INFLUENCE OF CORPORATE SOCIAL RESPONSIBILITY OF FLOUR MILLS OF NIGERIA PLC ON COMMUNITY DEVELOPMENT IN LAGOS STATE

ATTENTION:

BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPICS BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COST N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR

YOU CAN CALL: 08068231953, 08137701720, 09070569307, 08154275408

WHATSAPP US ON: 08137701720

INFLUENCE OF CORPORATE SOCIAL RESPONSIBILITY OF FLOUR MILLS OF NIGERIA PLC ON COMMUNITY DEVELOPMENT IN LAGOS STATE

Abstract:

Corporate Social Responsibility (CSR) has become increasingly important for businesses worldwide, with companies recognizing the need to contribute positively to the communities in which they operate. This study explores the influence of Corporate Social Responsibility (CSR) initiatives undertaken by Flour Mills of Nigeria PLC on community development in Lagos State. Utilizing a mixed-methods approach, including interviews, surveys, and document analysis, the research assesses the nature, scope, and impact of Flour Mills of Nigeria PLC’s CSR activities on various facets of community development, such as education, healthcare, infrastructure, and environmental sustainability. The findings highlight the significant role played by Flour Mills of Nigeria PLC in supporting community development initiatives through investments in education infrastructure, healthcare facilities, environmental conservation projects, and socio-economic empowerment programs. Moreover, the study examines the challenges encountered in implementing CSR initiatives and identifies strategies for enhancing the effectiveness and sustainability of Flour Mills of Nigeria PLC’s CSR efforts. Ultimately, this research contributes to the broader understanding of the role of corporate entities in promoting sustainable development and fostering mutually beneficial relationships with local communities.

CHAPTER ONE:

INTRODUCTION

1.1 Background of the Study

Corporate Social Responsibility (CSR) has emerged as a critical aspect of modern business practices, reflecting the evolving expectations of stakeholders who increasingly demand that companies go beyond profit-making to contribute positively to society. In Nigeria, CSR activities by corporations are pivotal in addressing socio-economic challenges and fostering community development. Flour Mills of Nigeria Plc, a leading player in the Nigerian agribusiness sector, has been at the forefront of implementing CSR initiatives aimed at improving the welfare of communities, particularly in Lagos State.

This study explores the influence of Flour Mills of Nigeria Plc’s CSR activities on community development in Lagos State. By examining specific CSR initiatives undertaken by the company, the research aims to assess their impact on various aspects of community life, including education, healthcare, infrastructure, and economic empowerment. The significance of this research lies in its potential to provide insights into how corporate entities can effectively contribute to sustainable development and improve the quality of life for local populations.

Flour Mills of Nigeria Plc, established in 1960, has grown to become one of Nigeria’s largest and most diversified food and agro-allied companies. Its operations span flour milling, production of pasta, noodles, and edible oils, as well as animal feeds and sugar refining. The company’s long-standing commitment to CSR is evident in its numerous programs and partnerships aimed at addressing critical social issues and supporting community development.

Lagos State, the commercial hub of Nigeria, presents a unique context for studying the impact of CSR activities due to its diverse population, economic significance, and infrastructural challenges. Despite its status as an economic powerhouse, Lagos faces significant social and developmental issues, including poverty, inadequate healthcare, educational deficits, and unemployment. Flour Mills of Nigeria Plc has recognized these challenges and has implemented various CSR initiatives to help mitigate them.

As an area of study, “Corporate Social Responsibility” has originated and grown quickly. CSR has grown over time to become a significant framework and approach for addressing the role of business in society, setting standards of conduct that a company must adhere to in order to have significant impact on society while also upholding values that forbid profit-seeking at any cost (Fang et al., 2010; Nasieku et al., 2014; Nguyen & Tu, 2020). Various definitions of corporate social responsibility (CSR) exist: According to several sources (including Al-ma’ani et al., 2019; Ismail, 2009; Okwemba et al., 2014; Pallathadka & Pallathadka, 2020), Corporate social responsibility (CSR) refers to the strategies used by businesses to conduct their operations in a moral, societally friendly, and developmentally beneficial manner.

