Essay about Addressing The Negative Externalities Of Mining

1740 Words Sep 13th, 2014 7 Pages
Addressing the negative externalities of mining: policy recommendations.
In the words of Joseph Stiglitz, “corporations are in the business of making money, not providing charity.” Since corporations are in business to maximize profit, they hold themselves accountable to their stockholders rather than to the stakeholders where such businesses are located. The desire to minimize cost while maximizing profit weakens the implementation of the Corporate Social Responsibility. The Corporate Social Responsibility is not multilayered enough to reduce the negative externalities of oil companies in Nigeria. Addressing the Niger Delta’s environmental problems demands that the Nigerian government plays an instrumental role. There are a few existing policy frameworks already in place in Nigeria when evoked, can protect the region’s ecosystem. One of those is Nigeria’s 2007 Mineral and Mining Act . The Mineral and Mining Act puts punitive measures in place to check the negative externalities of mining on the ecosystem. Under the 2007 Mineral and Mining Act clause 61 (b) stresses that corporations “conduct exploration activities in an environmentally and socially responsible manner.” Clause 61 (d) demands corporations preserve and restore, the land subject of the license to a safe state from any disruption resulting from exploration activities, comprising, but not restricted to “filling up shafts, wells, holes or trenches made by the titleholder, and in compliance with applicable…

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