Chinonso Vincent, Business Development Manager at CSR-in-Action with Ambassador. Nicholas Agbo Ella Esq. Permanent Secretary, Ministry of Petroleum Resources during the presentation of the CSIRin Abuja, October 11, 2024
On October 11, 2024, CSR-in-Action Advocacy paid a courtesy call to The Ministry of Petroleum Resources (MPR) at the National Petroleum Commission Headquarters in Abuja. During this visit, the Ministry’s Permanent Secretary, Amb. Nicholas Agbo Ella, expressed high regard for our Corporate Sustainable Investor Report (CSIR), authored by CSR-in-Action. This endorsement signifies a noteworthy advancement in fostering transparency and responsible practices within Nigeria’s extractive sectors.
Amb. Agbo commended the CSIR for its comprehensive and meticulously researched framework, which has been instrumental in spotlighting companies’ sustainability practices in the areas of social accountability, workplace policies, community development, and environmental stewardship. Now in its ninth year, the CSIR stands as Nigeria’s first and only full-spectrum sustainability report for businesses, designed to assess and publicly disclose companies’ environmental, social, and governance (ESG) practices.
The CSIR is distinct in its approach, taking into account local Nigerian and broader African business environments. This focus is crucial in offering an analytical overview of companies’ efforts to meet sustainability standards, ensuring that sustainability data aligns with national development goals and regional needs. Since its launch at the 17th Nigerian Economic Summit in 2011, the CSIR has encouraged corporations to adopt sustainability practices by providing standardised reporting metrics and sector-specific performance rankings. Such rankings offer invaluable insights for investors, business managers, academics, and students aiming to understand the non-financial impact of businesses in Nigeria.
Amb. Agbo expressed a commitment to further study the CSIR and the broader initiatives presented by CSR-in-Action, indicating a willingness to explore its integration into MPR’s framework. He emphasised the importance of actionable sustainability data, which the CSIR provides, as a foundation for meaningful partnerships between extractive industries and impacted communities. His commitment to continued discussions signifies a positive step forward in bridging corporate actions with community needs.
Furthermore, Amb. Agbo shared that Andrew Abu, the Founder of Young Innovators of Nigeria (YIN) was developing a compendium of companies relevant to MPR’s mandate, underscoring its potential as a resource for stakeholders engaging in CSR initiatives. He encouraged CSR-in-Action to work together with with YIN, reinforcing the collaborative approach necessary to advance the CSIR’s objectives.
As this dialogue progresses, CSR-in-Action remains dedicated to fostering an environment where responsible corporate practices are not only encouraged but expected. The CSIR provides a unique platform for companies to gauge and improve their impact on society, and the Permanent Secretary’s endorsement highlights the growing recognition of corporate sustainability’s role in achieving an equitable and sustainable future for Nigeria.