Professional Documents
Culture Documents
By
Paper For
2004 World Bank Institute (WBI)/ Wharton Business School
International research/ Essay Contest on CSR for Future Leaders.
February 2004.
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INTRODUCTION
1.0 Background
Is the business of business strictly business? If the answer to this question is no, how then
do we define the business of business in the twenty first century and beyond?
Traditionally, the business of business is an open market economy has been defined to be
the creation of wealth for shareholders, employees, customers and society at large. No
other human activity matches private enterprise in its ability to Marshall people, capital
and innovation under controlled risk in order to create meaningful jobs and produce
goods and services profitably.
However, recent developments in the external business environment within the last
decade, such as the 2001 World Summit on Sustainable Development (WSSD), has
shown that various parties and persons are beginning to see the need to re- define the
role(s) of business in society. Organizations and institutions of business such as the
World Business Council on Sustainable Development (WBSCD) have seen a need to re-
define the role(s) of business in society to reflect of the environmental impact of
corporate activities on one hand, and how these environmental situations affect the future
of mankind on the other.
On organizational level, corporate policies of business around the world, particularly the
multinationals have started reflecting the new demands of their external environment.
Some companies have had to re-define the mission statement of their organizations in
order to reflect these new role(s). The concept of Corporate Social Responsibility (CSR)
that hitherto was the sole policy focus of large business is now being favorably
considered and adopted as a national development strategy by government and other
public sector agencies. Thus, it is not surprising to observe the emergence of two key
concepts that come to reflect the new role(s) of business in the society. These concepts
are Stakeholder and Sustainable.
The Stakeholder Concept as it relates to business that managers are out to serve the
interests of all those who have a Stake in the firm. The stakeholders include
shareholders, employees, suppliers, customers, and the communities. The very purpose of
the firm according to this view is to serve and co-ordinate the interest of its various
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stakeholders. It is therefore the moral obligations of the manager (and thus the firm) to
strike an appropriate balance among the various interests in directing the activities of the
firm.
The Sustainable Concept on the other hand holds that the present generation has been
reckless and wasteful in both its exploitation and use of natural resources by pursing a
series of socio-economic and industrial policies which endanger global environmental
security. Viewed as doctrine of qualitative societal change, the sustainable concept
underlines the perils of global environmental degradation- oil spills, deforestations, acid
rain, ozone depletion, toxic waste, et cetera- and calls for the institution of policies that
would do less damage to the environment, meet the needs of the present generation
and, also allow future generations to meet their own needs.
Against this background, one is quick to ask the following questions:
1. Has the emergence of concepts such as stakeholder and sustainable really been
influential in the re- definition of the role (s) of the business in society?
2. To what extent have companies considered and adopted these concepts in the conduct
of business activities?
3. What impact has this had on society and business?
This paper will attempt to answer these questions by looking at the contribution of
Foreign Direct Investments (FDI) to sustainable development in Nigeria. The country
presents a classic environment for this study owing to its peculiar socio-economic and
political history. This developing country is considered a Mecca of sorts for foreign
investors owing to its vast human, material and natural resources and is also one with a
huge challenge in sustainable development as a result of crises relating to the Corporate
Social Responsibility and behavior of the large multinational corporations in between
various dispensations.
a. To critically examine the role, importance and contribution of Foreign Direct Investments
b. To determine to what extent this role is considered as a generalized role for businesses in
c. To assess the opportunities and challenges for corporate and public policy changes with a
depend on the inflow of Foreign Direct Investments (FDI) as a cost effective strategy of
This paper is divided into five main sections. In the second section, relevant literature on Foreign
Direct Investment (FDI), Sustainable Development and Corporate Social Responsibility (CSE)
are briefly reviewed to provide the background for understanding the major concepts and how
they relate with each other. The third section examines sustainable development in Nigeria using
a chronological approach that is based on two style of governance. The essence of this section is
to show how the country has fared development-wise before and during democratic governance.
