BUSINESS PRACTICES

Corporate social responsibility and sustainable business practices in the Nigerian oil and gas industry refer to what the acceptable standards of business practice in the Nigerian petroleum industry are, with particular focus on issues like gas flaring and oil spillage inter alia. It also contemplates to what extent oil companies are socially responsible to the host communities i.e. communities within which upstream and downstream activities generally occur. The petroleum industry is regulated by a litany of statutes, laws and regulations. This complex tapestry of legislation determine the social responsibilities, outlines the duties and liabilities of persons in the industry and effectively dictates what the preferred business practices are within the industry. This work examines the social responsibilities of oil companies in Nigeria. It also analyzes the legal framework for corporate social responsibility in Nigeria, setting forth a legal view of what business practices fall in line with relevant and recent legislation including but not limited to the Petroleum Industry Act (2021). It also tackles the issue of implementation of integration of corporate social responsibility and sustainable business practices in the oil and gas industry.