What then is a green economy and how can it serve as a tool for environmental protection. What are the 10 economic problems that nigeria is facing. While nigeria has made some progress in socio economic terms in recent years, its human capital development remains weak due to underinvestment. The green economy tilt, however, is by no means guaranteed. Nigeria is confronted with several peculiar challenges which make a green agenda appear unattainable. It provides recommendations on how greening the agriculture, energy and forestry sectors can catalyze a transition to a green economy. The last section is devoted to conclusion and policy recommendations. The economy is diversifying and has grown over 6% per year for the past decade. Lessons from benin, ethiopia, ghana, namibia and nigeria. In 2020, the twin shocks of a collapse in the global price of oil, nigeria s top export, and coronavirus disease 2019 covid19 are expected to push its economy into a deep recession, the countrys second contraction in five years. The vision is for ethiopia to develop a climateresilient green economy and to attain middleincome status by 2025. The green economy must be supported by the most modern standards of innovation, creativity and competitiveness. Articles and excerpts that illustrate green economy and. Bioeconomy or green economy, where does nigeria stand.
The building industry also has its peculiar handicaps. Laws put in place in nigeria to promote environmental sustainability 72. In this research, different procedures are used for the identification of economic challenges currently affecting nigeria. Green economy in nigeria however, is disadvantaged by. As a result of this, the fg budget has increasingly spent on managing its socio economic and humanitarian challenges. This challenge keeps the country on the list of third world countries annually. Nigeria sustainable development goals the united nations. The country plans to follow a green economy pathway that fosters sustainable. Most economic analysts focus on the sociopolitical ones like nepotism, terrorism, deficiency of patriotism among the people, and poor leadership when discussing nigeria economic problems and solutions to them. The world economy, according to seunghee et al 1998, is becoming increasingly interdependent, deepening and intensifying international linkages, most notably in trade. Benefits, challenges and risks from a sustainable development perspective summary of background papers jose antonio ocampo columbia university the concept of a green economy has become a center of policy debates in recent years. Green economy assessment report kenya green growth. Sep 18, 2020 at the same time, nigeria faces considerable economic, security, and social challenges.
The green economy is the point of convergence for a more creative matrix of concrete proposals to the challenges that are brought to society on a daily basis. Sep 14, 2020 the challenges facing nigeria s economy. Womens participation in green growth multistakeholder. Nigeria is at a critical point in its 60year history. Gpa ethiopia design and implementation of a climate. It was first mooted by the london environmental economics centre1 leec in a publication blueprint for a sustainable economy in 1989 authored by david pearce, anil markandya, and ed barbier. Abstract this paper examines the green economy framework and its implications for sustainable growth and development of the nigerian economy. Pdf as the world grapples with the challenges of globalisation, global warming and climate change. Green economy and its implications for economic growth in. Nov 26, 2015 president of nigeria muhammadu buhari. There is also a broader context that preceded the emergence of the covid pandemic, yet remains central to the debate around aueu partnership on the green transition and energy access.
The challenges facing nigerias economy business post. We need people to have a new challenge and society must be able to be the real platform of a more entrepreneurial attitude that is centred on new areas of knowledge and new sectors of value. The policy challenges for green economy and sustainable. Green economy according to unep aims at reducing environmental risks and ecological scarcities with the aim at sustainable development without degrading the environment nwoke, 2014. Main problems that create a hard situation to implement green economy in most of islamic countries are weak management, increasing poverty, many local and. Causes of nigeria s economic challenges ineffective leadership and corruption.
Nigeria and globalization drive and globalized status of nigerian financial services sector respectively. The project was carried out within the context of the role of local government in the adoption of green economy strategy. The challenges of developing a green growth strategy. Economic diversification for sustainable development in nigeria. Propoor, inclusive green growth international institute for. What are the 10 economic problems that nigeria is facing today. Prospects and challenges of achieving sustainable development.
After world war ii, nigeria was organized as a federal system and divided into northern, western, and eastern regions. What have we learned from attempts to introduce greengrowth. It captures the complexity of the ewaste value chain and its impacts, and outlines several policy solutions for addressing decent work deficits and seizing opportunities for sustainable enterprises and green jobs creation in the management of ewaste in. Agenda setting, challenges and opportunities for donor and banks support and ppp investments request for expression of interest reoi 1. L learning objectives 1 describe the extent of world income inequality.
Green growth, sustainable environment, carbon emission, energy depletion. The malaise of corruption is a threat to the survival of the nigeria economy, no doubt. Top of these include the solutions that have been adopted because of the inefficiencies in the energy and transportation systems, as well as waste management. Provides case studies on the green economy and green business for africa. Green economy and its implications for economic growth in nigeria osmond n. Green economy and its implications for economic growth in nigeria. The rebasing of nigeria s gdp from 1999 to 2010 resulted in a 89% increase in the estimated size of the economy. The second challenge to the green growth agenda is an insufficient. Jul 12, 2010 nigeria is confronted with several peculiar challenges which make a green agenda appear unattainable. The ongoing covid19 crisis is threatening to push nigeria s economy backwards, just a few years after the country successfully emerged from a damaging recession. A study commissioned by the uk department for international development dfid in 2009, estimated that in the absence of adaptation measures between 2 and 11% of nigeria s gdp could be lost by 2020. Challenges of the green economy concept and policies in the context of sustainable development, poverty and equity by martin khor, executive. The role of the local government in promoting green economy should be.
