Government policies are set of principles, rules and regulations set aside by the government to enhance decision making and action on specific issues.
Prior to this topic, the government policies on businesses in Nigeria currently are; monetary policy, trade policy, fiscal policy, tax policy, regulatory policy, and industrial policy amongst others.
These policies are set aside to ensure that businesses produce standard and quality products through these regulatory means, and to also ensure that these products have no negative effects on the consumers of the products.
The effects of these government policies can either be positive or negative, sometimes both occur simultaneously.
Positively, these government polices provides consultancy and other supportive services not only to the business owners but also to the consumers of the products. It protects the safety of the entrepreneurs, and the rights of the consumers which are the citizens of the country. These policies shapes the business environment and promotes ethical and responsible practices.
Negatively, government tends to change these rules and regulations, especially when there is change in power in government, and these tend to affects businesses. The policies may seem to excessive for the businesses and due to the constant changes in the government policies, these business would have to also constantly change their data’s and statistics which would give them some loops in their businesses. Most times, these businesses may not be aware of the change in the rules and regulations by governments which would expose them to penalties and cutting their budgets short for that year, because most penalties involve money.
However, business owners must stay up-to-date with these policies to avoid penalties.
There are government agencies that guide these policies and ensure that businesses abides to it;
An example is Standard Organization of Nigeria (SON). They are regulatory agencies that ensure that products produced in Nigeria are good and of a high quality. If the products are not good, they cannot allow it into the market. Now, these policy have a way of influencing businesses, because it will drive businesses to produce good and standard products so their products can go in to the market.
Another regulatory agency which affects businesses is National Agency for Food and Drugs Administration Control (NAFDAC).
A few years ago, starting up a satchet (pure) water business would cost about 1.5 million naira including getting license from NAFDAC, but most recently, the cost of starting up is more expensive because of the inflation rate amidst other economic challenges.
Good or Bad policies affect businesses. An example is the ban on satchet maple sweet water, locally called “Kiki” or “Sapele water”.
The producers of these drinks can’t make profits anymore and the average Nigerian, prefers the satchet drink than the bottled drink.
One of the needs and goals of these policies, is to protect the interest of the business owner and the consumers.
In certain cases, due to the difficult terrain, business owners resort themselves to dangerous, risky and suspicious activities, leading to a growth in economic and financial crimes.
With these policies, government can supervise these businesses and allow consumers to conduct their financial activities safely, allowing specific agencies conduct audits of these businesses to eliminate money laundering and compliance with these rules and regulations.
Going further, researches made and Interviews conducted, simply outlines how the current government policies now tend to limit the growth of these business rather than positively impacting the business.
The recent change in the monetary and fiscal policy has imposed higher taxes on these business owners which would cause many of them to loose interest in their businesses. It does not only affect the business owners but also affects the consumers spending and buying behaviour. If government imposes more taxes, these would make businessmen lose interest in their business and even give up the business, which not only affects them but also affects the government. Economic experts have advised the government to review the rate of taxation and make it bearable for business owners and citizens.
The government should also review their policies and make it suitable for business owners to comply with without any stress, making the business owners enjoy their businesses and the consumers happy to buy products at an affordable amount. This would impact our economic sector positively.
Mirabel Silas can be reached on silasabasiama@gmail.com
Mirabel Silas 
Chinedum Anayo