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This work examines the nature of contemporary CSR in the context of the essentially neoliberal forms of corporate governance which have risen to dominance in recent years. It identifies and separates for analytical purposes, a number of interconnected but distinguishable barriers that render the CSR practices of MNCs ineffective - ideological, practical and political barriers. It suggests that these barriers, rooted mainly in the Anglo-American neoliberal shareholder value model of corporate governance militate against the realization of effective CSR, both in Nigeria specifically and, perhaps more generally. It argues that given the current dominance of the 'maximizing shareholder value' model of corporate governance - both in Nigeria and internationally - it will not be advisable to pin too much hope in CSR as a solution to the problems in the region. Neither the culture of corporations, nor the pressures to which they are currently subjected encourage socially responsible behaviour. It concludes with the argument that the existence and operations of these barriers render the CSR practices of MNCs in the area ineffective.