Reforming the Nigerian Oil and Gas Sector: Towards Corporate Sustainability?
In Beate Sjåfjell and Christopher M. Bruner (eds), Cambridge Handbook of Corporate Law, Corporate Governance and Sustainability (Cambridge University Press, 2019), Chapter 27.
Posted: 8 May 2019 Last revised: 15 Jun 2020
Date Written: May 6, 2019
This article explores how the current corporate governance codes in Nigeria affect corporations in the extractives sector. It focuses on the idea of corporate sustainability as the root for improving firms’ behaviour, incorporating development and social justice perspectives. Since the discovery of oil in Nigeria, several laws have been enacted to control the impact of oil exploration on the environment. Despite these efforts, environmental degradation continues to persist in parts of the country where natural resources are exploited. Mandatory corporate governance codes backed by sustainability driven corporate laws could ensure that companies minimize adverse effects of their activities on affected stakeholders.
Keywords: petroleum, extractive sector, environment, climate change, social justice
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