Corporate Sustainability Reporting of Carbonated Drink Market of the Nigerian Food and Beverages Industry

Mary T Aimuyedo, Terzungwe Sulieman Nyor and Kayode I Abdulkadir
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Mary T Aimuyedo: National Open University of Nigeria
Terzungwe Sulieman Nyor: Department of Accounting and Management, Nigerian Defence Academy, Kaduna
Kayode I Abdulkadir: Ahmadu Bello University, Department of Accounting

International Journal of Research and Scientific Innovation, 2023, vol. 10, issue 11, 402-411

Abstract: Although sustainability accounting and reporting is a means by which organizations communicate their sustainable development activities to stakeholders in order to increase accountability and transparency of corporate activities, evidence suggest that the sustainability reports often produced by organizations does not reflect the actual sustainability performance of companies. This study examines sustainability reporting by Nigerian Food and Beverage Industry in comparison with Global Reporting Initiative index (GRI G4) as a yardstick. Focus is on the carbonated drink market because they command a unique hold and are leaders in the Nigerian Food and Beverages industry as Nigeria was ranked the fourth (4th) biggest consumer of carbonated drinks in the world market. Using content analysis, a scoring index was developed from GRI G4, data were extracted from financial statements and stand-alone sustainability reports of six firms for an eleven-year period from 2009 to 2019 which was benchmarked against the scoring index. The result of one sample f-test indicates that environmental disclosure and economic aspects of sustainability report by the carbonated drink sector of the Nigerian beverage industry does not reveal any significant difference with GRI G4 guidelines. Thus, the social disclosures aspect of sustainability reporting by carbonated drink market of the Nigerian Food and Beverage Industry is below standard. The study therefore, calls on the Securities and Exchange Market and the Nigerian Exchange Group to enforce global sustainability reporting standard in Nigeria especially in the area of social disclosure.

Date: 2023
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