Government Policy

What is Government Policy?

Government Policy is the measure that gives a better guide decisions resulting to positive outcomes that
enhances the community or unit.

Do we have government support in business ?

Yes,there are government support in business and the main purpose is to encourage small medium
enterprise to develop and improve their performance s

1. Small and medium enterprises development agency of Nigeria(SMEDAN) : The increased failure rate
of SMEs made Nigerian government establish several agencies to assist SMEs.Atleast 26 of Nigerian 36
states has set up an SME development agencies. their product and services includes

*Enterprise network initiatives

*Financial empowerment

2. Bank Of Industry (BOI): Their mission is to provide long term funding to Nigerian industry sector eg
Agriculture,ICT,oil and gas,Solid mineral. Their services includes:

*Food and Agro commodity processing

*Graduate Entrepreneurship Fund

*National program on food security

3. Bank of Agriculture (BOA): Their mandate is to provide for agricultural and non agricultural micro
credit,savings mobilization and capacity development.

GOVERNMENT AGENCIES IN BUSINESS

1. Corporate Affairs Commission (CAC)

2.Federal Inland Revenue Service (FIRS)

3.National Agency for Food and Drug administration and control(NAFDAC)

4. Standard Organization of Nigeria (SON)

ROLES OF GOVERNMENT POLICY IN ENTREPRENEURSHIP

1. Invest in Education and training : Government can invest in Education and training programs to help
entrepreneurs acquire the knowledge they need.
2. Encourage Innovation: Entrepreneurship is closely tied to innovation and government can promote
innovation by investing in research and development by providing tax incentives for companies that
invest in new technologies

3. Provide access to funding: One of the major challenge is to access capital and this can be helped by
the government by providing funding through grants,loans and other financial incentives.

4. Create a supportive Legal framework: A legal body is essential to help the entrepreneurs in their
business in such a way that their intellectual properties is protected.

EFFECTS OF GOVERNMENT POLICY IN BUSINESS

1. Cost of running business

2.Trade regulation

3. Loan and Interest rate.

4. Truthful Advertisement

5. Revenue generation