THE EFFECT OF ENVIRONMENTAL MANAGEMENT COST ON SUSTAINABLE DEVELOPMENT GOAL 12: RESPONSIBLE CONSUMPTION AND PRODUCTION IN NIGERIA

Objective: This study examines the effect of environmental management cost on the achievement of Sustainable Development Goal 12 in Nigeria, with particular focus on waste reduction among listed oil and gas companies. Method: The study adopted an ex post facto research design because the variables investigated were based on historical financial data that could not be manipulated by the researcher. The population consisted of all oil and gas companies listed on the Nigerian Exchange Group as at 31 December 2025, from which seven companies were selected using the census sampling technique. Secondary data were obtained from the annual reports and financial statements of the sampled firms for the period 2015–2025. Data collected were analyzed using panel regression analysis with the aid of EViews. Results: The findings revealed that environmental protection cost has a positive and statistically significant effect on waste reduction among oil and gas companies in Nigeria. Similarly, environmental remediation cost was found to have a positive and significant impact on waste reduction. The results further indicated that environmental management costs collectively contribute significantly to improved environmental performance within the oil and gas sector. Novelty: These findings suggest that increased investment in environmental protection and remediation activities enhances responsible consumption and production practices among firms in line with Sustainable Development Goal 12.