CSR, according to Hemingway and Maclagan (2004), is “the extent to which companies should promote the global objectives of human rights, democracy, social and community improvement, and sustainable development.” Furthermore, Davis (1973) defined CSR as a company’s consideration and obligation to generate social benefits in addition to traditional economic earnings. CSR, as a result, goes beyond the narrow financial, technical, and legal requirements and is concerned with the company’s true value for its shareholders, employees, clients, creditors, communities, and society. CSR is defined as a company’s commitment to minimizing negative consequences while increasing its long-term, positive impact on society (Mohr, Webb & Harris, 2001).

According to the World Business Council for Sustainable Development (WBCSD), CSR is “a continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families, as well as the local community and society at large” (Holme & Watts, 2000). The latter definitions emphasise CSR’s strategic/instrumental aspect, or its benefits to both the company and society. According to Hopkins (2004), the primary goal of CSR should be “to provide greater and higher standards of living while maintaining the enterprise’s profitability, for individuals both within and outside the corporation.” influence on society (Mohr, Webb & Harris, 2001).

Finally, corporate social responsibility (CSR) refers to the assumption and fulfilment of obligations that extend beyond their profit-making functions with the goal of advancing specific social objectives such as sustainable economic development, improving quality of life, and/or raising national living standards, among many others.

Benefits of Incorporating CSR to an Organization

Any organization that integrates CSR may reap a variety of benefits. An astute company understands that acting ethically serves its own interests since it makes it more appealing to investors, workers, customers, consumers, suppliers, and the majority of the community and government. Businesses that address concerns relating to indigenous people’s rights have benefited greatly.

The benefits of integrating CSR into organisations include improved brand value, better entree to finance, a healthier and safer workplace, stronger risk management and corporate governance, motivated employees and community members, customer loyalty, increased confidence and trust of stakeholders, an improved public image, and economic success (Alma’ani et al., 2019; Ali et al., 2017; Elsafty & Tahon, 2021; M. S. Kim & Thapa, 2018). This author agrees that any company that prioritises CSR does not, in fact, directly assist society in any manner; rather, it indirectly creates more opportunities for the company to grow, flourish, and generate more revenue. On the other hand, failing to include CSR could harm your reputation.

When it comes to sustainability-related concerns, a company’s performance may either enhance or detract from its reputation. During the course of this investigation, it was discovered that the Flour Mill of Nigeria enjoys a very positive reputation in the neighborhood where it operates. Additionally, CSR improves an organization’s capacity to directly or indirectly attract, nurture, and retain exceptional talent. According to research on company ethics, loyal employees are those who feel their firm meets ethical standards.

Employees who work for a company that practices corporate social responsibility are loyal and effective. Additionally, being diligent in addressing social and environmental issues can lead to less bureaucracy and a more cordial relationship with governmental agencies (Ksiak, 2017). A strong working relationship with the government may offer a business a competitive advantage by granting it a social license to operate from the community, especially in the resource sector where it can get access to limited reserves (Galbreath, 2008). Corporate social responsibility programs that are strategically implemented by businesses would i generally improve the company’s success. Records demonstrate how advantages extend beyond performance and beyond long-term intangible success indicators to include direct money metrics (mostly in developing countries).

Okeudo (2012) found via his research that ignoring social obligations will bring more harm to a company than benefit. Even in a nation as poor as Nigeria, unethical business practices are no longer in style. Due to increasing media attention, responsive and investigative journalism, as well as expanded social media in Nigeria, this can only provide bad criticism to any institution (Adeyanju, 2012; Amaeshi et al., 2006). On the other hand, ethical obligations do draw and keep the top employees in a company (Akinleye & Adedayo, 2018). Additionally, studies have shown that customers like doing business with companies who actively engage in CSR activities (Akinleye & Adedayo, 2018; Yusuf, 2018).

