Corporate Social Responsibility and Sustainable Business Practices in Oil-Bearing Communities of Akwa Ibom State, Nigeria. A Study of Ikot Abasi Local Government Area
This study examined the relationship between corporate social responsibility and sustainable business practices among oil companies in Ikot Abasi, Nigeria, with specific focus on environmental degradation, inadequate infrastructure, and limited access to essential services. Primary data were collected through a structured questionnaire administered to 390 respondents, with 338 successfully retrieved (86% response rate). Data were analysed using descriptive statistics and regression analysis. The findings revealed a very strong positive relationship between environmental degradation and sustainable business practices (R = 0.875, R² = 0.766), with environmental degradation having a statistically significant positive effect (β = 0.832, p < 0.05). Similarly, inadequate infrastructure demonstrated a very strong positive relationship with sustainable business practices (R = 0.904, R² = 0.817) and a significant positive effect (β = 0.890, p < 0.05). The majority of respondents acknowledged that environmental pollution (70.7%), infrastructure inadequacies (78.9%), and limited access to essential services significantly affect business operations. The study concluded that environmental degradation and infrastructure deficits are key drivers of sustainable business practices in the area. Recommendations include strengthening environmental regulations, investing in infrastructure development, enhancing CSR initiatives, promoting public-private partnerships, building local capacity, conducting regular environmental audits, and strengthening community engagement.