Enhancing Economic Sustainability through Green Innovation: A Focus on Multinational Companies in South-West Nigeria

Abstract

Enhancing economic sustainability through green innovation involves developing waste management skills, leveraging waste as inputs for other businesses, and gathering customer feedback for enhanced loyalty. This study sheds light on how multinational companies can improve their environmental footprint and resource efficiency through sustainable practices and innovation. A self-designed questionnaire derived from a comprehensive body of literature was used to gather data from 370 individuals working for multinational corporations in south-western Nigeria. The study employed correlational design methodologies to investigate the correlation between the economic sustainability of the chosen firm and green innovation, which encompasses product, process, marketing, and organisational innovation. Regression analysis was used in addition to descriptive statistics (frequency, percentages, mean, and standard deviation) to analyse the data. Findings from the study revealed that Green Product, Process, Marketing, and Organizational Innovations collectively accounted for 57% of variations in Economic Sustainability among fast-moving consumer goods firms, with a significant F-value of 75.582. Green Product Innovation positively impacted Economic Sustainability (? = 0.372), while Green Process Innovation had a negative effect (? = -0.310). Green Marketing Innovation positively influenced Economic Sustainability (? = 0.204), while Organizational Innovation had a negative impact (? = -0.471). These results highlight the complex interplay between different types of innovation and economic sustainability in this sector. The study recommended for multinational companies to prioritize waste management skills to bolster economic sustainability, while also raising awareness about the potential of waste as inputs for other businesses. Moreover, lev

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