CORPORATE SUSTAINABILITY COMPLIANCE IN NIGERIA: CHALLENGES AND PROSPECTS

Abstract

Maintaining a balance in all spheres is key to development and growth. The world is a global village and Nigeriaas a country is a member of the global force. Recently there has been a global push toward economic growthwhich includes choices, widens opportunities, and makes all other development efforts easier to achieve.Successful and responsible entrepreneurial engagement is one of the most important drivers of economic growth.This is possible with the existence of companies as they are the instruments for the creation and distribution ofmost of a society’s wealth, innovations, trade, and also raise living standards. Therefore, promoting globalizationcharacterized by corporate responsibility and sustainability, is an important task. Obligations arising fromcompanies when they negatively affect their environment are enormous. Thus, companies disclose and reportaspects of their performance, which can pose risks to their operations and future obligations. Adopting a doctrinalresearch method, this work considers the various laws and instruments which provide for sustainabilitycompliance of companies in Nigeria, the attendant challenges, and its prospects. The discovery is that both globaland national sustainability standards are mere prescriptions as the prevalent regulations and principles areusually platforms for dialogue, not regulatory, enforceable, and punishable. The expectation, therefore, is forcompanies to show commitment towards sustainability, responsibility, accountability, transparency, sustainablemarkets, and governance in line with the proffered recommendations.