Corporate Social Responsibility: An Instrument of Social Economic Development in Nigeria

Abstract

Corporate Social Responsibility (CSR) is becoming a popular tool of the twenty first century in business circles while it effects on communities and the role it plays in social development can never be overemphasised. While it is now being deployed as an instrument of social development in most developed countries, it is still at an evolutionary stage in most developing economies. In the case of Nigeria where a neo-classical economic approach of the international finance institutions like World Bank and the IMF is practiced like other developing economies, CSR is seen as a re-engineering tool to reinventing her hailing economy. Thus, social development through CSR is seen as a way of reducing poverty and bridging the seemingly inequality gap in the country.“Social development” is conceived as the multidimensional process that leads to sustainable improvements in the well-being of Individuals, families, communities and society as a whole in a context of justice and equity. It is a path that includes economic growth, improved competitiveness in the globalised economy, environmental sustainability, sustainable improvements in living conditions, reduction of poverty and inequality, and the development of human and social capital. This study explores the potential that private corporations have in fostering social development. It investigates the impact and effects of the CSR approach on communities and the role that they should play at reducing poverty. It contributes to the growing literature on CSR, in a yet relatively under-explored area.