Evaluating the Impact of Green Governance on Sustainability Performance in Nigeria's Energy Sector: A Stakeholder Perspective

Abstract

This paper considers the concept of green governance as a reactionary effort or response to the environmental consequences arising from the exploitative human interaction with the elements of nature. The present industrial revolution has increased the level of production, heightened companies' profit margins, and resulted in environmental hazards. Additionally, the chain of manufacturing to consumption has resulted in environmental degradation, ozone depletion, and the destruction of traditional livelihoods for most global economies. Through empirical evidence from relevant literature, this study finds that Nigeria’s energy sector accounts for 90% of the total export volume and is the major contributor to environmental degradation; hence, the implementation of green governance and sustainability performance should be championed by the energy firms. To this end, the stakeholder theory is used to analyze a model of synergy between stakeholders to implement green governance. Nonetheless, green governance practices among these energy firms are very low compared to other developed countries such as the United Kingdom, Russia, China, and Germany. This paper concludes by providing viable future research discourses that would add to the body of knowledge on green governance practices in Nigeria.