Business Ethics, Corporate Philosophy and Regulatory Challenges in the Confectionary Industry: An Evaluation of the Bread Market in Nigeria

Abstract

This study sets out to identify why - in the process of “doing business”- most organizations in Nigeria resort to offering sub standard products to the public, particularly as regards food products. This approach allows businesses to make excess profit without recourse to best ethical practices, the supposed corporate philosophy of their organizations, and to the detriment of the customers. Indiscriminate profit maximization” mentality is now on the increase within the confectionary industry in Nigeria; thus the paper considered the theory of public interest and gives an insight to Kant’s ethical philosophy with a view to critically evaluate the role of The National Agency for Food and Drug Administration and Control (NAFDAC); the agency charged with the responsibility of upholding best ethical practices among confectionary and related industries in Nigeria. The study also identified some lapses in the discharge of NAFDAC’s regulatory functions which have contributed to the incidence of unethical practices among Nigerian business organisations. The paper therefore recommends that NAFDAC operations be re-evaluated for better operational performance.

Key Words: Business Organizations, Confectionary, Corporate Philosophy, Ethics, Public Interest, Regulatory Agency.