The fourth section presents a study on British American Tobacco (Nigeria) Limited (BAT) and
provides the evidence and manifestation of how a foreign investment by using Corporate Social
Responsibility (SCR) can help achieve sustainable development in developing countries. In the
fifth and final section, the paper concludes that foreign investments have the capacity to
contribute to sustainable development if they will adopt a Corporate Social Responsibility (CSR)
policy that reflects international standards and codes such as the AccountAbility (AA1000)
The United States Department of Commerce defines Foreign Direct Investment (FDI) to
affiliated group owns an interest of ten percent (10%) or more. This definition is limited
in scope because it considers the share capital perspective of Foreign Direct Investments
(FDI) in isolation of any consideration for the corporate control aspects. The United
Nations on the other hand has defined Foreign Direct Investment (FDI) as investment in
country. This definition not only considers Foreign Direct Investment (FDI) from an
investment point of view, but also equally defines the status of corporate control.
hence; a theory of Foreign Direct Investment (FDI) is also a theory of the multinational
enterprise as an actor in the world economy (Hennart, 1982). Based on this theory,
Foreign Direct Investment (FDI) is not simply (or even primarily) an international
transfer of capital but rather, the extension of an enterprise from its home country into
foreign host country. The extension of enterprise involves flows of capital, technology,
and entrepreneurial skills and, in more recent cases, management practices to the host
economy, where they are combined with the local factors in the production of goods and
services.
Foreign Direct Investment (FDI) is growing faster than world Gross Domestic Product
(GDP) and world trade, thus showing the rising importance of Foreign Direct Investment
(FDI). Fig 1 depicts the growth relationship between exports and FDI.
6
800
700
600
500
400 Export
300
200
FDI
100
75 76 77 78 79 80 81 82 83 84 85 86 87 88 89
Index of Foreign Direct Investment Outflows and the Current Value of Exports, 1975
1989 (1975 = 100). Over the 1975 1989 periods as a whole, FDI outflows and world
exports grew at about the same rate. But since 1985, the growth rate of FDI outflows
has spurted ahead of the export growth rate.
Since the early 1980s, Foreign Direct Investment (FDI) outflows have grown three times faster
than exports and four times faster than world output. This rising importance of Foreign Direct
Investment (FDI) in the international economy reflects several factors amongst which are:
b. The global integration of capital markets can contribute to the spread of best
(Feldstein, 2000).
2000).
d. Economists tend to favor the free flow of capital across national borders because
In addition to the factors listed above, Foreign Direct Investment (FDI) has proved to be
resilient during financial crisis. For instance in East Asian Countries, such investments
was remarkably stable during the global financial crises of 1977-98. This is in sharp
contrast to other forms of private capital flows portfolio equity and debt flows- which
were subject to large reversals during the same period (Dadush, Dasgupta and Rath 2000;
Lipsey 2001). This resilience has led many developing countries to favour Foreign
Direct Investment (FDI) over other forms of capital outflows furthering a trend that has
Fig. 2: The Composition of capital inflows has shifted away from Bank loans and towards FDI and
portfolio investment.
1978-81 1982-89 1990-95
Portfolio 28%
As noted by Flood (1993), Foreign Direct Investment (FDI) flows to developing countries
reached US$43.2billion in 1992, showing a Seventy Six percent (76%) increase from two years
In the 1980s and 1990s, Foreign Direct Investment (FDI) flows have shifted from the
manufacturing and extractive sectors to the service sectors, particularly the new capital-intensive
development as development that meets the needs of the present without compromising
the ability of future generations to meet their own needs. The WCEDs thesis of
sustainable development posits that, the present generation has been reckless and
wasteful in both its exploitation and use of natural resources by pursuing a series of
follows:
on a self-reliant basis.
- A social system that provides for solutions for the tensions arising from
disharmonious development.
- A production system that respects the obligation to preserve the ecological base
for development.
