Journal of Management & Corporate Sustainablity

UNLOCKING VALUE THROUGH ESG: HOW ENVIRONMENTAL, SOCIAL AND GOVERNANCE DISCLOSURE DRIVES PERFORMANCE IN NIGERIA’S OIL AND GAS INDUSTRY.

Dr. GODSPOWER ANTHONY EKPULU, Dr. (Mrs) ADIGWE PRETTY DENNIS

December 24, 2025

Citation

Journal of Management & Corporate Sustainablity , Vol. 3 (1) (2025) , pp. 1-13

Details

ISSN: 2616 - 1292
Published: December 24, 2025
Status: Published

Abstract

This study is driven by the lack of empirical data on whether ESG disclosures, especially in environmentally sensitive and weakly regulated emerging countries like Nigeria, help oil and gas corporations financially. The major goal is to determine which ESG dimension drives performance in the Nigerian oil and gas business and how environmental, social, and governance disclosure affects EPS. A census of all eight listed Nigerian oil and gas firms was used for ex post facto research. Secondary ESG disclosure data came from sustainability and annual reports, while financial data came from 2022–2023 financial statements. According to multiple regression analysis, environmental and social disclosures have negative but statistically insignificant effects on EPS, showing that they do not improve financial success in the short run. Governance disclosure has a positive and marginally significant influence on EPS, and the model explains 57% of earnings variation, showing governance practices are more value important than environmental and social reporting. The study found that governance disclosure and frameworks drive financial success for Nigerian oil and gas corporations, whereas environmental and social activities may take longer, deeper, or regulatory pressure to affect profitability. Companies should strengthen board structures, independence, and accountability; deepen and integrate environmental and social initiatives into core strategy; and regulators should improve ESG reporting requirements to improve transparency, attract responsible investors, and support long-term financial stability.

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