Sustainable Entrepreneurship and Competitive Advantages in Indigenous Oil and Gas Industry in Lagos State, Nigeria

Abstract

The global emphasis on sustainability and business inclusivity of corporations has become one of the major standards to measure performance and competitiveness. However, despite the growing global concern on sustainability and inclusive development of organisations, it gives an impression that the involvement of indigenous oil and gas in sustainable entrepreneurship and practices has not been adequately explored particularly in developing nations like Nigeria. This study is underpinned by sustainable development theory, and entrepreneurial orientation theory to examine the roles of sustainable entrepreneurship competitive advantage of indigenous oil and gas in Lagos State by focusing on 4 selected companies such as Integrated Oil and Gas Ltd, Lekoil Nigeria, Alphraretta Energy Services International Ltd, and Ardova Plc. The population of the study covered 3,576 employees of the 4 selected companies in Lagos State, while 360 participants were sampled out of which 358 copies of the questionnaire were properly filled in, and returned. Simple linear regression analysis was applied to test the three hypotheses, and they were all significant at .05% significance level, though, resource efficiency contributed more individually than green practices, and social innovation. The statistical findings of this study suggested that sustainable entrepreneurship through social innovation, green practices, and resource efficiency serves a workable tool for competitive advantage of indigenous oil and gas in Lagos State. The study highlights that clear sustainability indicators that align with enterprise goals need to be developed and monitored to ensure resource efficiency and social impact are important parts of performance evaluation.