- An administrative system that is flexible and has the capacity for self-correction.
challenge both the ethical and technical imperatives of government policies as well as the
the WCED and the World Business Council on Sustainable Development (WBCSD). The
- Environmental Improvement.
- Social responsibility.
referred to as Corporate Social Responsibility (CSR) remains the broadest and most
crucial in the quest for sustainable development. The reason lies in the broad scope of
Corporate Social Responsibility (CSR), which turns around to include the first two
ethically and contribute to economic development while improving the quality of life of
the workforce and their families as well as of the local community and society at large.
Corporate Social Responsibility (CSR) defines what a company has to do to win and
enjoy the confidence of the community as it generates economic wealth and responds to
There is no common blueprint for Corporate Social Responsibility (CSR), but there are
There are four main forces driving Corporate Social Responsibility (CSR), they are the
investment climate, civil society, the market place and the workplace. Each of these
forces has a number of elements that helps it influence corporate behavior. For example,
In theory, a dynamic market process is at work. The initial pressure for businesses to
adopt Corporate Social Responsibility (CSR) comes mainly from consumers and society.
These pressures then bring Corporate Social Responsibility (CSR) into the mainstream of
a companys activities. The business benefits through higher productivity and quality as
well as improved relationship with suppliers and the financial markets also reward the
company. As the company reaps the rewards, this puts pressure on their competitors to
follow.
developing economies, there is not usually the right environment for competitive business
of Corporate Social Responsibility (CSR). Figure 4 illustrates this process. It shows how
partnerships. The argument is that the lower down the activity is in the triangle, the
With reference to poverty, the positive effect of Corporate Social Responsibility (CSR) on
reducing poverty is still subject to debate. However, it is generally agreed that the core activities
of a successful business can have a positive impact on poverty. Business can help to reduce
poverty:
- By investing, producing, and paying wages and taxes, they can contribute to
growth.
- By respecting labour standards and encouraging local sourcing they can contribute
to pro-poor growth;
- By creating jobs, providing skills and training, and producing goods that meet the
needs of the poor, their operations can have a direct impact on the poor.
Nigeria being a developing economy has not been any different from other developing
economies in using Foreign Direct Investment (FDI) as a strategy for achieving economic
growth and development. However, unlike countries like Malaysia, Nigeria in spite of its
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huge deposit of human, natural and material resources has failed to achieve rapid
economic growth due to several factors, the principal of which is an unstable political
environment occasioned by long periods of military rule. Under the military rule, Nigeria
sanctions imposed on the country by the international community. To best explain the
shall take a look at the country in two different dispensations or eras: Pre-1999 and Post-
1999. The choice of 1999 as a central or focal era for this study is due to the countrys
restoration to civil and democratic rule after about Sixteen (16) years of military reign on
3.0.1 PRE-1999
Prior to its independence from British Colonial rule, Nigeria had played host to a couple
of foreign investments, companies like the United African Company (UAC) were
involved in the purchase and export of Palm Oil which was a major foreign exchange
earner for the country. However, the countrys independence in 1960 was to change a lot
of things politically, socially and economically for it. Nigeria now had to take her future
in her hands and so; various economic policies were adopted to ensure the young
countrys survival. The first twelve (12) years of independence saw the countrys
economy being sustained by export earnings from agriculture. With a vast array of cash
and food crops, the country soon became famous in Africa and beyond. Then in the mid
seventies (70s) came the discovery of oil and with it several challenges that was to last
for several years. Soon, major investments started coming into the country in order to tap
the huge oil deposits there. By the late 1980s the country had been reduced to a mono-
income economy. Budgets were based on estimated revenue from the international sales
of crude oil.
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Politically, the nation had undergone quite a traumatic experience. Between 1960 and
1995, the country had experienced eight major military take-overs (coup detats) some of
them ending in bloodshed. Military rule was to remain the dominant form of governance
for over twenty out of the countrys 39 years of independence. The period of military
iii Massive monopoly by firms having the favour of the military government.
practices by large multinational corporations particularly in the oil and gas sector was
taken for granted and therefore received very little attention from the government and
civil society.
