The Crucial Significance of Regulatory Compliance in Business Operations and Supply Chain Management in the South-Western Region of Nigeria

Aleke Jude Uchechukwu¹ and Benedict Nnachi Alum²

^{1Faculty of Economics and Management Kampala International University Uganda}

^{2Department of Research Publication and Extension Kampala International University, Uganda}

Corresponding author: Jude.aleke@kiu.ac.ug, https://orcid.org/0009-0009-6807-9484.

ABSTRACT

Ensuring adherence to regulations was of utmost importance for firms operating in southwestern Nigeria, especially when it comes to managing the supply chain. This essay examined the crucial importance of regulatory compliance in guaranteeing legal, moral, and environmentally responsible economic operations in the area. The text explored the intricacies of the regulatory environment, which includes federal, state, and municipal rules. It also emphasized the difficulties that companies had, such as limited resources, bureaucratic inefficiency, and frequent changes in regulations. Based on the analysis of the significance of regulatory compliance for risk management, business continuity, and stakeholder confidence, the paper presented findings on the need for proactive compliance methods and cooperative endeavours among stakeholders. Recommendations were given to improve adherence to regulations, which included strengthening the ability to comply, making changes to regulations, adopting new technologies, collaborating between the public and commercial sectors, including stakeholders, implementing incentive systems, and continuously monitoring and evaluating the situation. To cultivate a culture of adherence, encourage moral behaviour, and stimulate sustainable progress in southwestern Nigeria, companies and regulators might adopt these suggestions.

Keywords: Regulatory compliance, Business operations, Supply chain management, Risk management, Stakeholder involvement.

CITE AS: Aleke Jude Uchechukwu and Benedict Nnachi Alum. (2024). The Crucial Significance of Regulatory Compliance in Business Operations and Supply Chain Management in the South-Western Region of Nigeria. RESEARCH INVENTION JOURNAL OF RESEARCH IN EDUCATION 4(3):29-32. https://doi.org/10.59298/RIJRE/2024/432932