The Use of Corporate Social Responsibility in Corporate Strategy in Nigeriaas Oil and Gas Industry: Emerging Trends

Abstract

Corporate Strategy is concerned with managing information that is systemic for quick decision making in organizations. Corporate Social Responsibility (CSR) programs are increasingly becoming popular in use as an element in the overall corporate strategy of many companies today. Over the years, CSR has been a subject of debate so much so that organizations are unclear on how to build CSR into their overall strategy. The general consensus is that classic approaches to CSR are too limited and self-justifying that they actually do not fit into the strategy in the real sense of it. This paper examines the development of the concept of corporate social responsibility from the early beginning down to our day. The relevance of achieving social goals alongside competitive advantage has made the term corporate social strategy popular in highlighting the strategic features of CSR. The emerging trends of ‘no cash payment’ and to ‘speak up’ in contrast to ‘corrupting silence’ to aid visibility and agility of CSR initiatives are gaining popularity in contributing to the fight against corruption and propensity to reach out to the ‘real’ people of target – women, children, youth and the elderly – amongst others. This paper concludes by proposing that CSR strategic features can be utilized to manage CSR opportunities that link social actions to superior financial performance in as much as it is done voluntarily.