Dr congo, ethiopia, guinea bissau, haiti, nigeria, philippines, sierra leone. Nigeria continues to grapple with a myriad of economic, social and infrastructure challenges on the back of a growing ruralurban migration, lack of pipe borne water, growing housing deficit, deteriorating environmental conditions that are heightening security challenges and creating increased social tension. Meanwhile, nigeria is experiencing economic challenges, high rate of poverty, and terms of economic development and environmental crises among the developing countries in the world. Pdf green growth and environmental sustainability in nigeria.
The funding challenge is to bridge the shortfall between the global benefits that humankind receives from ecosystems and what we are willing to pay to maintain and. Clean development mechanism analyst at carbon limits nigeria, gave an. A transition to a green economy can serve as a solution to nigeria s environmental challenges if it is adopted by the federal, state and local governments. Poor communication between government and the society. Prospects and challenges of cities micro green economy. Challenges to economic growth in nigeria michael amati jose ardavin jeanette fershtman 14 may 2004. Nov 27, 2019 this working paper presents an overview of the challenges and opportunities of advancing decent work in the management of ewaste in nigeria. Uwazie department of economics alvan ikoku university of education, owerri. Growth and equity in nigeria in the current strategic plan 20102014 of the. The challenge of implementing the sustainable development. Major challenges related to development and green economy in ssa. While the rate of unemployment reached a peak of 27. A study of horticulture practices in lagos, nigeria by olaleye d.
Green finance is a strategy for financial sector and broader sustainable development that is relevant around the world. Other issues of climate change in nigeria include droughts, rainstorms, erosion, pollution, rising. The country continues to face massive developmental challenges, including the need to reduce the. Ghana provides comparative scenarios for future growth that estimates economic, environmental and social impacts. Potential and challenges of renewable energy development in. The warning signs are flashing again as increased borrowing, a weakening currency and rising unemployment loom ominously. Subsaharan africa region fdi indicators south east asia 35 no. The economic situation of nigeria nigeria is a mono economic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. A tool for transitioning to sustainable development the concept of green economy is not entirely a new concept. This ensures that there is environmental protection and sustainability whilst economic. Chapter 36w challenges facing the developing countries in the comfortable urban life of todays developed countries, most. Notwithstanding these socio economic challenges, there exist abundant policy documents with the right potentials for greening ghanas economy.
In 2014, nigeria became the largest economy in subsahara africa. Inclusive green growth challenges and opportunities for green. The economic reforms and prudent policies have contributed to the consolidation of. Crafting a green growth strategy world bank document. The realization of inclusive growth is the underlying objective of the governments economic program, the economic. Kenya has one of the most dynamic economies in africa, yet it is facing a number of pressing economic, environmental and social challenges.
During the recent global financial crisis, the united nations general assembly and. Developing countries, notably those with underdeveloped financial systems, face particular challenges in financing national development priorities. The challenges facing nigerias economy business post nigeria. Rather than a singular green economy strategy, nigeria has a basket of. The green economy also demands a new competitive attitude. It ranked 152 of 157 countries in the world bank s 2018 human capital index. The ethiopia climate resilient green economy crge strategy was published in 2011, based on the vision set by the late prime minister meles zenawi. Before the prominence of petroleum industry, nigerian economy was dependent on agriculture. Greengrowth strategies need to pay specific attention to many of the social issues and equity concerns that can arise as a direct result of greening the economy. The idea is to stimulate the interest of prospective investors in nigeria to the emerging global green economy.
Nigeria s envisioned green economy is summed up in the vision 2020 initiative but 2020 is about 8 years from now and no proper foundation has been laid for this vision in terms of green economy sustainability. Ethiopia brought its first wind farm online in 2011, and both nigeria and mauritania. In recent years, kenya has adopted several green economy related approaches and policies, which include implementing renewable energy feedin tariffs in 2008, embedding sustainable natural resource utilization into its 2010 constitution and mainstreaming. Central economic challenge to create productive jobs and livelihoods for the. Oil exploitation activities in the niger delta has caused the depletion of the green economy through oil spills, air pollution, gas flaring. The full report is available as a free download at. The main objective of this paper is to examine the need for nigeria to transit into a green economy while taking into account its benefit and challenges for sustainable development. Overview of the nigerian economy economic and social environment since 2003, the government of nigeria has sustained farreaching economic reforms at the federal level, particularly in public finance management, and the financial sector. A key development challenge in nigeria revolves around economic growth, which has had a limited impact on reducing poverty and building shared prosperity. The sustainability challenge is to overcome a vast array of market, policy and institutional failures that prevents recognition of the economic significance of this scarcity. Corruption is a big cankerworm that has really eaten deep into the fabric of our nation.
Africas growing economic dynamism, paired with ongoing developmental challenges, including low levels of. Green economy in subsaharan africa green growth knowledge. But the context differs considerably for different countries. Mar 21, 2021 such an economy is called green economy. These, together with the right measures of monitoring, evaluation and implementation, can propel ghana into becoming a green economy state. Nigeria has maintained its impressive growth over the past decade with an estimated 6. The city lies in southwestern nigeria, on the atlantic coast in the gulf of guinea, west of the niger river delta, located on longitude 324 e and latitude 627 n. Work in progress as at 261009 not for circulation introduction the nv 20. Articles and excerpts that illustrate green economy and sustainable development efforts. Background and context the african development banks interventions in nigeria are guided by a fiveyear country. In the year 2020, nigeria experienced one of the worst recessions in several decades its second recession in a space of 5 years.
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