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

Author

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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)

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.

Suggested Citation

  • Onyinye M. Eneh & Arinze E. Anaege & Iheanyi O. Anyahara, 2024. "Sustainability Reporting Practices and Performance of the Quoted Oil and Gas Companies in Nigeria," RAIS Conference Proceedings 2022-2024 0458, Research Association for Interdisciplinary Studies.
    • Handle: RePEc:smo:raiswp:0458
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    References listed on IDEAS

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    1. Robert G. Eccles & Ioannis Ioannou & George Serafeim, 2014. "The Impact of Corporate Sustainability on Organizational Processes and Performance," Management Science, INFORMS, vol. 60(11), pages 2835-2857, November.
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    More about this item

    Keywords

    sustainability reporting; oil and gas; environmental; economic; social; Nigerian Exchange;
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