward achieving predetermined economic goals. On the other side, monetary policy is the control of money as well as the conditions and availability of credit. Business operations can be regulated by the government.
To summarize, the government can control business in Nigeria through other ways such as import levies and tariffs in order to safeguard native businesses and producers from foreign competition. As a result, the purpose of this research is to look at government policies as a tool for building a business-friendly climate.
STATEMENT OF PROBLEM
The government’s influence on business can take numerous forms. The study’s goal is to look at the regulation or government regulation that affects small and medium businesses, as well as to offer ways to improve the efficiency of the organization through regulation. The government has understood that political freedom is meaningless without economic independence.
Experts and professionals have raised various questions about government regulation, particularly with regard to small and medium firms, which this study has attempted to answer. These are some of them:
a. Can government regulation in organizations be reduced to a minimum and premature regulations eliminated?
c. Is it possible to have an organization without regulations?
c. Is regulation advantageous or harmful to the organization’s goal?
d. How may regulation improve the efficiency of an organization?
OBJECTIVES OF THE STUDY
The study’s major goal is to evaluate government policies as a tool for building a business-friendly environment. The study’s particular aims are as follows:
1. Determine whether policies exist in small and medium-sized businesses.
2. Examine and evaluate the organization’s numerous policy traceable policies.
3. To determine whether a certain policy method exists in small and medium-sized businesses.
4. To identify any issues that may arise while governing the organization.
5. To determine the impact of policies on small and medium-sized businesses (activities).
Is there any policy in place for small and medium businesses?
2. What are the numerous policies that may be traced in the organization?
3. Is there a specific policy procedure in place for small and medium-sized businesses?
4. What are the issues you’re having with the organization’s regulation?
5. What are the policy implications for small and medium-sized businesses? (activities).
SIGNIFICANCE OF THE STUDY
Due to unfair rates and regulations, business has been heavily chastised. Through trusts and corporate mergers, economic power has been concentrated in the hands of various processing and manufacturing businesses. Meanwhile, in order to save the economy, this government has enacted a slew of regulatory measures that benefit the following individuals:
Employers, to begin with
b. Staff members
c. Customers, customers, customers, customers, customers, customers, customers, customers, customers,
Indeed, it is because of these factors that it is vital to investigate the impact of government policies on the management of various enterprises in Nigeria.
SCOPE OF THE STUDY
The study of government policies as a tool for building a business climate is expected to cover a wide range of private and public sector businesses. The researcher decided to limit the issue to the effects of government policy on business and how it affects firms in order to manage the topic and carry out the investigation properly.
Although, due to the various nature of business, a general reference will be made.
DEFINITION OF TERMS
The following terms or words will be defined in this study:
Simply put, a business is an economic activity that produces commodities and/or services.
Mixed Economy: This is an economic system in which the country’s economic operations are jointly managed by private individuals and the government.
Fiscal policy is a technique or measure that the government employs to regulate the economy through taxation and spending.
Monetary Politics: Another tool used by the government to regulate the quantity of money as well as the terms and availability of credit in the country is monetary politics.
Government: It is a body tasked with running a state or nation’s affairs.
Policy: This is the system by which the government regulates economic activity.