According to Ismail (2009), organizations that engage in CSR attract the best employees and get more clients, whereas those that don’t typically fail sooner or later. Large firms seem to grasp this, and as a result, they have put procedures in place to reassure stakeholders that they are socially responsible. According to (Nasieku et al., 2014), businesses with CSR practices attract the best employees, shareholders, and consumers, as well as a happy community and society. The capital market and the economy both acknowledge that sustainable enterprises are the ones of the future (Petrovi-Ranelovi et al., 2015; Yusuf, 2018).

Organizational Performance

The stakeholder theory (Freeman, 1984) may be used to construct the firm’s performance by identifying the stakeholders and specifying the set of performance outcomes that gauge their satisfaction. Seven aspects of a company’s success may be evaluated based on stakeholder satisfaction: growth, profitability, market value, customer and employee happiness, social and environmental performance. Both non-financial (customer satisfaction and competitive advantage) and financial performance (firm profitability and firm market value) have been looked at for the purposes of this study. Achieving profit throughout a company’s venture is, according to Bobakova (2003), one of an organization’s management’s primary goals.

CSR and Customer Satisfaction

According to Hassan & Nareeman, (2017b), customer satisfaction refers to an overall assessment of a customer’s whole purchase and consuming experience with a company’s products and services throughout time. According to Boshoff & Gray (2004), customer satisfaction is not intrinsic in the product or service offered, rather, the satisfaction of customers majorly consists of the perceptions of individual customers towards the product/ or service attributes. Hence, different levels of satisfaction will be expressed by different customers for the same product/ service experience or encounter (Ueltschy et al., 2007).

Customer satisfaction and corporate social responsibility have a relationship because, when a firm engages in more CSR activities, it becomes more involved in activities that advance product or service quality, which raises customer satisfaction levels. This conclusion has been supported by numerous investigations. The results of the study carried out in China, according to (Chung et al., 2015), showed that CSR had a positive and significant link with customer satisfaction. According to a study by Hassan and Nareeman (2017) that was conducted in Malaysia to ascertain the impact of consumers’ perceptions of multinational retailer’s CSR policies, there was a positive and substantial correlation between CSR dimensions and customer happiness. The results of the study by Ashraf et al. (2017) showed that CSR has a positive impact on customer satisfaction in the Pakistani banking sector. In a similar vein, Senthikumar et al. (2014) discovered that CSR has a significant impact on customer satisfaction in the Indian banking sector. Additionally, CSR practices were predicted and demonstrated a positive impact on customer satisfaction in the mobile telecommunications sector in Malaysia in the study by Zhang et al. (2020). This study hypothesized that:

H1: There is a significant relationship between CSR and customer satisfaction Flour Mills Nigeria Plc.

CSR and Firm Profitability

Profit level is mostly used in enterprises to gauge financial success. Profit is a metric for profitability and may be defined as an income, the act of generating positive or beneficial effects from a business activity, or the surplus of revenue produced by an enterprise after deducting costs directly related to the creation of that revenue. Through a feasibility study or once the firm is up and running, one may evaluate the profitability of the venture. Profitability may also be seen of as a company’s potential for financial success. The primary concern of the company’s owners is profit. Price to earnings ratio might be used to quantify this.

Profitability is defined by Ajide, & Aderemi (2014) as the percentage by which a company’s income surpasses its expenses. In order to determine management’s capacity to generate profits from revenue-generating activities within the organisation, profitability measures are frequently utilised. Carlsson and Akerstom (2008) provided evidence of the beneficial correlation between CSR and financial success. Price Waterhouse Coopers (PwC) conducted the study in Sweden for eight (8) years, from 2000 to 2007. Cross-case analysis was the technique employed. In their study from 2012, Amole, Adebiyi, and Awolaja looked at the profitability and corporate social responsibility of Nigerian banks. According to the study’s conclusions, CSR and bank profitability are positively correlated. To this end, the following hypotheses are proposed:

H2: There is a significant relationship between CSR and firm profitability in Flour Mills Nigeria Plc.

