Interrogating the multilateral trading system and paradigms of corporate social responsibility: Implications for Nigeria

Abstract

Corporate social responsibility (CSR) norms are a strategic business policy that now forms the cornerstone of how international trade is governed globally. Although initially a voluntary initiative, its relevance in promoting social, environmental, and ethical responsibilities among global investors has arguably been conceived as trade distorting and violating the tenets of the World Trade Organization (WTO). Nonetheless, CSR is now mainstream in all related global transactions. This article seeks to evaluate the impacts of global CSR on international trade and examine the extent of Nigeria’s participation in global CSR. The article argues that Nigeria should go beyond considerations of trade that focuses mainly on liberal market access and expand the practice to include environmental, social, and ethical practices. It concludes that adherence to international CSR will propel developing countries to meet the UN Sustainable Development Goals.

Keywords: Corporate Social Responsibility, World Trade Organization, Sustainable Development.