There are many regulatory bodies in Nigeria charged with the monitoring, control, regulation and execution of government policies among organizations and companies in the country. The role of these agencies is to make sure that the rights of consumers and Nigerians in general are secured and protected.
So as to guarantee standards with guidelines and quality in businesses, the federal government sets up regulatory bodies to ensure workers, clients, consumers and the overall population are safe. This article outlines the major regulatory agencies in Nigeria and their functions.
Have you at any point thought about whether it is protected to eat the food you purchase? What about if the items you buy are safe to utilize? For this, the government has set up protectives to help secure all consumers. Organizations and businesses have various government administrative agencies that direct their activities to guarantee moral, secure and proficient strategic approaches.
Regulatory bodies are government agencies that are meant to manage, regulate and implement laws and governmntal policies. Right now, you will find out about the significant business regulatory agencies in Nigeria, their functions and how they can implement laws so as to secure all consumers and the public.
Full List Of Regulatory Agencies In Nigeria And Their Functions
Corporate Affairs Commission (CAC)
The Corporate Affairs Commission was set up through the Companies and Allied Matters Act, which was proclaimed in 1990 to direct the development and the executives of organizations in Nigeria .
Its aim is to be an organization giving enlistment to companies and administration of them. The mission mission of the body is to be focused on giving enrollment and administrative regulations.
Economic and Financial Crimes Commission (EFCC)
The Economic and Financial Crimes Commission is a Government organization in Nigeria that caters the dominance of monetary and budgetary wrongdoings like Advance Fee Fraud (419), Money Laundering, and crimes which have extreme negative results on Nigeria, including diminished Foreign Direct Investments in the nation and corrupting of Nigeria’s national picture.
Standards Organization Of Nigerian (SON)
The Standards Organization of Nigeria (SON) is the body accountable for institutionalization and regulation/ maintaining of standards in Nigeria. Standardization which is the body’s major aim is the way toward causing things to comply with a standard.
Through standadization, specialized models for items are created and actualized dependent on the understanding of various gatherings or elements that incorporate governments, standard associations, consumers and clients.
The SON’s primary duty is to ensure that items that are made locally in Nigeria have the necessary degree of fulfillment wanted by buyers. They accomplish this by ensuring that organizations agree to the approaches of the administration on standardization.
Likewise, they check items for congruity and guarantees that imported products meet the base necessities of industry principles in Nigeria, or other endorsed and trained universal measures. Their point is to continue improving the lives of Nigerians through quality maintenance of quality.
National Agency for Food and Drug Administration and Control (NAFDAC)
NAFDAC is a typical administrative body that each Nigerian knows. It is the administrative organization responsible for defending general wellbeing. It is liable for controlling and keeping up the deal, conveyance, transportation, notice, exportation, importation, assembling and utilization of bundled water, synthetic substances, restorative gadgets, beauty care products, medications and nourishment (directed items) in Nigeria.
Independent Corrupt Practices and Other Related Offenses Commission (ICPC)
It is an administrative body that manages against defilement procedures, examination, and arraignment of guilty parties thereof. This agency is partly similar to the Economic and Financial Crimes Commission, EFCC.
Independent National Electoral Commission (INEC)
This is the body, which was set up to regulate the and conduct free and fair elections in Nigeria. The body is likewise answerable for sorting out and directing races in the nation.
Nigerian National Assembly (NA)
The Constitution states that this body was built up to take laws, request, and legitimate administration of the Federation. The Assembly which is like a regulatory agency has the privilege to set up advisory groups out of its individuals for the check of acknowledged government bills, the activities of legislative organizations and activities of their official agents.
National Bureau of Statistics (NBS)
This organization is responsible for checking and giving insights on different statistics about government activities through Nigeria.
National Examination Council (NECO)
This body is liable for holding a test to examine students that got the higher auxiliary training. After the test, it gives them a general certificate of education as a show of the program learning.
Nigerian Communications Commission (NCC)
This administrative body is responsible for the control of organizations associated with the media communications space in Nigeria. It guarantees the accessibility of high-caliber of broadcast communications and maintain standard media in the nation.
Nigerian Television Authority (NTA)
This regulatory body is subbed under NCC and is responsible for giving the free and unbiased TV broadcasting for all covering through the country.
Power Holding Company of Nigeria (PHCN)
The essential duty of this office is to manage and oversee the utilization of power in Nigeria.
Security and Exchange Commission (SEC)
This organization is responsible for guideline of the protections, delivered for the necessities of the Nigerian Public.
The National Pension Commission (PENCOM)
PENCOM is the government agency in the administration that has the guideline of issues identified with pension benefits in Nigeria.
Federal Inland Revenue Service (FIRS)
The Federal Inland Revenue Service is the organization responsible for evaluating, gathering and representing charges and different incomes pertaining to the Federal Government. The agency authorizes charge laws and guarantees charge consistence by the citizens. It is likewise liable for giving punishments and approvals for misconduct by people and organizations.
Central Bank of Nigeria (CBN)
The CBN Act of 2007 of the Federal Republic of Nigeria gives power to the Central Bank of Nigeria the control and organization of the fiscal and money related arrangements of the Federal Government.
The goals of the CBN include the following:
– guarantee money related issues and ensure steadiness;
– produce and issue legitimate delicate cash in the country;
– and they keep up outer stores to defend the universal estimation of the currency.
Bureau Of Public Enterprises (BPE)
The elements of the Bureau Of Public Enterprises includes the execution of the Nigerian Council on Privatization arrangements on privatization and commercialisation, readiness of open endeavors endorsed by the NCP for privatization and commercialisation, Advising the NCP on further open undertakings which might be privatized or popularized.
Department of Petroleum Resources (DPR)
The Department of Petroleum Resource’s duties is to guarantee consistence to oil laws, guidelines and rules in the Oil and Gas Industry. Their obligations includes observing of tasks at drilling centres, creating wells, creation stages and stream stations, unrefined petroleum send out terminals, processing plants, stockpiling warehouses, siphon stations, retail outlets, other areas where oil is either put away or sold, and all pipelines conveying raw petroleum, flammable gas and oil based goods. These are their applications.
Federal Airport Authority of Nigeria (FAAN)
The Federal Airports Authority of Nigeria plays out the obligations of dealing with all air tasks in the nation. They are responsible for checking flights and guaranteeing wellbeing of aviation routes.
National Orientation Agency (NOA)
The agency that is capable to reliably bring issues to light, give opportune and trustworthy criticism; emphatically change perspectives, qualities and practices; precisely and enough advise; and adequately assemble citizens to act in manners that advance harmony, concordance; and national improvement is the National Orientation Agency.
Regulatory agencies are normally set up to uphold security and quality services, as well as to ensure standards for buyers in the business sectors. As we can’t debilitate all the regulatory organizations that influence the quality of business areas, we have been able to feature 20 key regulatory agencies in Nigeria.