Every business in Nigeria is regulated by laws. There are agencies charged with the responsibilities of enforcing these laws. These laws and regulatory agencies play crucial roles in the Nigeria economy. A business, start-up, and entrepreneur cannot ignore their existence. Even if it chooses to, it does so at its own peril.
As an entrepreneur, start-up, and existing business it is important you know:-
- The laws, regulations, and agencies responsible for your line of business.
- The benefits of such laws and regulations.
- The responsibilities of the agencies.
I have considered why you need to know all these in Start-ups:- Your business and The Law. There are many laws and agencies in Nigeria. It is hard to know all of them. Not even those in the business of law do. However, they are in better position to guide you. The article, how to know the laws and agencies regulating your business is instructive on this. Also, you can read the article, Entrepreneurs:- Some laws and agencies you must know.
Some of the benefits of these laws and regulations are:-
- They set standards for the operations of businesses.
- They serve as nurturing aid to businesses.
- They serve as balancing. Unregulated business may lead to undesired outcomes like unfair market practices, pervasive corruption, financial crisis, and even criminality.
- They set out grants, fiscal concession, and incentives available for businesses
As a business owner, you should not ignore the laws relevant to your line of business. You should also consider taking benefits of some of the programs and incentives offered by the relevant agencies regulating a law. After all, taxes paid more often than not keep these agencies afloat.