Environmental pollution was at an all time high and citizens of the Niger Delta region
were subjected to untold economic hardship. Marine life and soil fertility was devastated
by frequent oil spills in the region. This phenomenon has been referred to as the
resource curse thesis (Auty 1998). The pursuit of sustainable development via
Corporate Social Responsibility (CSR) and the activities of the oil companies operating
in the Niger Delta region was soon to spark off an internationally celebrated
confrontation between the late environmental activist- Ken Saro Wiwa and Shell
Petroleum Development Company (SPDC). Unfortunately, the war did not last for long
as the activist along with eight other people were tried by a military tribunal and
sentenced to death. This situation was to bring to fore, the human rights standards of
In summary, under the military, social construction of the Nigerian environment revolved
around very crucial issues of governance. The most important of these was probably the
conflicting claims of communities, the state and big business over control of natural
resources and responsibility for human induced environmental changes. For the military
and big business, the essential driving logic was economy not ecology. State officials
and petro-business insisted that national security in the face of poor economic and social
conditions meant that oil wells should keep flowing, irrespective of environmental
The inauguration of a democratic government in May 1999 raised hopes of redressing the
ecological social and economic damages of military rule. The country began a gradual
Social Responsibility (CSR) and ultimately sustainable development. With the re-
sector, the down stream oil and gas sector, solid minerals resources et cetera.
As a matter of fact, Nigeria witnessed greater Foreign Direct Investment (FDI) inflow
between 1990 and 2001. Another factor responsible for the phenomenal increase in
Foreign Direct Investment (FDI) apart from economic policies is the fact that the legal
regime and its related institutions required for the creation of a market economy and
suitable investment climate were priority public policy agenda of the new civilian regime.
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The statistic below shows Foreign Direct Investment (FDI) activities in Nigeria since
(as % of GDP).
1990 2001
Source: World Bank. 2003. World Development Indicators 2003. CD-Rom. Aggregates
Calculated for the Human Development Report Office by the World Bank.
In the wake of the emerging competitive market economy in Nigeria, Corporate Social
Responsibility (CSR) has now moved from the back seat of corporate policy and it is now in use,
as a tool for achieving competive advantage in various industries and sectors where the
deregulation policy has broken former corporate monopolies and brought about competition
among companies within the sector. However, public sector support for Corporate Social
Responsibility (CSR) is still weak due to the ignorance of policy makers about the fundamental
constructs of Corporate Social Responsibility (CSR) and its impact on sustainable development.
Perhaps one of the best ways to facilitate an in-depth appreciation of how businesses
undertake a study of what one of the major Foreign Direct Investments (FDI) in Nigeria
4.0.1 BACKGROUND
British American Tobacco Group is the worlds second largest tobacco company, with a global
market share of almost fifteen percent (15%). The Group employs over Eighty-five thousand
(85,000) people worldwide, maintains active business presence in One Hundred and eighty (180)
countries, works with over two hundred and fifty thousand (250,000) tobacco farmers worldwide
and has planted over two hundred and sixty seven thousand hectares of renewable woodlands.
British American tobacco Nigeria was formed in October 2000. The company merged with the
former Nigerian Tobacco Company (NTC) in November 2000 to form what is presently the
largest tobacco company in Nigeria. The company is a private company and a fully owned
subsidiary of the British American Tobacco Group. In September 2001, the company signed a
Memorandum of Understanding (MOU) with the Federal Government of Nigeria for the
investment of N150million in Nigeria. The investment is an integrative process that will impact
on all aspects of the tobacco industry, from leaf growing through to the manufacture and
distribution of tobacco products. Under the terms of the Memorandum of Understanding, British
American Tobacco Nigeria is expected to partner with the government to achieve the following:
- Significantly reduce the incidence of contraband and counterfeit tobacco products in the
Nigerian market.
