Goal 16 of the UN Sustainable Development Agenda and Its Implications for Effective Governance and Sustainability in the Nigerian Banking Sector

Abstract

This research seeks to explore sustainable development in the Nigerian Banking Sector in light of Goal 16 of the United Nations Sustainable Development Goals (SDGs). The research focuses in particular on corruption and legal regulatory deficiencies and potential impact on governance and sustainability within the sector. In order to fulfil the aim of the study, a mixed methods approach involving the use of semi-structured interviews and questionnaire survey was adopted. In the initial stage, secondary data was obtained from journal articles, textbooks and relevant international bodies and government publications in providing an overview of the theoretical perspectives driving corporate governance. Semi-structured interviews and questionnaire surveys were used as a basis for the primary data collected. The rationale for adopting the data collection methods used stems from the need to capture differing opinions regarding issues relating to sustainable development agenda, corporate governance and accountability in Nigerian banks. 16 semi-structured interviews were conducted with auditors and accountants, managers, regulators and shareholders. 1664 questionnaires were returned from 1840 questionnaires distributed to customers, depositors, employees, and shareholders. The findings revealed that more needs to be done in fostering sustainable development vis a vis corruption and legal regulatory framework. In addition, while corporate governance is recognised as being instrumental in sustainable development, the corporate governance practices in Nigerian banks remains weak. Lack of accountability, corrupt practices and the external environment continue to hinder the effectiveness of the legal regulatory system.