A REVIEW OF ENVIRONMENTAL REPORTING PRACTICES AMONG LISTED OIL AND GAS FIRMS IN NIGERIA

Abstract

Environmental degradation associated with oil and gas operations in Nigeria such as oil spills, gas flaring, and habitat destruction has amplified stakeholder demand for corporate environmental accountability. Despite the sector's economic significance, environmental disclosures by listed oil and gas firms remain inconsistent and often lack credibility. This study critically reviews environmental reporting practices among these firms, with emphasis on disclosure quality, regulatory frameworks, stakeholder influence, and governance mechanisms. Employing a systematic literature review (SLR) of 73 sources published between 2020 and 2024, the study synthesizes findings from peer-reviewed articles, policy documents, and industry reports. Results indicate that while multinational firms moderately comply with global reporting standards like GRI and TCFD, most indigenous companies offer superficial, symbolic disclosures devoid of quantitative data or third-party verification highlighting widespread green washing. Weak regulatory enforcement, poor governance structures, and limited stakeholder pressure are identified as key barriers to substantive reporting. The study concludes that environmental disclosures in Nigeria’s oil and gas sector remain largely performative, undermining transparency and sustainable development. It recommends mandatory ESG reporting aligned with international frameworks, enhanced regulatory enforcement, stakeholder engagement, and capacity building within firms. These steps are essential to foster a culture of credible environmental accountability and to bridge the gap between policy and practice.