The drive for sustainable development and corporate sustainability has continued to reshape the global economic landscape and attract regulatory attention. This drive is intense in sectors perceived to have direct impact on society. The direct impact of the energy and extractive industries in most developing regions cannot be over-emphasised. These impacts are usually environmental, social and economic, and the two sectors cannot escape the need to explore and exploit their sustainability challenges and opportunities.
On the international front, the threats of globalization, energy security, shale gas, and global warming, together with the opportunities in renewable and alternative energy sources, are tipping points which are currently shaping the global energy and extractive industries. These have led to new regulatory and governance regimes, as well as new market opportunities. In the Nigerian context, the direct social, environmental and economic impacts of the oil and gas sectors, for example in the Niger Delta are significant; and the Nigerian Petroleum Industry Bill is an example of some of the regulatory pressures confronting this sector. In addition, the power sector is currently undergoing a phenomenal transformation, mainly induced by the liberalisation and privatisation agenda by the Nigerian government.