Revenue accruing to the government from the tobacco sector, which hitherto was marginal, has
significantly increased since the establishment of Brit ish American Tobacco Nigeria. In 2002,
the company paid over N6.5billion in taxes to government, over 10 times the revenue that had
accrued to government for the tobacco sector before the company commenced operations in
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Nigeria. In addition to the thousands of Nigerians who have been employed by the company, the
tobacco-growing sector has started benefiting, with over 1,000 tobacco farmers engaged in 2002.
probably the first major Foreign Direct Investment (FDI) that came into the country with a goal of
being a good corporate citizen. The company has adopted the Social Reporting Process (SRP) as
a way of ensuring that its Corporate Social Responsibility (CSR) framework meets the direct
This is a corporate practice and policy that the company has adopted which allows its social
performance to be objectively audited and independently verified both locally and globally.
The Social Reporting Process is based on the AccountAbility (AA1000) standards and Global
a) Allow the company to engage with, listen and respond in a constructive and
business.
b) Allow the company to engage with, listen and respond to stakeholders, who have
company.
For the company, the starting point in the Social Reporting Process (SRP) is the
dialogue to address issues of mutual interests and seek agreement on the actions to be
taken to address these issues. Based on the companys dialogue with key stakeholders
between 2002 and 2003, the following issues of concern and areas of corporate
2. Risk reduction.
3. Responsible marketing.
4. Under-age smoking.
5. Sensible regulation.
6. Community support.
9. Environment.
These are all Corporate Social Responsibility (CSR) issues, which reflects the minimum
expectations of the stakeholders the company deals with in Nigeria. It is worthy to note here that
the company addressed all these issues, but for the sake of volume, we shall consider two.
The Issues
British American Tobacco (Nigeria) limited being the leading tobacco company in Nigeria is also
a major player in the manufacturing sector. This makes the company a relevant player in the
behaviour and to display high ethical standards. The company is also expected to be responsive
to the expectations of all stakeholders, government, business partners, employees and society at
large. Stakeholders felt that beyond operating to high ethical standards at corporate level,
companies have a responsibility to influence employees and business partners to adopt high
standards of integrity.
Stakeholders: Concerns
integrity and good corporate citizenship in all its activities and programs.
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stakeholders and assess the companys performance on social and ethical issues.
2. The company will use its Social Reporting Process (SRP) to engage other members of industry
3. The company will organize a workshop for customs officials to enhance their
The company recognizes the significant responsibilities that its own business entails, and is
committed to the highest standards of ethical behavior. The company believes that multinational
companies have a vital role to play in demonstrating responsibility and transparency, and in many
cases, going beyond compliance to address some of the wider issues of society.
By embarking on social reporting, the company has committed itself to social, ethical and
environmental auditing and accounting. The companys code of conduct covers such topic as
conflict of interest; insider trading; receipt of gifts; and unlawful or improper commercial and
political practices.
The Issue
With globalization and the expansion in the operations of multinational organizations, the
expectations of communities where these organizations operate have been on the increase and this
is especially so in developing countries where in many cases, there is a pervasive feeling that the
governments are not meeting the expectations of their people. As societal expectations continue
2. British American Tobacco (Nigeria) Limited should assist those living with HIV/AIDS in
the host communities where they operate through the provision of anti-retroviral drugs, etc.
4. British American Tobacco (Nigeria) Limited should encourage its farmers to assist the
country to produce more cash and food crops to reduce food deficit.
