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Abstract:
This conceptual paper provides a non-revisionist but contextual perspective on the largely controversial issue of corporate social responsibility. It expounds the dimensions of CSR by leveraging on specific global benchmarks whilst highlighting gaps applicable to Nigeria's business environment. In furtherance of this objective, the essence of the global oil economy is noted, conceptualizations are proffered and contextual issues are discussed. The paper argues that a flexible and innovative model is plausible as a platform to elevate the essence of CSR on multiple levels. It emphasizes the importance of harmonizing the political, business, environmental and legal aspects of CSR to promote corporate sustainability, broad based economic development and community wellbeing.
Keywords: corporate social responsibility; development; environment; sustainability; Nigeria.
JEL Classification: M14; Q01; 013.
Introduction
The global business environment has been evidently volatile in recent times. This trend is construed in the light of the underlying impact of global oil price shocks; which consequently crystallized in varying degrees of economic recession and policy interventions (Rogoff 2006). Notably, there is still a high global dependence on oil and gas, though with variances in terms of capacity utilization and efficiency across international geo-political regions. Also, there are increasing efforts especially in developed economies towards diversification and adoption of renewable and sustainable energy sources. Currently, several economies have not yet recovered from the direct and indirect effects of the economic down-turn, even as other matters national concern contend for significant levels of commitment and resolve. Hence, the recurring effects of diverse forms of corporate activity, underpinned by a largely global oil economy, provide an opportunity to further interrogate the intersection between corporate activity and community/societal expectations. The general perception across various political, economic and social stratums is that, it can no longer be business as usual. However, there is still no consensus on implementing a roadmap towards entrenching sustainable development practices amongst plethora of business concerns. Instructively, approaches cut across minimalist, elitist, exclusive, inclusive, multilateral, most culpable, and less culpable amongst other depictions or conceptualizations (Eckersley 2012; Qiang and Rongrong 2014).
At this juncture in global history, a case for a holistic and sustainable application of corporate social responsibility obligations seems more plausible than before. This supposition is made against the backdrop of verifiable depletion of natural resources;...