A major part of the SPP is to rate the environmental performance of major companies and disclose the performance of these companies to the general public. The program will increase environmental awareness, promote greater public engagement and improve responsible behaviour among corporate, public and governmental actors. The program will expose corporate environmental and social irresponsibility among Nigerian MNCs and promote better environmental performance of private and public enterprise in Nigeria.
At the same time, the project will serve as a good advertisement for those companies that are doing well and provide them with more incentive to do even better. The project will seek to correct the information asymmetry arising from society’s unawareness of the damage caused by poor regulation and irresponsible corporate environmental behaviour. Furthermore, the project is intended to promote interaction and dialogue amongst firms, workers, community groups, consumers, financial markets and government regulators.
It is intended that the rating and disclosure projects will serve as a complementary tool to command and control type regulation which has so far produced very limited results in Nigeria. The rating and disclosure program will increase environmental public awareness among Nigerians and subsequently result in pressure on the relevant actors (corporate and government alike) to take their environmental responsibility more seriously.
At the same time, it will serve as a tool for exposing companies that consistently flout existing environmental regulations or are simply not making serious effort to improve their environmental behaviour in line with best practices in comparable economies around the world. SPP will provide vital information to the government, the public, international organizations, investors and donor agencies both within and outside Nigerian all of which will help to monitor and improve the environmental performance of key companies operating in Nigeria