To better keep track of the resources and services in the Nigerian ecosystem, the Federal Government seeks to create a proper Natural Capital Accounting (NCA), in hopes to attract investors.
This was disclosed by the Minister of Environment, Mohammad Abubakar, at a workshop on Natural Capital Accounting jointly convened by the ministry and the Resources and Environmental Policy Research Centre (REPRC) of the University of Nigeria, Nsukka, (UNN).
Abubakar, who was represented by the Director of Forestry and National Coordinator REDD, Salisu Dahiru, said, at the event tagged, ‘Towards Natural Capital Accounting for Nigeria’, that the government also sought to incorporate Natural Capital Accounting into the country’s policies and plans.
He said, “If we will be able to conduct our natural capital accounting properly and effectively, mainstream it into national policies and plans in different sectors, it will attract investors in the various sectors if done right.
“It will equally enhance our low carbon emission climate-resilience development.
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“The ministry will continue to promote and finance investment in the natural capital accounting.
“One of such investment is the up-coming Agro-Climate Resilience in Semi-Arid Landscapes (ACReSAL) which emphasises the imperatives of NCA for the sustainable management of the environment.”
Speaking at the workshop was the Vice-Chancellor, UNN, Prof. Charles Igwe, who was represented by the Deputy Vice-Chancellor, Administration Department, UNN, Prof. Pat Okpoko, said that the government would need to commit to the NCA for it to be effective.
He said, “For NCA to be effective there is need for the government to commit to it, especially in setting up the processes as well as making available the human resources needed.
“There is the need to ensure that different agencies work together to facilitate the development of natural capital accounts for Nigeria.
“Meanwhile, developing the account is not enough. There is also the need to identify the key issues that the accounts will inform.
“Also, the types of analysis and modeling that will use the accounting information to facilitate the formulation of evidence-based policies, mainstreaming into national plans and processes.
“Therefore, effort should be made by the government and all stakeholders to build on what has been done already.”