CSR and Firm Market Value

The many stakeholder directions in CSR must be independently studied in order to have a clear picture of how CSR affects a firm’s value. More specifically, numerous academics have examined the connection between CSR and the firm’s value using the aggregated CSR dimension/scores (Park & Lee, 2009;2010). In research published in 2013, Servaes & Tamayo looked at the function of consumer awareness in relation to the effect of CSR on business value. The study demonstrated a favorable relationship between CSR and firm value for businesses with strong consumer awareness, as measured by advertising spending. The link is either negative or insignificant for companies with little or no client awareness. The influence of knowledge on the CSR-value relation is reversed for businesses with a poor reputation as corporate citizens, according to the authors, Servaes and Tamayo. This information supports the notion that CSR actions could be advantageous to the business, but only in certain situations. Business advertising only results in awareness at work as a consequence.

The findings of Orlitzky et al. (2003) are consistent with the predictions of the instrumental stakeholder theory (Donaldson & Preston, 1995; Wood & Jones, 1995), which maintains that socially responsible business practices can increase the firm’s value by enhancing the company’s reputation or brand equity and reducing operating expenses, including deterring additional governmental regulation. According to a study (Bajic & Yurtoglu, 2018) that examined 35 countries between 2003 and 2016 to determine the relationship between CSR components (social, environmental, and corporate governance) and business value, the social index has a significant impact on market value.

Furthermore, from March 2006 to December 2017, a study was carried out by Lee (2020) utilizing panel data analysis to investigate the impact of CSR on the firm’s market value of tour operators listed on the Chinese stock exchanges. The study’s conclusions demonstrated that while CSR had a negative impact on the firm’s market value during the immediate period, after a one-period lag, CSR activity had a positive impact on market value, which persisted even after a two-period lag. The data showed that the market capitalization of tour operators and other travel businesses listed on the Chinese stock exchanges took some time to fully reflect the economic impact of CSR operations on the firm’s market value. The results also suggested that, despite the possibility of some short-term financial risk, tour operators would need to invest a large amount of time and money to make CSR successful. Additionally, CSR was discovered by Chen & Lee (2017) to be favorably connected with the Taiwanese business market value. Thus, the research proposed the following hypotheses:

H3: There is a significant relationship between CSR and firm market value.

CSR and Competitive Advantage

Every study evaluating the relationship between CSR tactics and competitive advantage has come to the conclusion that CSR strengthens a company’s competitive advantage. Filho et al. (2010) identified a substantial correlation between social responsibility and competitive advantage across the research on examining how CSR practices effect competitive advantage. Similar research was conducted by Sendil (2015), who looked at how customer reactions to CSR can influence how much a brand’s social initiatives are reflected in its competitive positioning. According to the study, consumer perceptions of CSR are linked to higher purchase likelihood, as well as longer-term loyalty and advocacy behaviours. A brand that positions itself on CSR and integrates its CSR strategy with its core business strategy is more likely than brands that merely engage in CSR to reap a variety of CSR-specific benefits in the consumer domain, according to the study, which also demonstrated that not all CSR initiatives are created equally.

1.2 Statement of the Problem

What should be the primary goals of business organizations has been the subject of several disputes, debates, and controversies in recent years among businesspeople, academics, government officials, and the general public. Over the years, business owners and managers have ignored the issues that corporate enterprises have brought to their host communities. These issues provide a serious danger and can make living challenging for these communities (Russo and Perrini, 2018).

The right to function in such a society is granted to organizations because society sees the relationship between the organization and society as one of interdependence. As a result, there is a growing symbiotic link between organizations and their host communities. A choice made within a company may have an impact on the prosperity of the community and the country. Economic activity on a global scale can potentially be impacted. The ongoing conflict in the Niger Delta area, which has resulted in the loss of life and property, is one illustration of these issues. The young people in these communities claim that businesses utilize their money and efforts—which they should have been using to build the community—to bribe opinion leaders, who then neglect their duties to the community. These have greatly strained relations between the community and the company, or both the parties.

