ROLE OF REGULATION IN THE GROWTH OF FASHION INDUSTRY IN NIGERIA

Abstract

Purpose: The aim of the study is to assess role of regulation in the growth of fashion industry in Nigeria.

Methodology: The drawing and interpretation of research findings and implications which is not a quantitative impact evaluation, was done. A qualitative textual evaluation method was used in this research. Textual analysis consists of review and interpretation of scripts and articles and their inferential context.

Findings: the regulatory framework acted as a disincentive for firms operating in Nigeria. The government regulations and policies have raised the costs of doing business and made business operations unsuitable for SME’s. The existing regulatory framework other than the interest rate policies and laws in Nigeria does not provide for an environment or framework for growth and expansion of clothing retail companies. The regulatory agencies have not set up strategies and structures to support growth of the industry especially through knowledge sharing, protective policies or an agency support framework

Unique contribution to theory, practice and policy: The existing government regulatory framework does not provide for a conducive environment for growth and expansion. This therefore calls for review of existing laws and regulations to make the market friendlier for growth of clothing companies. The government should develop an agency to support the clothing retail sector, review taxes and macroeconomic policies that enhance more growth of the industry.