Effect of Corporate Governance Practices on Economic Sustainability Performance in Oil and Gas Sector in Nigeria

This study investigates the effect of corporate governance practices on economic sustainability performance in Nigeria’s oil and gas sector. Specifically, the research examines how board independence, transparency and disclosure practices, and regulatory compliance influence the economic sustainability outcomes of selected oil and gas firms. The study adopts a survey research design and collects primary data from 196 managerial and supervisory staff across various oil and gas companies in Lagos and Rivers States. A structured, self-administered questionnaire based on a 5-point Likert scale was used for data collection, while the data were analyzed using descriptive statistics, correlation analysis, and multiple linear regression via SPSS version 26. The results reveal that all three independent variables—board independence, transparency and disclosure practices, and regulatory compliance—have a positive and statistically significant effect on economic sustainability performance. The regression model explains approximately 70% of the variance in economic sustainability outcomes, with regulatory compliance emerging as the most influential factor. The findings suggest that strong governance frameworks enhance corporate accountability, long-term economic value creation, and stakeholder engagement. The study concludes that effective governance is a critical driver of sustainable economic performance in Nigeria’s oil and gas sector. It recommends strengthening board independence, institutionalizing international disclosure standards, and enhancing regulatory enforcement mechanisms to improve sustainability practices. These recommendations are particularly relevant for policymakers, regulators, and corporate boards aiming to align Nigeria’s oil and gas industry with global sustainable development goals.