Regulatory bodies in Nigeria are the government agencies or public organizations set up with the aim of carrying out regulatory functions for some aspects of human activities. The regulatory agencies ensure people follow the laid down laws by the government or public organizations to create assurance of a safe environment. The following people that are obliged to follow the laws include businessmen or women, a worker, a consumer, etc. These laws govern environmental, social, or economic matters, and safety, health, employment, and crimes revolve around human activities. The regulatory agency implements the laws laid down by the government to create principles for businesses and to ensure the safety of consumers and workers.
List Of Regulatory Bodies In Nigeria And Their Functions
- Corporate Affairs Commission (CAC)
The CAC is concerned with legalizing the operation and formation of companies in the country. The function of the CAC is to ensure the implementation of the terms of the Companies and Allied Matters Act (CAMA). The CAMA is the primary law guiding the operation of companies in the country. Businesses cannot be registered without this autonomous body. The CAC has its head office in Abuja.
- Central Bank Of Nigeria (CBN)
This section of the regulatory agency is concerned with finance and its regulation in the country. It is the highest authority for managing the monetary affairs of the country. Its functions include managing debt, maintaining fiscal stability, providing credit, and balancing the increase in prices.
- Economic And Financial Crimes Commission (EFCC)
EFCC is concerned with investigating issues involving money fraud, money laundering, or any other financial crime.
- Department Of Petroleum Resources (DPR)
The DPR ensures that citizens of Nigeria comply with the petroleum laws and features of the Oil and Gas industry in the country. Its primary aim is to coordinate the preparation of documents relating to the petroleum reserves and ensure they maintain the proper standards.
- Nigeria Communications Commission (NCC)
This agency is concerned with businesses that revolve around telecommunications in the country. The NCC ensures that the services provided by the telecommunication companies are qualitative throughout the country. They also allow competition amongst operators in the telecommunication industry.
- Federal Inland Revenue Service (FIRS)
Taxes levied on businesses from the Federal and State government are assessed, taken, and accounted for by the FIRS. They also carry out the function of collecting revenues accrued to the government. The agency is most importantly saddled with the responsibility of enforcing tax laws and ensuring compliance with the laws. Penalties and sanctions are given to individuals who fail to comply.
- National Agency For Food And Drug Administration And Control (NAFDAC)
NAFDAC is a regulatory body that safeguards the health of the public. This agency is saddled with the responsibility of coordinating the production, distribution, sale, import, export, and consumption of drugs, food, chemicals, cosmetics, packaged water, and medical devices in the country. Their primary aim is to protect the health of the citizens of the country, hence, they perform proper investigations on regulated products consumed in Nigeria.
- Standards Organisation Of Nigeria (SON)
SON is concerned with making products align with the technical standards and ensuring that goods locally produced in Nigeria meet up the required satisfaction the consumers demand. Not only are they focused on locally made goods, but they also check imported goods to ensure they meet the standard minimum requirements in Nigeria. Their primary aim is to improve the lives of Nigerians through standardization.
- Federal Housing Authority (FHA)
This agency was established with the purpose of giving recommendations to the government on issues concerning accommodation in urban and regional areas in the country. Its primary aim is to deliver quality houses to the citizens of Nigeria.
- Economic Community Of West African States (ECOWAS)
One out of the five units of the African Economic Community (AEC) is ECOWAS. ECOWAS is a regional body known for providing support to surrounding countries for economic growth. Other functions of the agency include protecting human rights, managing peace and stability, and implementing policies for economic growth.
- Federal Aviation Authority Of Nigeria (FAAN)
FAAN is responsible for checking the airports in the country with the aim of ensuring the safety of the aircraft and the passengers as well. They also ensure the fast operation of the aircraft.
- National Bureau Of Statistics (NBS)
The NBS supervises and publicizes research-based statistics that are conducted throughout the country.
- Nigerian National Assembly (NNA)
In accordance with the constitution of the country, this regulating agency takes the law that promotes peace, and proper governance. This agency can as well establish committees from its members.
- Nigerian Air Force (NAF)
The main function of this agency is to protect Nigerians from any possible threat by training personnel who embark on combat operations.
Other regulatory agencies in the country include:
- The National Pension Commission (PENCOM)
- The Consumer Protection Council (CPC)
- The Securities and Exchange Commission (SEC)
- Nigerian Army (NA)
- Nigeria Deposit Insurance Corporation (NDIC)
- Nigeria Television Authority (NTA)
- Power Holding company of Nigeria (PHCN)
- West African Examination Council (WAEC)
- National Health Insurance Scheme (NHIS)
Several other agencies overseeing different matters are present in Nigeria. It is expected of every individual to know which of the agencies apply to our jobs and comply with their laws. The coordinated work of the government and these agencies will help increase the economic development of the country.
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