RESPONSIBLE INVESTMENT IN THE PETROLEUM SECTOR: THE CASE OF THE PETROLEUM INDUSTRY BILL (PIB) (Published)
The significance of incorporating socially responsible business practices into organisational economic objectives has become an important feature of contemporary business environment. While firms would prefer voluntary regulation expressed in varied terms but most generally classified as the corporate social responsibility (csr), regulatory institution sometimes interjects with plethora of external regulatory rules. This dilemma is particularly evident in extractive industries such as petroleum exploration. The case of Nigeria petroleum industry bill (PIB) that is poised, among other things, to embed regulatory regime readily comes into perspective. It would be argued that requiring firms to engage in socially responsible business practices strengthens the legitimacy licence and reputational effect of the relevant companies.