Legal framework for CSR underway
A legal framework for the regulation of Corporate Social Responsibility practice in Nigeria is underway, following the submission of a report by the House of Representatives Committee on the CSR, chaired by Prof. Lilian Orogbu.
The report followed the reading of a bill for an act to regulate Corporate Social Responsibility and Related Matters, on Wednesday, November 8, 2023.
The bill seeks among others, to establish the Department of Corporate Social Responsibility within the Federal Ministry of Industry, Trade and Investment, with offices in all states of the federation.
A copy of the bill revealed that its objective included, “Integrating long-term economic, environmental and social aspects in business strategies while maintaining global competitiveness and reputation.”
The bill also proposes the establishment of a department that shall “Support and encourage the implementation of measures to improve CSR in Nigeria; coordinate activities of agencies relating to CSR in Nigeria and collate, analyse, interpret and disseminate information relating to CSR in Nigeria.”
In its report, the House of Reps Committee on Corporate Social Responsibility recommended the appointment of a commissioner who shall be appointed by the president on the recommendation of the minister.
The functions of the commissioner shall include but not limited to “Making on behalf of the government, grants of financial assistance in relation to CSR in Nigeria; advise the Minister about CSR in Nigeria and consult and cooperate with other persons, organisations and governments on CSR in Nigeria.”
