Corporate governance and stakeholder engagement in Nigerian enterprises: A review of current practices and future directions
1 Christfill Global Enterprise, Lagos Nigeria.
2 Sanctus Maria Concepts, Nigeria Ltd.
3 Independent Researcher, Lagos, Nigeria.
4 Anambra State Polytechnic, Mgbakwu, Anambra, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(03), 736–742
Publication history:
Received on 22 January 2024; revised on 03 March 2024; accepted on 05 March 2024
Abstract:
This paper provides an in-depth analysis of corporate governance and stakeholder engagement practices within Nigerian enterprises, highlighting current trends and proposing future directions for improvement. In Nigeria, as in many emerging economies, effective corporate governance and stakeholder engagement are critical for sustainable business success, investor confidence, and overall economic development. The review begins by outlining the regulatory framework governing corporate governance in Nigeria, emphasizing the role of legislation, regulatory bodies, and corporate governance codes in shaping organizational practices. It identifies key stakeholders, including shareholders, employees, customers, communities, and government entities, and underscores the importance of engaging with each group to ensure transparency, accountability, and ethical conduct. The paper evaluates current corporate governance practices in Nigerian enterprises, emphasizing strengths such as board composition, financial reporting, and compliance mechanisms, while also addressing weaknesses such as board independence, executive compensation, and risk management frameworks. It explores the impact of cultural, social, and economic factors on governance dynamics, acknowledging the need for context-specific approaches tailored to Nigeria's unique business environment. Investing in stakeholder engagement initiatives that prioritize dialogue, collaboration and shared value creation, aligning business objectives with societal needs and expectations. Incorporating technology-driven solutions to facilitate real-time communication and feedback loops with stakeholders, leveraging digital platforms for transparent and responsive engagement. Overall, this paper underscores the importance of effective corporate governance and stakeholder engagement in driving long-term value creation and sustainable development in Nigerian enterprises. By embracing best practices and embracing stakeholder-centric approaches, organizations can foster trust, resilience, and prosperity in an increasingly complex and interconnected global landscape.
Keywords:
Corporate governance; Stakeholders engagement; Value creation; Economic development; Sustainable development
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0