The significance of government regulation and control of business in a developing economy lies in the fact that with laid down rules (laws) guiding the operation of business organization particularly in developing economy, their would be all sorts of business malpractices that will not hinder the growth and development but also drawn the economy.
The task of the research work is to investigate and examine government regulation and control of business in developing economy using Sunrise Flour Mills Nigeria Plc as a case study with the view to establish why government regulates and control business is to identify general acceptable solution to their problems.
In this course of research, primary and secondary sources were used to obtain information. Having analysed the data tested, the researcher discovered the following:
The researcher recommended the following:
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.2 STATEMENT OF THE PROBLEM
1.3 PURPOSE OF THE STUDY
1.4 SCOPE OF THE STUDY
1.5 RESEARCH QUESTIONS
1.6 RESEACH HYPOTHESIS
1.7 SIGNIFICANCE OF THE STUDY
1.8 LIMITATION OF THE STUDY
1.9 DIFFINITION OF TERMS
REFERENCES
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 WHAT IS REGULATION?
2.2 WHY GOVERNMENT REGULATES AND CONTROL BUSINESS IN A DEVELOPING ECONOMY?
2.3 TOOLS USED BY GOVERNMENT FOR EFFECTIVE AND EFFICIENT REGULATION AND CONTROL
2.4 HOW GOVERNMENT REGULATES SUNRISE FLOUR MILLS LTD AND UAC FOODS NIGERIA PLC
REFERENCES
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 RESEARCH DESIGN
3.2 AREA OF THE STUDY
3.3 POPULATION OF THE STUDY
.3.4 SAMPLE AND SAMPLING TECHNIQUE
3.5 INSTRUMENT FOR DATA COLLECTION
3.6 VALIDATION OF THE INSTRUMENT
3.7 RELIABILITY OF THE INSTRUMENT
3.8 METHOD OF DATA COLLECTION
3.9 METHOD OF DATA ANALYSIS
REFERENCES
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
4.1 DATA PRESENTATION AND ANALYSIS
4.2 TEST OF HYPOTHESIS
4.3 SUMMARY OF RESULTS/FINDINGS
REFERENCES
CHAPTER FIVE
DISCUSSION, RECOMMENDATION, AND CONCLUSION
5.1 DISCUSSION OF RESULT/FINDINGS
5.2 CONCLUSION
5.3 IMPLICATION OF THE RESEARCH FINDINGS
5.4 RECOMMENDATIONS
5.5 SUGGESTIONS FOR FURTHER RESEARCH
REFERENCES
BIBLIOGRAPHY
APPENDIX 11
CHAPTER ONE
INTRODUCTION
This could be traced back before, the independence of Nigeria. Then, there was little or no manufacturing taking place. The role envisaged for the colonies by our colonial masters was that of producers of raw materials and consumers of finished products. Planned industrial development did not really commence until after Nigeria gained her sovereignty, there was change in economic activity due to the power shift from the colonial masters to the Nigerians. (INDIGENISATION POLICY OF 1972).
In order to consolidate her political positions, Nigeria government started to encourage individuals to establish industries mainly for import substitutions. Manufacturing firms were set –up by private individuals for production of goods and services such as food processing, agro-allied industry, chemical, pharmaceutical industry, based industry & petrochemical industry etc.
Owing to the government encouragement on indigenization programmes in 1972 more business were established (as mentioned above). Also because of the vital roles business play in the economy, more manufacturing / multinational companies were established so as to stimulate economic activities and as a means to develop the economy as a whole. Although, ever before the independence, most manufacturing sector that were operating in Nigerian economy were largely owned by foreigners and due to the indigenization programme that encouraged private owned businesses, Nigeria took interest in the operation and establishment.
Most of the business owners or manufacturers were profit conscious instead of the consumer protection.
In fact, almost everybody wants to make it fast, and become a millionaire overnight. This ambition is what made most manufacturers to be producing low standard products which are detrimental to the health of the general public. Most products are below standard and do not at times achieve the objectives of their production.
(Nnenna B. Ani, 1999: 9) Because of the values average Nigerians attached to money (wealth), no matter how the wealth is a acquired, they don’t care to know.
This is why people go into swindling (419) where they dupe unsuspected business men or innocent members of the public.
Instead of causing more harm to the Nigeria economy, they should have gone into goods and services productions in other to will improve on the economy. (Nnenna B. Ani, 1999:2) Thus conserving our dwindling foreign exchange earnings and generating employment opportunities for our school leavers and university graduates and earns some foreign exchange for the economy just as there was a tendency that manufacturing system / multinational companies will be of great help to the whole economy.
(Ojemba G. Agbo. 1999:67) They are a few things a developing country needs as much as multinational companies. These are few contributions from which it can benefit so much as from the multinational corporation can make. In the economy of developing or less developed countries in which Nigerian is one, the impact of Multinational Corporation may be described as follows;
Health, employment, education, creation of industries, skills development, social responsibility etc. So the companies like UAC foods plc, Gumess, smith Laline Beedan, M&B etc, have through these provisions really created a great development to our economy.
On the other hand, many harm have been done to the development of the Nigerian economy, there are loops holes on the total development. They have not been performing as expected. Sunrise floor mills and UAC foods Plc in Enugu state have not found to be different in the case of ignorance and mismanagement of resource.
Because of the damages caused by most business to the economy as a developing one, government therefore embark on regulation and control of business to enhance this level of productivity and also to make positive impact on the economy.
1.2 STATEMENT OF THE PROBLEM
The performance of business organization in Enugu State is major source of concern and worry to all well meaningful citizen of the state, even the state government Most of the business organization in Enugu State are equipped with numerous men, materials and other resources to manage.
Inspite of government regulation and control aimed at setting these businesses on a sound footing, the management of these business organizations have proved to be inefficient, ineffective and non-result oriented. Even the government owned industry performed woefully.
Looking intently at this statement, we can deduce that Nigeria is endowed with many natural resources, numerous to mention, inspite of the level of natural resources that Nigeria has, mismanagement, lack of direction and misappropriation among others are the factors that are militating against the development of the Nigeria economy.
The researcher will however go further to add other factors as government regulation and control imposed on these business organization which have proved to be impediment to the profitability of these business. These regulation and control include appointment to this business of unskilled/or untrained staff.
1.3 PURPOSE OF THE STUDY
The broad purpose of the research is to study government’s regulation and control of business in a developing economy. The specific purposes are to find out,
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