Sustainability Reporting Practices and Performance of the Quoted Oil and Gas Companies in Nigeria

Onyinye M. Eneh (), Arinze E. Anaege () and Iheanyi O. Anyahara ()
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Onyinye M. Eneh: Nnamdi Azikiwe University, Awka, Nigeria
Arinze E. Anaege: Kingsley Ozumba Mbadiwe University, Ideato, Nigeria
Iheanyi O. Anyahara: Directorates of Accounting Standards, Financial Reporting Council of Nigeria

RAIS Conference Proceedings 2022-2024 from Research Association for Interdisciplinary Studies

Abstract: The primary aim of businesses, among other goals, is to maximize the wealth of shareholders in the foreseeable future. However, the achievement of this goal is substantially hinged on the organization's ability to operate in a sustainable manner that preserves the ecosystem of its operating environment in addition to the interest and well-being of key stakeholders. This concern remains a central issue globally among scholars, practitioners, and regulators, especially in the global oil and gas sector, where business activities could have a direct and substantial impact on the environment and stakeholders' interests. Considering that Nigeria is a major player in the global oil and gas industry, this study aimed to examine the sustainability disclosure practices of eight (8) oil and gas companies quoted in the Nigerian Exchange (NGX) and the effects of these practices on the performance of the companies. The study employed content analysis using globally recognized disclosure indices such as the GRI to extract sustainability disclosure with a focus on social, economic, and environmental disclosure of oil and gas companies for a period of ten (10) years, from 2014 to 2023. This study concluded that while sustainability disclosures are present, there is room for improvement, particularly in environmental reporting, which could enhance the overall performance and reputation of these companies. The study also provided empirical evidence to support policies and regulations that will promote sustainability in the Nigerian oil and gas industry.

Keywords: sustainability reporting; oil and gas; environmental; economic; social; Nigerian Exchange (search for similar items in EconPapers)
Pages: 7 pages
Date: 2024-08
New Economics Papers: this item is included in nep-ene and nep-env
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Published in Proceedings of the 38th International RAIS Conference on Social Sciences and Humanities, November 21-22, 2024, pages 54-63

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