A REVIEW ON DATA-DRIVEN REGULATORY COMPLIANCE IN NIGERIA

Abstract

In Nigeria's dynamic regulatory landscape, compliance challenges pose formidable obstacles to businesses and organizations across various sectors. This research explores Nigeria's multifaceted world of compliance, highlighting the intricacies of regulatory requirements, bureaucratic complexities, and resource constraints that organizations face. Amid these challenges, the pivotal role of data-driven approaches and technology in enhancing compliance efforts emerges as a central theme. The study's key findings reveal the complexity of Nigeria's regulatory environment, characterized by multiple authorities, inconsistencies, and persistent challenges like corruption and bureaucracy. Smaller organizations often grapple with resource limitations, hindering their ability to implement comprehensive compliance strategies. However, the research unveils the transformative power of data-driven solutions in addressing these compliance hurdles. Through real-world case studies spanning diverse sectors, it becomes evident that organizations can leverage data and technology to automate compliance processes, make informed decisions, and achieve real-time monitoring. These advancements lead to enhanced compliance, cost savings, improved reputations, and greater efficiency. The study provides a roadmap for organizations, emphasizing the importance of investing in data infrastructure, automation, and ethical data usage. Additionally, it underscores the need for collaboration with regulators, data privacy compliance, and a commitment to transparency. For regulators, the research recommends embracing regulatory technology (RegTech) solutions, fostering data-sharing platforms, ensuring transparency, and maintaining consistency in enforcement. Furthermore, it highlights the significance of educational initiatives and adaptive regulations to keep pace with technological advancements. Ultimately, the research illuminates the way forward in Nigeria's compliance landscape. Organizations that adopt data-driven approaches stand to navigate complex regulations more efficiently and proactively manage risks, contributing to business growth and sustainability in an ever-evolving environment. Meanwhile, regulators with data-driven tools can enhance oversight and enforcement, creating a more transparent and compliant business environment. Together, these efforts pave the path toward a future where compliance is not just a requirement but a strategic advantage in Nigeria's vibrant economy.
 Keywords: Compliance, Regulatory Landscape, Data-Driven Solutions, Nigeria, Regulatory Challenges, Technology, Data Analytics, Regulatory Bodies, Corruption, Data Privacy.