Corporate Social Responsibility by Oil Companies in Nigeria: A Panacea for Solving Nigeria Delta Economic Condition

Abstract

Corporate social responsibility refers to the voluntary obligations of business to society, roles which a business firm must perform for the whole society as a matter of duty and without being told or ordered to do them.They imply that a firm has a duty to serve the larger interest of the society, to promote social welfare, to participate responsibly in and make whatever is productive for society, to assume a wide range of non economic responsibilities for improving the quality of life in the area in which the company is operating and above all, to ensure that its dealings with various public constituencies are conducted with utmost integrity, adhering to the highest standards of ethical, just and fair conduct. Discharge of corporate social responsibility of oil companies operating in the oil rich Niger delta could bring about improved, rapid economic developments which will also springboard an overall socio-economic growth across the spectrum of Niger deltas. This will also address the pervasive level of abject poverty prevalent with overwhelming majority, insecurity, youth restiveness, killings, kidnapping, bunkering, oil pipeline vanderlisation and other social vices such as armed robbery, economic sabotage which are cankerworm and thereby jeopardizing the rate of economic growth and development in Nigeria. 0il companies such as Royal Dutch shell,Mobil produces, Chevron, Texaco, Total to mention just a few could promote, encourage and engineer the emergence of an overall sustainable economic development which will metamorphose into the areas of provision of infrastructures – education, health care, agriculture, water, power or electricity, roads, transportation, commerce and industry, employment, social and a better society. The paper intends to showcase how the embarrassment and discharge of corporate social responsibility of oil companies could turn around the fortunes and economic condition of the people of oil rich Niger delta area and the whole of Nigeria on a general note. Further, more to highlight on the areas where immediate impact could be felt and lastly make recommendations on how corporate social responsibility can be used as a synergy for the evolution of solving the economic crisis in order to reduce the level of the poor economic condition of the Niger Delta to barest minimal. And also points the need for re-positioning, reengineering, rationalization and re-structuring of the numerous schemes and programmes in this direction.