Regulating Corporate Social Responsibility in Nigeria: An Evaluation Through the Lens of the Old Institutional Economic Theory

Abstract

The current corporate social responsibility (CSR) framework in Nigeria, influenced by Anglo-American neoliberal theory, is criticized for not considering local communities’ specific needs and prioritizing profits over community well-being. It is argued that the relationship between business and government in developing countries is unique and requires a different approach to CSR. Integrating local informal institutions, such as culture, values, and religion, is proposed to implement CSR practices in Nigeria. This approach, informed by old institutional economic theories, aims to give local institutions a more significant role in establishing effective CSR practices and promoting sustainable development in developing economies like Nigeria.