Corporate Responsibility in Nigeria

What is it about?

In Nigeria, the conception of Corporate Social Responsibility (CSR) or corporate responsibility (as it is otherwise known in advanced economies) in terms of voluntary corporate charity or philanthropy is popular. This article interrogates this notorious notion and submits that there is nothing intrinsically voluntary or mandatory about CSR; it is simply a neutral concept which transcends corporate donations. Aside attempts to properly conceptualise CSR, this paper also reviews regulatory efforts towards embedding effective CSR within the Nigerian business community, especially in the extractive industry. Regulatory challenges were identified and reform proposals were suggested.

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Why is it important?

The article adds value in defining the roles of corporations in the society without undermining the commercial focus of companies involved. It also proposes appropriate legislative framework within which more corporate social responsible operations may be anticipated from companies in the course of their operations and dealings with relevant stakeholders.

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