A lot of money is always committed to the corporate social responsibility of an organization without knowing its direct impact in their performance. This necessitates the research on corporate social responsibility’s impact on organizational performance. Nigeria’s socioeconomic requirements are so great that businesses must step in to help the people and the environment where the government has failed (Adeyanju, 2012). Researchers confirmed that a significant factor influencing CSR is the federal government’s regulated economy’s failure to grow the nation despite the country’s extreme richness of natural and human resources (Adeyanju, 2012; Akinleye & Adedayo, 2018; Yusuf, 2018).

Despite the potential benefits of VR in training, its adoption in agricultural machinery training remains limited. Many training programs still rely on traditional methods, which may not effectively address the challenges of modern agricultural machinery operations. The lack of immersive, hands-on experience can lead to gaps in knowledge and skills, potentially resulting in inefficiencies and safety issues.

This study seeks to address the gap by exploring the integration of VR in agricultural machinery training. Specifically, it aims to evaluate the effectiveness of VR-based training in improving the knowledge, skills, and operational efficiency of agricultural machinery operators. By understanding the potential and challenges of VR in this context, the study aims to provide insights that can inform the development of more effective training programs.

1.3 Research Objectives

The primary objectives of this study are:

To assess the current state of agricultural machinery training and identify the limitations of traditional training methods.

To evaluate the effectiveness of VR-based training in enhancing the skills and knowledge of agricultural machinery operators.

To analyze the impact of VR training on operational efficiency and safety in agricultural practices.

To explore the perceptions and experiences of trainees and trainers regarding the use of VR in agricultural machinery training.

To provide recommendations for the integration of VR into agricultural training programs.

1.4 Research Questions

This study will address the following research questions:

What are the limitations of traditional agricultural machinery training methods?

How effective is VR-based training in improving the skills and knowledge of agricultural machinery operators?

What impact does VR training have on the operational efficiency and safety of agricultural practices?

What are the perceptions and experiences of trainees and trainers regarding the use of VR in agricultural machinery training?

What recommendations can be made for integrating VR into agricultural training programs?

1.5 Significance of the Study

This study is significant for several reasons. Firstly, it contributes to the growing body of knowledge on the use of VR in vocational training and education. Secondly, by evaluating the effectiveness of VR in agricultural machinery training, the study provides empirical evidence that can inform policymakers, educators, and industry stakeholders. This evidence can support the development of more effective and innovative training programs, ultimately enhancing the productivity and sustainability of the agricultural sector.

1.6 Scope and Limitations

The study will focus on the integration of VR in the training of operators for common agricultural machinery such as tractors, harvesters, and planters. It will involve a comparative analysis of traditional and VR-based training methods, using both quantitative and qualitative data. However, the study may be limited by factors such as the availability of VR equipment, the willingness of participants, and the generalizability of findings across different agricultural contexts.

1.7 Definition of Key Terms

Virtual Reality (VR): A computer-generated simulation of a three-dimensional environment that can be interacted with using special electronic equipment, such as headsets with screens and sensors.

Agricultural Machinery: Machines used in farming to save labor, such as tractors, plows, harvesters, and planters.

Training Effectiveness: The measure of how well training achieves its intended outcomes in terms of knowledge acquisition, skill development, and behavior change.

Operational Efficiency: The ability to complete tasks effectively with minimal waste of time, effort, or resources.

Safety in Agriculture: Practices and protocols to prevent accidents and injuries in agricultural operations.

1.8 Organization of the Study

This study is organized into five chapters. Chapter One introduces the research topic, objectives, and significance. Chapter Two reviews relevant literature on VR technology and its applications in training, with a focus on agricultural machinery. Chapter Three outlines the research methodology, including data collection and analysis procedures. Chapter Four presents the findings of the study, including a comparative analysis of traditional and VR-based training methods. Chapter Five concludes the study with a summary of findings, implications for practice, and recommendations for future research.

