Corporate Social Responsibility and Compliance with Regulations in Nigeria

Abstract

The effect of different industrial sector activity on the environment varies enormously but it is an incontrovertible statement that damages are been done to the environment world wide. Environmental concerns rarely form an integral part of development plans particularly in third world countries like Nigeria. The realization that sustainable development can only be achieved through interdependence between economic growth and environmental quality through compliance with existing regulations has compelled some governments to now regard the environment as valued and integral part of Economic growth. Hence, environmental problems have become a priority by Government both in domestic and international scene. However, environmental policies and regulations are not lacking but are rarely enforced especially in Nigeria. The inability of Government to implement stringent environmental regulations is compounded by the fact that the goals of most corporate organizations are purely economic. Little attention is devoted to their social responsibilities. Corruption is another aspect. Most corporate bodies saddled with the responsibilities of implementing these regulations lack the political will to do so. This paper attempts to discuss the concept and history of corporate social responsibility, environment, stakeholders and sustainable development, regulatory framework and corporate social responsibility and environmental audit.