Corporate Social Responsibility: Panacea to Corporate Growth

Abstract

Business environment is dynamic. It is constantly changing and creating not only uncertainties, risk, and threats but also opportunities for growth and expansion. The growing activities of industrial and commercial organizations in Nigeria have brought with them many side effects. Some of these consequences are positive while some are negative. As a result of the declining resources of government to satisfy all the needs of the populace and the growing resources and power of industry, the question has risen as to what role the private sectors should play in the society as a whole and for specific social groups in particular. The purpose of this study, therefore, is to examine the corporate social responsibility practice in the Nigerian Banking Sector.  It also reviews the main component of corporate social responsibility and unfold it benefits to corporate body.  The study is descriptive in nature. The result therefore shows that social responsibility is a by-product of profitability. Thus, CSR is about the organization striving towards profit maximization while still obeying the laws, being ethical, and being a socially responsible and a responsive corporate citizen. Banks must therefore get their priorities right by incorporating the normative pattern and values of society into their mission and operational objectives and should help to solve social problems such as unemployment, inadequate social amenities, inequality etc. These are what can dramatically change the general perception of the public about banks and stimulate growth in the industry and the economy and they are certainly not far-fetched. Keywords: Corporate Social Responsibility, Corporate Governance, Corporate growth, Social Problem, Civic, Economic