By examining the integration of VR in agricultural machinery training, this study aims to contribute to the advancement of training methodologies in agriculture, ultimately supporting the development of a skilled and efficient workforce

CHAPTER TWO:

LITERATURE REVIEW

2.1 Conceptual Framework

Modern businesses are under increased pressure to be socially responsible, to create codes of conduct, to issue CSR statements and reports, and to engage independent auditors to assess how well their CSR activities are being put into reality (Magdalena, 2016). However, there remains a debate among academics about the relationship between CSR and corporate performance since no one could agree on how CSR would affect firm performance (Marwan, 2015). Although it is maintained that socially desirable behaviors have a good influence on a firm’s economic performance, business organizations, clients, shareholders, and other stakeholders have expressed interest in CSR (Turcsanyi & Sisaye, 2013).

Companies have long struggled to increase profits while ignoring the consequences for customers and the environment. Several factors have recently compelled multinational corporations to pay close attention to the concept of corporate social responsibility (CSR). These factors include increased environmental awareness, customer globalization pressures, legal regulations, increased competitiveness, increased media scrutiny, and the dynamic nature of the business environment (Awad et al., 2016).

One of the industries in Nigeria that is developing the quickest is the fast-moving consumer goods (FMCG) business. However, manufacturing enterprises specifically have covered a significant region in Nigeria, from urban to rural areas, in terms of CSR. There are other businesses controlled by international and indigenous corporate organizations. As a consequence, the researcher has chosen one company from among the numerous to examine its corporate social responsibility to the community. This study focused on Flour Mills Nigeria Plc to be able to investigate the effects of CSR on organizational performance in Nigeria’s industrial industry.

Corporate Social Responsibility (CSR) is broadly defined as the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community, and society at large to improve quality of life. The European Commission (2011) defines CSR as “the responsibility of enterprises for their impacts on society.” CSR encompasses a range of practices, including ethical business conduct, environmental sustainability, philanthropy, and community engagement.

2.1.1 Theoretical Perspectives on CSR

Several theories provide a framework for understanding CSR, including:

Stakeholder Theory: This theory posits that businesses have a responsibility to all stakeholders, not just shareholders. Stakeholders include employees, customers, suppliers, community members, and the environment. (Freeman, 1984).

Legitimacy Theory: This theory suggests that businesses must operate within the bounds of societal norms and values to maintain legitimacy and social license to operate (Suchman, 1995).

Corporate Citizenship Theory: This theory views corporations as citizens with certain social rights and responsibilities, emphasizing the role of businesses in contributing to societal well-being (Matten & Crane, 2005).

Scholars have conducted several studies and used a variety of theories to explain CSR at various levels of study, from the resource-based view (RBV) and transaction cost economics to stakeholder theory and institutional theory (TCE). Regarding the most suitable categorization of theories in CSR research, there is no developing consensus. Previous studies on theoretical perspectives on CSR give many standards, including the firm’s role, management discretion, and depth of study (Klonoski, 1991; Secchi, 2007; Frynas & Stephens, 2015).

Based on the claim made by the Stakeholder Theory, businesses have connections to a variety of constituent groups that have an interest in the actions and results of the enterprise (Margolis and Walsh, 2003; Donaldson and Preston, 1995). These many stakeholder groups influence each other and the firm’s initiatives in a reciprocal manner. Therefore, businesses and policymakers should frequently take into account the requirements of the many component groups or stakeholder organizations who have a stake in the firm’s initiatives and results. Stakeholder Theory suggests that companies/managers should consider and act in the best interests of a larger group of constituent stakeholders, including but not limited to employees, customers, suppliers, environmentalists, the community at large, and owners/shareholders (Aguinis et al., 2012; Jones, Felps, and Bigley, 2007). This is as a result of CSR’s focus on the moral obligation. These numerous stakeholders are predicted to gain from internal CSR programs that focus bettering the physical and psychological working conditions for employees through a series of positive results.

