THE IMPACT OF GOVERNMENT POLICIES AND REGULATIONS ON THE DEVELOPMENT OF SMALL

ABSTRACT

This study reviewed the impact of governmental policies and regulations on the development of small and medium sized enterprises in Nigeria. The objective of the study was to determine the correlation and effects of tax policies, the 2022 currency redesign policy and the 2023 fuel subsidy removal on the success and development of small businesses. Primary data was gathered across board and the descriptive research design was used in this study. The purposive sampling technique was used to analyze the relationship between the tax policies, 2022 currency redesign and the 2023 fuel subsidy removal policy (independent variables) and development of small and medium sized enterprises or SMEs (dependent variables), the analysis and test of hypothesis was carried out using the simple percentage formula. The analysis of the data revealed that these governmental policies and regulations have all had a negative impact on the success and development of small businesses in Nigeria particularly in Edo state, Benin City. Therefore the study recommends that the government should provide a better economic infrastructure and create proper regulations that give room for development of small businesses in Nigeria and also create a supportive environment that will foster further growth and success of these small businesses.