Integrating the SDGs into corporate business models in Nigeria

Stakeholders such as academics, civil society and corporations have used corporate social responsibility (CSR) to espouse the expectations of corporate relationships with their stakeholders and the public. Majorly, CSR debates acknowledge the prominent reciprocal role of corporations in society. In Nigeria and other African countries where governments have failed to meet societal needs, corporations have stepped in to provide social infrastructures to improve living standards through CSR. However, critics view CSR as an instrumental tool to gain and maintain legitimacy without the corporations addressing their negative impacts on society.

Increasingly, civil society organisations are pressuring multinational corporations to adopt (voluntary) internationally recognised best practices to do no harm across their supply chains. Corporate voluntary actions in promoting best practices must prioritise non-arbitrarily selected sustainability outcomes through an inclusive multi-stakeholder approach. CSR outcomes are incomplete if detached from the United Nations (UN) 17 Sustainable Development Goals (SDGs) established in 2015. These goals have received wide endorsement by governments, corporations and civil society alike because they are established to foster sustainable development and promote the inclusive global society. The Nigerian government and relevant stakeholders (including corporations) are encouraged to localise the SDGs to reflect pressing local needs because of their picturesque way of thinking about sustainable growth, development and the future. The 17 goals, 169 targets and 232 measurable indicators are transformative tools to build a sustainable future for current and future generations. They provide a clear-cut new set of rules to evaluate decisions and actions to realign corporate strategies, missions and visions with sustainable growth and development. Effective adoption of the SDGs would minimise reputational and performance risk, inequalities and ensure sustainable use of resources. A genuine adoption of the interconnected SDGs in Nigeria beyond a superficial business case would enable corporations to benchmark, track and demonstrate meaningful impacts at the local, regional and national levels. The SDGs would enable corporations to consistently evaluate and recalibrate their techniques and approaches to decision-making…