1. The company shall introduce a scholarship program for children of tobacco farmers in
2. The company will set up a foundation that will work with the International Institute of
Agriculture (IITA) and relevant NGOs to support agricultural productivity and contribute
3. The company will not acquire its own farmlands, as this will occasion the loss of a source
of livelihood for thousands of tobacco farmers. Instead the company will continue to
The company recognizes the wider role of companies as corporate citizens and being a good
corporate citizen means playing a part in the community in which the company operates and in
which their employees live and work. The company approaches good corporate citizenship as an
end in itself and have always been closely identified with the communities where it operates. The
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In November 2002, the company established the British American Tobacco (Nigeria) Foundation,
the role of which is to identify and implement sustainable development programs across the
Kaduna State. In 2002, the company gave over Nine million Naira (N9million) in donations to
different organizations and victim of disasters. The company through the foundation has formed
a partnership with the Nigerian Red Cross Society to provide continuous support for the activities
of the society. Currently, over 70 employees have signed up as members of the Red Cross. Other
contribute towards the development of promising Nigerian undergraduates as well as the launch
the Social Reporting Process (SRP), British American Tobacco (Nigeria) Limited has
and also through the poverty reduction programs of the BAT (Nigeria) Foundation.
2. Contributing to the economic growth of the host country through payment of taxes and
environmental and economic issues of its external business environment with a view to
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making necessary adjustments to ensure that its activities have as little negative impact as
possible.
5.0 CONCLUSIONS
5.0.1 Synthesis
Foreign Direct Investment (FDI) is an effective strategy that is used by developing countries of
the world to achieve economic growth and development. Nigeria with its large reserves of
human and natural resources presents foreign investors with a unique market in which to invest
their money. However, as can be seen by the experience with large multinationals in the oil
sector, such investments though having great economic benefits, may not deliver social and
environmental benefits to various groups who are equally stakeholders in the industry.
might in the long run not guarantee sustainable development in its entire ramifications.
For Foreign Direct Investment (FDI) to impact on sustainable development, both the public and
private sector must pursue Corporate Social Responsibility (CSR) as an end in itself. From the
public sector, the creation of a competitive economy through economic policies such as
deregulation and privatization should be pursued. In addition democracy together with its
From the private sector, companies, especially multinational corporations should voluntarily
comply with various international, national and industrial regulations and codes of conduct. This
is especially needful in industries where the market drivers (e.g. Competition) are weak and
Foreign Direct Investment (FDI) such as the British American Tobacco (Nigeria) limited who can
countries of the world. The reasons as can be seen from this work is because:
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b. To this end, the company has a framework that guides it practices in any host
country;
d. The company abides by local laws and international codes of business conduct
such as the Account Ability (AA1000) Standards and Global Reporting Initiative
(GRI).
In conclusion, Foreign Direct Investments (FDI) are capable of making significant and direct
Responsibility (CSR) frameworks and policies. As Nigeria and other developing countries make
efforts to attract foreign investors, care should be taken to ensure that such investors understand
and appreciate the unique challenges facing them and that they are expected to contribute to
sustainable development in all its ramifications and not just economic growth.
Against the background of the issues raised and analyzed in this paper, three main implications
are identified.
Firstly, business leadership of sustainable development initiatives can create a tendency for local
communities and their governments to depend on external agencies and organizations for
development initiatives that are the legitimate responsibility of the respective national
Secondly, in other to forestall a situation where a national government abandons its social
responsibilities and obligations to its citizens, there is need for dialogue between the private and
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public sector with a view to defining where the social, economic and environmental obligations
of a company starts and where it stops. This in turn will mean that the national governments
social obligations will be equally spelt out. Of course such a dialogue will involve key
stakeholders such as: Foreign Direct Investment (FDI) companies, public or civil society and its
supporting organizations, government and its agencies, multilateral organizations such as the
World Bank Group and the United Nations Development Program et cetera
Thirdly, local capacity has to be developed in both the private and public sector. The absence of
experienced professionals could cause a mis-direction in efforts and might bring about a conflict
Challenges
difficult and can be hindered by secrecy and lack of data. In most cases, major foreign investors
particularly in the oil and gas sector rarely welcome close scrutiny and seem to be happy if the
Imperatives
developing countries, with a vie w to devising appropriate incentives and sanctions that
b. It would be worthwhile to examine the extent to which the regulation of Foreign Direct
advance the agenda of Corporate Social Responsibility (CSR). In this regard, the possible
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