A timeline of CSR-related theories, their development, and their relationship to our current state of knowledge has been put together by Krisnawati (2014). Additionally, Freeman et al. (2010) believed that managing stakeholder interactions is the ideal way to handle the value creation process because the goals of the various stakeholder groups are comparable. Identification of stakeholders and how enterprises engage with them—in other words, which stakeholders matter and whether they have an advantage—is a crucial component of stakeholder theory.

Furthermore, Camelia et al. (2013) quoted Donaldson and Preston (1995) who made a distinction between the two types of stakeholders: those to whom management has a duty or obligation, and those who have the authority to influence or be impacted by the organisation. They arrived to the conclusion that only the first group had enough legitimacy to ensure that management decisions were made in its best benefit, even if management may need to take both groups’ interests into account.

Stakeholder theory and value generation for stakeholders and the entity go hand in hand. Dumitru et al. (2015) researched integrated reporting and the stakeholder theory and found that there are differences in the content of disclosure reports that address different stakeholder categories. They also found that communication is a critical part of value creation (investors, customers, and employees).

Stakeholder theory has been interpreted as being necessary for CSR. By combining the stakeholder interests with moral obligations, it maximises the wealth for the society. Another important aspect of this theory is its transparency, which is achieved by including information that is not financial. Additionally, it offers guidance on how to balance the needs of many stakeholders based on sustainability and the crucial instruments for managing a business (Deedan & Blomquist, 2006).

In addition, corporations participate in CSR programmes and offer both financial and non-financial information to forge beneficial relationships with significant stakeholders, in line with the stakeholder theory (Chu et al., 2013). Stanford Research Institute coined the term “stakeholder” for the first time in 1963. (Strand and Freeman, 2015). The political economy theory, which emphasises that firms give financial and nonfinancial information as a result of the development of successful relationships with influential stakeholders, is where the core of from which the stakeholder theory originates. As a result, this phrase is frequently employed in the business world (Chu et al., 2013). With this strategy, companies identify the stakeholder’s group whose interests are most important and relevant to their own. In this case, management is told to concentrate more on the relationship with this specific group of stakeholders in order to meet corporate objectives (Deegan, 2002).

The three most promising and meticulous approaches to the stakeholder theory, in Donaldson and Preston’s opinion, are descriptive, instrumental, and normative methodologies (1995). The descriptive stakeholder theory covers this topic and how firms should communicate with their stakeholders. It also describes the appropriate corporate perspective and possible stakeholder management and incentive techniques (Freeman, 1999). The normative approach holds that all stakeholders have property rights, thus managers should take their wishes into consideration in order to maintain business as usual in society (Freeman and Phillips, 2002). Despite what the instrumental method emphasizes, it might be challenging to maximize profit-seeking activities and increase shareholder s wealth without also fulfilling stakeholder expectations (Donaldson and Preston, 1995; Freeman, 1999)

2.1.2 CSR Models and Frameworks

Various models and frameworks have been developed to guide CSR practices, including:

Carroll’s Pyramid of CSR: Carroll (1991) proposed a pyramid model of CSR that includes four layers: economic, legal, ethical, and philanthropic responsibilities. Businesses are expected to be profitable, obey the law, act ethically, and be good corporate citizens.

Triple Bottom Line (TBL): The TBL framework, introduced by Elkington (1997), emphasizes that businesses should focus on three bottom lines: people (social), planet (environmental), and profit (economic). This approach encourages sustainable business practices that balance social, environmental, and economic considerations.

2.2 Historical Evolution of CSR

The concept of CSR has evolved significantly over the decades. Initially, CSR was primarily philanthropic, with businesses engaging in charitable activities. Over time, CSR has become more integrated into core business strategies, with a focus on sustainable development and ethical practices.

2.2.1 Global Evolution of CSR

1950s-1960s: CSR emerged as a concept focused on philanthropy and ethical business practices.

1970s-1980s: The focus shifted towards corporate accountability and the introduction of regulations and standards for ethical conduct.

