SUSTAINABILITY ACCOUNTING REPORTING AND FINANCIAL PERFORMANCE OF LISTED OIL AND GAS FIRMS IN NIGERIA

This study analyzed the correlation between sustainability accounting reporting (SAR) and the financial performance of publicly traded oil and gas companies in Nigeria, emphasizing Return on Assets (ROA) as the principal financial indicator. The study utilizes the Global Reporting Initiative (GRI) framework to examine economic, environmental, and social sustainability disclosures of eight companies from 2014 to 2023. The study employed panel data regression and content analysis to illustrate that economic and social disclosures substantially influence ROA, but environmental disclosures show less direct financial impact. The main findings show that Respect for Indigenous Rights (RIR) increases profits, but Indirect Economic Impact (IEIP) has a negative effect. The study highlights the sector's challenges, including inconsistent reporting standards and deceptive public relations, underscoring the imperative for the strategic integration of sustainability initiatives with long-term financial goals. The paper calls for better regulatory oversight, consistent reporting requirements, and more research into the long-term effects of environmental disclosures and the effectiveness of different sustainability strategies in Nigeria.