UNPACKING NIGERIA'S GREEN ECONOMY DYNAMICS

Author:
Victor I. Fagorite, Victor O. Omefe, Osaremen O. Ibadin, Mahlon K. Marvin, Doosughun A. Takur, Ginika P. Okoroafor, Okechukwu E. Agbasi, Tochukwu C. Okafor and Ifeoma N. Malo

Doi: 10.26480/egnes.02.2024.105-116

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

This paper provides an in-depth analysis on the dynamics of the green economy in Nigeria, examining its role in promoting sustainable development, mitigating environmental degradation, and fostering socio-economic progress. As a transformative approach prioritising sustainability, environmental preservation, and social justice, the green economy focuses on addressing the disproportionate impact of environmental degradation on vulnerable populations, as defined by the United Nations Environment Programme (UNEP). In Nigeria, leveraging sustainable practices and renewable resources is essential for driving economic growth while promoting social equity and mitigating environmental harm. The country faces significant environmental challenges, including deforestation, pollution, climate change vulnerability, and inadequate waste management. Transitioning to a green economy presents opportunities to tackle these issues through sustainable development, clean technologies, and environmental regulations. The paper reviews key policies, initiatives and institutions in Nigeria aimed at promoting green growth and highlights four main components of the country’s green economy framework: renewable energy transition, sustainable agriculture, waste management and recycling, and sustainable transport infrastructure. The benefits of transitioning to a green economy in Nigeria include job creation, poverty reduction, improved public health, and climate change mitigation. However, challenges such as limited awareness, policy inconsistencies, financial constraints, infrastructure deficiencies, and political interests hinder implementation. Overcoming these obstacles requires coordinated efforts to enhance policy coherence, strengthen regulatory frameworks, mobilise financial resources, and foster multi-stakeholder partnerships. Despite these challenges, Nigeria has significant opportunities to scale up green economy practices through renewable energy, sustainable agriculture, circular economy initiatives, eco-tourism, urban green infrastructure, digital innovation, and international cooperation, aiming for a sustainable and prosperous future.

Pages 105-116
Year 2024
Issue 2
Volume 3