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EVALUATION OF SUSTAINABILITY PERFORMANCE DISCLOSURE OF MULTINATIONAL OIL COMPANIES IN NIGERIA
Abstract
Oil and gas exploration and development activities in Nigeria has, over the years, translated into perpetual economic upsurge with compromised social and environmental tendencies. To this end, the study evaluates the sustainability performance disclosure of the multinational oil companies in Nigeria by making comparison between the actual practical performance and their reported disclosure. The study used secondary data to generate variables for statistical analysis. Global Reporting Initiative (GRI), Three Dimensions (3D) sustainability disclosure performance indicators are then used as a standard gauge of multinational oil companies’ sustainability performance. Chi-squared test is employed to test the null hypothesis. The study revealed the presence of significant disclosure of GRI, 3D sustainability performance indicators among the multinational oil companies in Nigeria. However, the result did not confirm the actual practical performance. Accordingly, the study recommends that the stakeholders should come-up with practical performance measurement tool that tallies the sustainability performances disclosed by the companies with their actual practical performance. Moreover, the study recommends that the environmental regulatory agencies should ensure compliance with the Nigerian sustainability reporting guideline issued by the Nigerian Stock Exchange Commission (NSE).
Keywords: Multinational oil companies, Sustainability, Performance disclosure, Nigeria