Material Resources Management as Means to Satisfactory Profit and Environmental Sustainability: Looking Beyond Covid-19 Pandemic Era (Published)
Material resources management has become a very necessary survival strategy for businesses in the Covid-19 pandemic period but this may have effect on product quality, by reducing sales and profit while there may not be visible effect on achieving environmental sustainability. Consequently, this study explored how a good balance can be achieved in material resources management, profit and still achieve environmental sustainability. The population and sample of the study were respectively made up 358 and 189 managers in Anambra and Delta state drawn from both public and private sectors. Due to large sample size and Covid-19 social distancing demand, an online survey was used for the study. The e-questionnaire was designed in a five-point Likert scale structure with some open space for unstructured responses. The result of the Z-test statistical analyses revealed, effective utilization of raw materials, material recycling, material re-use, reduction in material quantity usage are keys to satisfactory profit beyond Covid-19 pandemic era and guarantee environmental sustainability. By policy implication, there is need to constitute environmental monitoring agencies by the state governments who would be charged with the responsibility of tracing re-usable wastes in disposal places back to the producers for necessary penalties in order to encourage more environmentally sustainable processes and there is a wake-up call here on National governments, more particularly the Nigerian Government to begin to build policies that would ensure future availability of raw-material inputs especially as the activities of herdsmen are currently ravaging and discouraging local agricultural businesses which form the major source of raw materials for most production businesses. If policy measures are not taken in earnest, it constitutes a very huge threat to the existence of most businesses in Nigeria and even to environmental sustainability. As such, it is recommended that every business creates an environmental sustainability committee to be charged with the responsibility of assessing every business process to ensure compliance with sustainability requirements and waste management, use recyclable material resources alternatives and consider alternative packaging that would retain quality without increase in product prices.
Citation: Rachael Okwudili Iliemena, Priscilla Uche Egolum, Happiness Chibuzor Goodluck, and, Clement Chuks Ozue (2022) Material Resources Management as Means to Satisfactory Profit and Environmental Sustainability: Looking Beyond Covid-19 Pandemic Era, European Journal of Accounting, Auditing and Finance Research, Vol.10, No. 1, pp.55-70
Keywords: COVID-19, Materials Management, Waste Management, corporate resources, sustainability and profit