ETHICAL ISSUES AND THE BANE OF NIGERIA'S ECONOMY: A PHILOSOPHICAL REFLECTION.

Abstract

A critical evaluation of modern business trends in Nigeria portrays some spate of paradoxes and ethical challenges. Both emerging and new businesses, including government public enterprises that are owned by the state, are run without any solid ethical principles. The question of the moral value and benefits without any potential harm to humans and the environment in the entrepreneurial sphere is almost not discussed or given proper attention. The absence of a moral principle guiding a business poses great challenges in this contemporary era, especially now that we are faced with difficult social and environmental issues such as poverty, unemployment, food scarcity, and climate change. The research aims to reveal how critical sound ethical principles are needed to serve as the foundation to correct the obvious consequences of unethical practices in the business sector in Nigeria. A business manager and employees need to constantly make responsible decisions and abide by sound ethical principles that will not only lead to business growth or profit maximization but also impact society positively. Hence, the application of moral principles to business raises critical questions; how should a business conduct itself? How do businesses resolve ethical dilemmas? Are the activities of the business detrimental to sustainable living? This research employs the philosophical method of analysis to critically assess the application of ethical principles for sustainable business operation and proffers solutions to unethical practices in business.