Nigeria’s regulatory agencies include the Bureau of Public Enterprise (BPE), Fiscal Responsibility Commission (FRC), Securities and Exchange Commission (SEC), Nigerian Communications Commission (NCC), Central Bank of Nigeria (CBN), Nigerian Insurance Deposit Corporation (NIDC), Nigerian Electricity Regulatory Commission (NERC), National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON) and the Nigerian National Petroleum Corporation (NNPC).
In the report by Daily Trust, the Centre for Analysis of Risk and Regulation noted that the low service delivery might be attributed to failure of informed analysis of a situation; inappropriate supervision; jurisdictional overlap among different bodies; political failure and inadequate resources for a regulator to sufficiently address a problem. All these mentioned can indeed hamper performance, but what are the regulatory agencies doing to move past the bottlenecks to deliver on their mandat
The escalating incidence of petrol smuggling across Nigeria’s borders is put at a whopping 42 million litres per day, raising Nigeria’s estimated daily consumption of 60 million litres to 102 million. This has forced the country to spend between N140 billion and N150 billion on subsidy, which the Nigerian National Petroleum Corporation (NNPC) lamented has […]