1990s-2000s: CSR became more strategic, with businesses integrating social and environmental considerations into their core operations.

2010s-Present: Emphasis on sustainability, stakeholder engagement, and the adoption of global frameworks such as the United Nations Sustainable Development Goals (SDGs).

2.2.2 Evolution of CSR in Nigeria

In Nigeria, CSR practices have been influenced by global trends and local socio-economic conditions. Initially characterized by philanthropy, Nigerian CSR has evolved to address broader issues such as environmental sustainability, community development, and economic empowerment. The regulatory environment, including guidelines from the Nigerian Stock Exchange (NSE) and the Companies and Allied Matters Act (CAMA), has also shaped CSR practices in the country.

2.3 CSR in Nigeria

CSR in Nigeria encompasses various activities aimed at addressing socio-economic challenges and contributing to sustainable development. Nigerian companies, particularly in the oil and gas, telecommunications, and manufacturing sectors, have adopted CSR initiatives to support education, healthcare, infrastructure development, and economic empowerment.

2.3.1 Regulatory Environment and CSR

The regulatory environment in Nigeria influences CSR practices. Key regulations and guidelines include:

Nigerian Stock Exchange (NSE) Sustainability Disclosure Guidelines: These guidelines encourage listed companies to disclose their CSR and sustainability practices.

Companies and Allied Matters Act (CAMA): This act mandates certain corporate governance practices that align with CSR principles.

Nigerian Extractive Industries Transparency Initiative (NEITI): NEITI promotes transparency and accountability in the extractive industries, which has implications for CSR activities in these sectors.

2.3.2 CSR Practices of Nigerian Companies

Nigerian companies engage in a variety of CSR activities, including:

Philanthropy: Donations to charitable organizations, scholarships, and community support initiatives.

Environmental Sustainability: Efforts to reduce environmental impact, such as waste management, pollution control, and renewable energy projects.

Community Development: Projects aimed at improving infrastructure, healthcare, education, and economic opportunities in local communities.

2.4 Impact of CSR on Community Development

CSR has the potential to significantly impact community development by addressing key socio-economic issues and improving the quality of life for local populations. The impact of CSR can be seen in various areas:

2.4.1 Education

CSR initiatives in education include building schools, providing scholarships, and supporting teacher training programs. These efforts contribute to improved educational infrastructure, increased access to education, and enhanced learning outcomes.

2.4.2 Healthcare

CSR activities in healthcare involve constructing healthcare facilities, providing medical supplies, and supporting health awareness campaigns. These initiatives improve healthcare infrastructure, increase access to medical services, and promote public health.

2.4.3 Infrastructure Development

Companies often invest in infrastructure projects such as road construction, water supply systems, and electrification. These projects enhance community living conditions and contribute to overall socio-economic development.

2.4.4 Economic Empowerment

CSR programs aimed at economic empowerment include vocational training, entrepreneurship support, and microfinance initiatives. These programs help create job opportunities, promote economic self-reliance, and reduce poverty.

2.5 Flour Mills of Nigeria Plc’s CSR Initiatives

Flour Mills of Nigeria Plc has implemented various CSR initiatives to support community development in Lagos State. These initiatives focus on key areas such as education, healthcare, infrastructure, and economic empowerment. Specific examples include:

Education: Scholarships, school renovation projects, and educational materials donation.

Healthcare: Construction of health centers, medical outreach programs, and health education campaigns.

Infrastructure Development: Building and repairing roads, water supply projects, and community centers.

Economic Empowerment: Vocational training programs, support for small businesses, and agricultural development projects.

HOW TO RECEIVE PROJECT MATERIAL (S)

After paying the appropriate amount (#5,000) into our bank Account below, send the following information to any of the numbers below

08068231953, 08137701720, 08154275408 (1) Your project topics

(2) Email Address

(3) Payment Name

OR you drop them on our WhatsApp, 08137701720

We will send your material(s) after we receive bank alert

BANK ACCOUNTS